84
13.- TRADE RECEIVABLES
This item reflects different accounts receivable from the Group’s operations. The breakdown at 31 December 2014 and 2013 is as follows:
€Thousands
2014
2013
Trade receivables for services provided
149,054
127,190
Trade receivables for real-estate product sales
-
7,654
Provision for bad debts
(13,042)
(15,649)
Total
136,012
119,195
As a general rule, these receivables do not accrue interest and are due at less than 90 days with no restrictions on how they may be availed.
Movements in the provision for bad debts during the years ending 31 December 2014 and 2013 were as follows:
€Thousands
2014
2013
Balance at 1 January
15,649
15,144
Changes in scope
(4,271)
-
Exchange differences
(19)
(132)
Additions
2,852
2,798
Applications
(1,169)
(2,161)
Balance at 31 December
13,042
15,649
The analysis of the ageing of financial assets in arrears but not considered impaired at 31 December 2014 and 2013 is as follows:
€Thousands
2014
2013
Less than 30 days
23,117
22,565
From 31 to 60 days
13,060
12,568
More than 60 days
25,054
14,377
Total
61,231
49,510
14.- CASH AND CASH EQUIVALENTS
This item essentially includes the Group’s cash position, along with any loans granted and bank deposits that mature at no more than three months.
The average interest rate obtained by the Group for its cash and cash equivalents balances during 2014 and 2013 was a variable Euribor-indexed
rate. These assets are recognised at their fair value.
There are no restrictions on cash withdrawals, except an escrow deposit agreement of US$7 million for the purchase of Hoteles Royal.
As a result of the enactment of Royal Decree 1558/2012 of 15 November, of Article 42 bis of Royal Decree 1065/2007 of 27 July, approving the
General Regulations on tax management, inspection and procedures, and implementing the common rules of the procedures for applying taxes,
which establishes certain reporting obligations with regard to overseas assets and rights, among others, it is disclosed that some members of the NH
Hotel Group S.A. Board of Directors have the right, as representatives or authorised officials, to dispose of bank accounts located abroad, which are
in the name of Group companies. The reason certain Board members have the right to dispose of overseas bank accounts is that they are directors
or board members of said subsidiaries.
NH Hotel Group S.A. holds other accounting documents, namely the consolidated annual accounts, from which sufficient data can be extracted in
relation to the aforementioned accounts.
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
