70
2.5.4 Changes in the scope of consolidation
The most significant changes in the scope of consolidation during 2015 and 2014 that affect the comparison between financial years were the
following:
a.1 Changes in the scope of consolidation in 2015
a.1.1 Disposals
On January 14, 2015, the Group sold its subsidiary NH Parque de la 93, S.A. The net consideration received amounted to 23 million euros, of which
3.5 million euros are pending payment (updated at closing, it amounted to 3 million euros).
Part of balance of the outstanding amount, amounting to 0.4 million euros, was to guarantee working capital in the transaction, and it has been
settled in on February 2016 The outstanding amount corresponds to the deductions made by the National Directorate of Taxes and Customs of
Colombia at the time of the transaction, amounting to 3.1 million euros, whose payment will take effect in March 2016. These amounts have been
recorded under current assets on the consolidated balance sheet in the lines of commercial receivables “Other non-commercial receivables” and
“Public administration receivables”, respectively.
The Group earned a net gain of 4.7 million euros from this transaction.
The effect of the exit from the scope of that company in the consolidated financial position statement at 31 December 2015 is as follows:
Thousands of euros
Property, plant and equipment
16,430
Working capital
1,956
Net assets disposed of
18,386
Net Consideration received
23,094
Consolidated benefit (Income)
(4,708)
There is also a negative effect of 620 thousands euros owing to the conversion differences associated with the aforementioned shareholding, which
is entered in the net exchange difference item of the 2015 consolidated comprehensive results.
As of 31 July 2015, the Group had sold its affiliate Donnafugata Resort S.r.l., of which it had a 95.26% shareholding. The net remuneration received
was one euro. The result of the transaction is as follows:
Thousands of euros
Non-Current Assets
45,630
Long-term liabilities
(56,930)
Inter-company losses
3,406
Net assets disposed of
(7,894)
Net Consideration
1
Transaction costs
647
Profit of the transaction
(7,246)
Result until sale
(1,911)
Total Profit (Loss) (Note 11)
(9,157)
a.1.2 Additions to the consolidation scope
The companies which were incorporated into the scope of consolidation in 2015, along with method of consolidation employed were the following:
Company
Consolidation method
Effective date of acquisition
Hoteles Royal, S.A. and dependent companies (see Appendix I)
Full consolidation
04/03/2015
Beijing NH Grand China Hotel Management Co, Ltd
Equity method
09/09/2015
Hotel & Congress Technology, S.L.
Equity method
15/04/2015
On 4 March 2015, the Group acquired a shareholding of 97.47%, amounting to a total of 2,969,668 shares, in the share capital of Hoteles Royal, S.A.,
a Colombian company which is the parent of Hoteles Royal, the Latin American hotel management group. The amount of the remuneration was 94.8
million euros, with 77.1 million euros paid and 17.7 million euros pending payment (updated at year-end it amounted to 19.2 million euros, payable in
March 2017), recorded under the “Other noncurrent liabilities” heading (see Note 16).
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
