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REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
14.-EQUITY
14.1 Subscribed share capital
NH Hotel Group, S.A. share capital at the end of 2015 comprised 350,271,788 fully subscribed and paid up bearer shares with a par value of 2 euros
each. All these shares carry identical voting and economic rights and are traded on the Continuous Market of the Spanish Stock Exchanges.
According to the latest notifications received by the Parent Company and the notices given to the National Securities Market Commission before the
end of every financial year, the most significant shareholdings at 31 December 2015 and 2014 were as follows:
2015
2014
HNA Group Co Limited
29.50%
29.50%
Grupo Inversor Hesperia, S.A.
9.24%
9.24%
Banco Santander, S.A.
-
8.57%
Intesa Sanpaolo, S.p.A
-
7.64%
Oceanwood Capital Management LLP
7.58%
-
Henderson Global Investors LTD
4.19%
-
Schroder PLC
2.95%
-
Taube Hodson Stonex Partners LLP
2.64%
3.89%
Blackrock Inc.
2.30%
2.31%
Fidelity International Limited
0.96%
0.96%
Invesco LTD
0.66%
-
UBS Group AG
0.22%
2.01%
Treasury shares
2.57%
2.67%
Shares owned by NH employees
0.05%
0.07%
At year-end 2015 and 2014, members of the Board of Directors were the holders or stable proxies of shareholdings representing approximately
46.34% and 46.43% of the share capital, respectively.
The main aims of the Group’s capital management are to ensure short-term and long-term financial stability, a positive trend for NH Hotel Group,
S.A. share prices, and suitable funding for investments while maintaining the level of indebtedness. All the above is geared towards ensuring that
the Group maintains its financial strength and the strength of its financial ratios, enabling it to maintain its businesses and maximise value for its
shareholders.
During recent years, the Group’s strategy has varied by changing the ratio of accounting financial leverage from 0.53x to 0.72x. The ratios of
accounting financial leverage at 31 December 2015 and 2014 are the following:
Thousands of euros
2015
2014
Bonds and other marketable securities (Note 15)
475,484
467,499
Bank borrowings and other financial liabilities (Note 15)
411,437
339,855
Gross accounting debt
886,921
807,354
Cash and cash equivalents (Note 13)
77,699
200,103
Liquid assets
77,699
200,103
Total net accounting debt
809,222
607,251
Total Equity
1,126,084
1,136,668
Accounting financial leverage
0.72
0.53
14.2 Parent Company Reserves
i) Legal reserve
In accordance with the Consolidated Text of the Corporate Enterprises Act, 10% of the net profit for each year must be allocated to the legal
reserve until it reaches at least 20% of share capital. The legal reserve may be used to increase capital provided the remaining balance does not
fall below 10% of the increased capital amount. With the exception of the aforementioned purpose, and when it does not exceed 20% of share
capital, this reserve may be used only to offset losses, provided no other reserves are available for this purpose.
ii) Share premium
The Consolidated Text of the Corporate Enterprises Act expressly allows the balance of this reserve to be used to increase capital and imposes
no restrictions on its availability.
