As a general rule, these receivables do not accrue any interest at all and are due at less than 90 days with no restrictions on how they may be used.
Movements in the provision for bad debts during the years ending 31 December 2012 and 2011 were as follows:
€ Thousand
2012
2011
Balance at 1 January
18,323
17,999
Currency translation differences
(23)
11
Allowances
991
1,869
Applications
(4,147)
(1,556)
Balance at 31 December
15,144
18,323
The analysis of the ageing of financial assets in arrears but not considered impaired at 31 December 2012 and 2011 is as follows:
€ Thousand
2012
2011
Less than 30 days
15,284
27,862
From 31 to 60 days
11,839
18,240
More than 60 days
25,466
11,107
Total
52,589
57,209
14.
CURRENT FINANCIAL INVESTMENTS
The breakdown of this heading at 31 December 2012 and 2011 is as follows:
€ Thousand
2012
2011
Short-term deposits
12,000
-
Loans to staff (Note 28)
2,850
-
Total
14,850
-
The item “Short-term deposits” includes a deposit made with maturity on 26 April 2013 and an annual interest rate of 1.5%.
15.
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 2012 and 2011 was a variable Euribor-indexed rate. These assets
are booked at their fair value.
There are no restrictions on cash withdrawal, save for a deposit of €5.7 million which guarantees certain of the Group’s financial obligations. This deposit is
remunerated at the Euribor (one-month) rate and is renewed monthly.
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 Hoteles, S.A. Board of
Directors have the right to dispose, as representatives or authorised officials, 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 Hoteles, 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
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