2014 Registration Document and Annual Financial Report - page 202

Financial Statemements
Consolidated Financial Statements and Notes
5
A. Rental expense by Strategic Business
Rental expense can be analyzed as follows by Strategic Business:
(inmillions of euros)
2013 Adjusted
2014
HOTELSERVICES
(22)
(24)
HOTELINVEST
(868)
(828)
CORPORATE & INTERCOS
5
3
TOTAL
(885)
(849)
B. Rental expense by type of contract
Rental expense breaks down as follows by type of contract:
(inmillions of euros)
Number of
hotels
(1)
2014 Rental
Fixed rental
expense
Variable rental
expense
Fixed rent with purchase option
9
(13)
(13)
-
Fixed rent without purchase option
247
(221)
(221)
-
Fixed rent with a variable portion
(2)
62
(74)
(63)
(11)
Land rent
-
(10)
(7)
(3)
Office rental expenses (Hotels business)
-
(42)
(32)
(10)
Fees on intragroup rent guarantees on Hotels business
-
(13)
(12)
(1)
HOTEL FIXED RENTAL EXPENSE
318
(373)
(348)
(25)
Variable rent with a minimum
(3)
92
(84)
(71)
(13)
Variable rent with a minimum and cap
(4)
15
(27)
(12)
(15)
Variable rent without a minimum
(5)
536
(333)
-
(333)
Rents of refinanced hotels
(6)
-
(35)
(7)
(28)
HOTEL VARIABLE RENTAL EXPENSE
643
(479)
(90)
(389)
TOTAL HOTEL RENTAL EXPENSE
961
(852)
(438)
(414)
Rental expense not related to hotels
-
(10)
(22)
12
Internal lease guarantee fees
-
13
12
1
TOTAL RENTAL EXPENSE
961
(849)
(448)
(401)
(1) Leased hotels operated under the Adagio brand (11 units) and Adagio Access brand (four units) are not included in the list because the related rental expense is included
directly in the Group’s share of the profits of associates. Rental expense by brand and type of contract at December 31, 2014 is presented as follows:
Registration Document 2014
200
1...,192,193,194,195,196,197,198,199,200,201 203,204,205,206,207,208,209,210,211,212,...332
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