Notes to the Group accounts
Note 31 ASSETS CLASSIFIED AS HELD FOR SALE The assets, and the related liabilities, classified as held for sale at year-end 2011 all relate to leased hotels in ROWE. During the year, TEUR 608 (909) of fixed assets in these hotels was written down and TEUR 2,150 (865) was recognised as provision for onerous lease contracts. These costs were all reported before the decision was taken to formally report these hotels as assets held for sale. The sale is expected to take place within 12 months from the balance sheet day. The manner and structure of the expected sale is subject to the outcome of the discussions with the buyer. The accumulated provisions for onerous lease contracts recorded by the end of 2011, TEUR 3,015, are recognised as other current non-interest-bearing liabilities in the table to the right, as they are expected to be settled within 12 months together with the sale.
As of Dec. 31 TEUR
2011
2010
Tangible fixed assets
59
—
Financial assets
38
—
Inventories
172
—
Accounts receivables
631
—
2,196
—
3,096
—
Other current non-interest-bearing receivables Total assets
As of Dec. 31 TEUR
2011
2010
37
—
Accounts payables
1,003
—
Other current non-interest-bearing liabilities
5,769
—
6,809
—
Provisions
Total liabilities
Note 32 SHARE CAPITAL The Rezidor Hotel Group
ISSUED CAPITAL
Annual Report 2011
44
TEUR
Share capital 2011
Other paid in capital 2011
Share capital 2010
Other paid in 2010
10,000
120,302
10,000
120,302
—
—
—
—
10,000
120,302
10,000
120,302
Change in number of shares
Change in share capital
Total number of shares
Total share capital
11,000
Opening balance as of Jan. 1, Dividend paid Closing balance as of Dec. 31,
FULLY PAID ORDINARY SHARE
Date of resolution
The company is registered
Mar. 8, 2005
1,000
11,000
1,000
Share split of ordinary shares
Mar. 22, 2005
10,000
—
11,000
11,000
Share issue of ordinary shares
Mar. 22, 2005
89,000
89,000
100,000
100,000
Share issue of ordinary shares
Oct. 10, 2006
26,584
26,584
126,584
126,584
Share split of ordinary shares
Oct. 10, 2006
149,875,456
—
150,002,040
126,584
Bonus issue, without new share issue
May. 4, 2007
—
9,873,416
150,002,040
10,000,000
The total share capital at year end was EUR 10,000,000, corresponding to 150,002,040 shares, giving a quota value per share of EUR 0.067. All issued shares are fully paid. There are no differences in classes of shares. Each owner of shares in the company is entitled to vote for the full amount of such shares at a general meeting, without any voting limitations. Shares held by the company or any of its subsidiaries do not entitle the owner to any of the rights associated with ownership of shares. SHARE BUY-BACK Following the authorisation at the Annual General Meeting in May 2007, Rezidor bought back 1,025,000 shares in 2007 at an average price of SEK 45.00 and 945,200 shares in 2008 at an average price of SEK 33.51 per share. On 23rd April, 2008, the Annual General Meeting gave the Board of Directors a renewed authorisation to decide on the acquisition of the Company’s own shares on the NASDAQ OMX Stockholm until the next Annual General Meeting. Following this new authorisation, the company bought back 1,724,300 shares in 2008 at an average price of SEK 27.36. The authorisations at the Annual General Meetings in 2007 and 2008 to buy back shares were given to secure delivery of shares to the participants in the share based incentive programmes and to cover social security costs pertaining to these programmes as well as to ensure that the group has a more efficient capital structure. In total, 3,694,500 shares were bought back for TEUR 13,292, representing 2.46% of the number of registered shares and a quota value of TEUR 246.3. On 16th April, 2010, the Annual General Meeting approved that all 3,694,500 shares are to be used for the share based incentive programmes. In 2011, 13,362 of these shares were transferred to the participants of the 2008 programme, leaving 3,681,138 shares held by the company as of December 31st, 2011, representing 2.45% of the number of registered shares. The weighted numbers of shares held by the company in 2011 and 2010 was 3,686,666 and 3,694,500 respectively. On April 13th, 2011 the Board of Directors was again authorised by the Annual General Meeting to decide on the acquisition and transfer of the Company’s own shares. The purpose of the authorisation is to secure delivery of shares to the participants in the share based incentive programmes and to cover social security costs pertaining to these programmes and to give the Board of Directors an increased capacity to act in respect of organising the capital structure of the company. At the end of 2011, the authorisations had not been used and no shares were consequently bought back in 2011.
As of Dec. 31 TEUR
Number of registered shares Number of own shares held by the company Number of shares outstanding
2011
2010
150,002,040
150,002,040
–3,681,138
–3,694,500
146,320,902 146,307,540
DIVIDEND PER SHARE In accordance with the recommendation from the Board of Directors to the Annual General Meeting in 2011, the Annual General Meeting decided to not pay any dividend to the shareholders in 2011. The Board of Directors recommends the Annual General Meeting 2012 no dividend to be paid for the financial year 2011.