Capitulo 3. Rasgos modernos en el Estado novohispano a finales del siglo X
3.2 La apertura del monopolio comercial novohispano
Guarantees correspond mainly to commitments granted by banks
to the group’s property development and tourism companies with respect to their regulated activities so that they may obtain the relevant licences to conduct their property management, business and property trading and travel agency activities. At 30 September 2009, these commitments amounted to €30,140 thousand.
Completion guarantees are issued by banks with respect to
property development transactions. At 30 September 2009, the changes in the completion guarantees are a result of:
• a total increase of €36,824 thousand for the delivery during the year of several new guarantees. The main programmes concerned are Avoriaz MGM (€24,669 thousand), Les Senioriales – Paradou (€6,288 thousand) and Les Senioriales – Lombez (€4,315 thousand);
• a total fall of €60,454 thousand arising from the expiry or resetting of several guarantees during the year relating mainly to Houlgate (€22,245 thousand), Les Senioriales – Cevennes (€6,630 thousand), Les Senioriales – Côte d’Azur (€5,983 thousand), Branville (€5,614 thousand), Le Rouret Tourisme Développement (€4,597 thousand) and Les Senioriales – Bergerac (€4,504 thousand).
THE PIERRE & VACANCES - CENTER PARCS GROUP
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Annual consolidated financial statementsNOTE 37
REMUNERATION PAID TO DIRECTORS AND MEMBERS OF THE BOARD
Attendance fees paid to members of the Board with no contractual link to the group for 2008/2009 were €180 thousand, the amount for 2007/2008 was €150 thousand.
For the years ending 30 September 2009 and 30 September 2008, no salary (including benefi ts in kind) was paid to a company offi cer directly by Pierre & Vacances SA or by companies of the Pierre & Vacances - Center Parcs Group controlled as defi ned in Article L. 233-16 of the French Commercial Code. However, Société d’Investissement Touristique et Immobilier (a company indirectly controlled by the Chairman, founder and majority shareholder of Pierre & Vacances SA) as an asset management company, invoiced for fees for the services rendered by Gérard Brémond, Eric Debry, Thierry Hellin and Patricia Damerval. The fees invoiced by SITI
are determined on the basis of direct costs (remuneration paid + related employer expenses + other direct costs: travelling expenses, cost of premises and secretarial services) plus a 5% margin calculated according to the time spent by each person in managing the companies of the Pierre & Vacances - Center Parcs Group. S ince these people are on the E xecutive C ommittee, their remuneration is included in the table below.
In 2008/2009, all nine members of the Executive Committee received total gross remuneration (including benefits in kind) of €5,984,213, including €2,938,111 for the fixed portion of remuneration and €935,142 for the variable portion (mainly bonuses payable for 2007/2008 paid in the fi rst half of 2008/2009).
The table below shows the total gross remuneration paid to members of the Executive Committee during 2008/2009, 2007/2008 and 2006/2007 (in euros):
2008/2009 2007/2008 2006/2007
Fixed remuneration(1) 2,938,111 3,323,750 2,962,378
Variable remuneration(2) 935,142 1,945,000 806,338
Benefi ts after leaving offi ce(3) 38,708 52,338 47,405
Remuneration in shares(4) 2,072,252 986,663 866,426
TOTAL 5,984,213 6,307,751 4,682,547
(1) Including reinstatement of the benefi t in kind involving the availability of a company car. (2) Paid in the year following the year for which it is granted.
(3) This includes conventional pension payment.
(4) This is the annual charge relating to the allocation of options to subscribe for shares and free shares.
For each of them, the variable bonus relates to the fi nancial performance of the Pierre & Vacances - Center Parcs Group and the achievement of personal objectives.
NOTE 38
IDENTITY OF THE ULTIMATE HOLDING COMPANY
The financial statements of the Pierre & Vacances - Center Parcs Group are fully consolidated by Société d’Investissement Touristique & Immobilier (SITI).
THE PIERRE & VACANCES - CENTER PARCS GROUP
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Annual consolidated financial statementsNOTE 39
TRANSACTIONS WITH RELATED PARTIES
The related parties used by the group are:
• the members of senior management and executive bodies: their remunerations and similar benefi ts are given in Note 37;
• the parent company of Pierre & Vacances (Société d’Investissement Touristique et Immobilier) and its subsidiaries which are not in the group’s scope of consolidation;
• the joint venture companies that are consolidated on a proportional basis: Citéa, Les Villages Nature de Val d’Europe, Montrouge Développement, Nuit & Jour Projections, Part House, entities of the Adagio Group, N.L.D., Nantes Russeil and SDRT Immo
(a property development company owned by Pierre & Vacances Maroc).
The main transactions with related companies include:
• invoicing for lease payments and administrative personnel;
• purchase of support and advisory services as part of management agreements;
• lease contracts for apartments operated by the subsidiary Pierre & Vacances Maeva Tourisme Exploitation.
These transactions are conducted on normal market terms.
NOTE 40
INFORMATION RELATING TO JOINT VENTURE COMPANIES
The details of the transactions with related parties are:
(in thousands of euros) 2008/2009 2007/2008 2006/2007
Turnover 4,480 5,536 3,153
Purchases and external services -10,844 -14,269 -7,207
Current items 1,583 1,583 938
Financial income 1,343 198 -190
The receivables and liabilities on the balance sheet relating to related parties are:
(in thousands of euros) 30/09/2009 30/09/2008 30/09/2007
Trade receivables and related accounts 4,459 5,154 1,958
Other current assets 24,375 22,329 15,797
Trade payables and related accounts 6,760 8,119 3,365
Other current liabilities 35,798 15,847 23,870
The companies over which the group exercises joint control and are consolidated by the proportional method are as follows at 30 September 2009:
• SA Citéa (50%);
• SCI Montrouge Développement (50%);
• SARL Les Villages Natures de Val d’Europe (50%);
• Part House Srl (55%);
• Nuit & Jour Projections SL (50%);
• entities of the Adagio Group (50%);
• SNC N.L.D. (50%);
• SA SDRT Immo (50%);
THE PIERRE & VACANCES - CENTER PARCS GROUP
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Annual consolidated financial statementsThe contributions to the group’s main balance sheet and profi t and loss account totals are as follows (proportional to the group’s holding):