The above is an honorific expression which expresses the speaker's respect for N, who performs the action represented by V. N is higher than the speaker in social standing, or somebody with whom the speaker is not well acquainted. Thus, N is never the speaker himself/herself or the speaker's in-group member(e.g., one's family member, close friend).
先生は、来月、国へお帰りになります。
Our teacher will go back to his/her country next month.
あの方はお喜びになるでしょう。
I'm sure that person will be pleased.