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Annual Report 2017 Consolidated Financial Statements and Management Report

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CONSOLIDATED FINANCIAL ANNUAL STATEMENTS AND REPORT 2017 MANAGEMENT REPORT nhow Berlin Berlin, Germany NH Collection Gran Hotel Calderón Barcelona, Spain ANNUAL REPORT 2017 CONSOLIDATED FINANCIAL STATEMENTS AND MANAGEMENT REPORT Translation of Consolidated Financial Statements and Consolidated Management Report originally issued in Spanish and prepared in accordance with IFRS’s as adopted by the European Union. In the event of a discrepancy, the Spanish-language version prevails. This document was published on recycled paper and is also available in electronic format on our website http://www.nhhotelgroup.com where detailed information on the different sections of the Annual Report 2016 can be found. INDEX INDEPENDENT AUDITORS’ REPORT ON CONSOLIDATED FINANCIAL STATEMENTS . 6 CONSOLIDATED BALANCE SHEETS . 14 CONSOLIDATED COMPREHENSIVE PROFIT AND LOSS STATEMENTS . 16 STATEMENTS OF CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY . 17 CONSOLIDATED CASH FLOW STATEMENTS . 18 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS . 19 1 . ACTIVITY AND COMPOSITION OF THE PARENT COMPANY . 19 2 . BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS AND CONSOLIDATION PRINCIPLES . 19 2.1. Basis of Presentation of the Consolidated Financial Statements . 19 2.1.1 Standards and Interpretations Effective in this Period . 20 2.2. Information on 2016 . 23 2.3. Currency of Presentation . 23 2.4. Responsibility for the Information, Estimates Made and Sources of Uncertainty . 23 2.5. Consolidation Principles Applied . 23 3 . PROPOSED DISTRIBUTION OF PROFITS . 26 4 . VALUATION STANDARDS . 26 4.1. Property, plant and equipment . 27 4.2. Consolidation Goodwill . 27 4.3. Intangible Assets . 28 4.4. Impairment in the Value of Tangible and Intangible Assets Excluding Goodwill . 28 4.5. Lease Rentals . 30 4.5.1 Operating leases . 30 4.5.2 Finance leases . 31 4.6. Financial Instruments . 31 4.6.1 Financial Assets . 31 4.6.2 Cash and Cash equivalents . 31 4.6.3 Financial liabilities . 31 4.6.4 Equity instruments . 32 4.7. Non-Current Assets and Associated Liabilities Held for Sale and Discontinued Operations . 32 4.8. Shareholdings in Associated Companies . 33 4.9. Foreign Currency Transactions and Balances . 33 4.10. Classification of Financial Assets and Debts into Current and Non-Current . 33 4.11. Income and Expenses . 33 4.12. Official Subsidies . 33 4.13. Corporation Tax . 33 4.14. Obligations to Employees . 34 4.15. Onerous Contracts . 34 4.16. Share-Based Remuneration Schemes . 34 4.17. Treasury Shares . 34 4.18. Provisions . 34 4.19. Termination Benefits . 34 4.20. Business Combinations . 35 4.21. Environmental Policy . 35 4.22. Consolidated Cash Flow Statements . 35 5 . EARNINGS PER SHARE . 35 6 . GOODWILL . 36 7 . INTANGIBLE ASSETS . 38 7.1. Hotel Operating Rights . 38 7.2. Agreement premiums . 38 7.3. Software applications . 38 8 . PROPERTY, PLANT & EQUIPMENT . 39 9 . INVESTMENTS VALUED USING THE EQUITY METHOD . 40 4 ÍNDICE 10 . NON-CURRENT FINANCIAL INVESTMENTS . 41 10.1. Loans and Accounts Receivable not Available for Trading . 41 10.2. Other non-current financial investments . 42 11 . NON-CURRENT ASSETS HELD FOR SALE, LIABILITIES LINKED TO NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS . 42 12 . TRADE RECEIVABLES . 44 13 . CASH AND CASH EQUIVALENTS . 45 14 . EQUITY . 46 14.1. Subscribed share capital . 46 14.2. Parent Company Reserves . 46 14.3. Treasury Shares and Shareholding . 47 14.4. Non-controlling interests . 47 15 . DEBT IN RESPECT OF BOND ISSUES AND BANK BORROWINGS . 47 16 . OTHER NON-CURRENT LIABILITIES . 52 17 . PROVISIONS FOR RISKS AND CHARGES . 53 18 . TAX NOTE . 55 19 . COMMERCIAL CREDITORS AND OTHER ACCOUNTS PAYABLE . 60 20 . INFORMATION ON DEFERRED PAYMENTS TO SUPPLIERS . THIRD ADDITIONAL PROVISION . “DUTY TO REPORT” OF ACT 11/2013 OF 26 JULY . 60 21 . OTHER CURRENT LIABILITIES . 61 22 . THIRD-PARTY GUARANTEES AND CLAIMS IN PROGRESS . 61 23 . LONG-TERM INCENTIVE PLAN . 63 24 . INCOME AND EXPENSES . 64 24.1. Income . 64 24.2. Financial income and changes in the fair value of financial instruments . 64 24.3. Staff expenses . ..
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