In accordance with IFRS 5, Non-current assets classified as held for sale and discontinued operations (see Note 4.7), the group has classified non-strategic assets under this heading which are undergoing divestment with committed sales plans.

The assets classified as held for sale, after deducting their liabilities, were measured at the lower of their carrying amount and the expected sales price minus costs.

Specifically, the shareholdings in Sotocaribe, S.L and Capredo Investments GmbH are classified as discontinued operations; these companies represented the entirety of the Group’s property activity. Sotocaribe, S.L. was consolidated by the equity method, while Capredo Investments, GmbH was consolidated by the global method.

Additionally, in 2018, the land and property in which the NH Málaga II hotel is located, the sale of which was formalised in February this year, was recognised as available for sale. This transaction represented an asset de-recognition of 12,758 thousand euros and a positive pre-tax result of 2,874 thousand euros recorded under “Net result on disposal of assets”.


Consolidated balance sheets . Headings of Non-current assets and liabilities classified as held for sale:

A movement by balance headings of the assets and liabilities presented under the corresponding Held for Sale headings at 31 December 2019 and 2018 is shown below (in thousands of euros):

As a result from the analysis of fair value of the company consolidated through the equity method it has been registered an impairment amounting to 3,481 thousand euros, this impact has been recorded under “Impairment on financial investments” of the consolidated comprehensive profit and loss statement. As a consequence of this, the account receivables with this company has been impaired at the end of the year (See Note 26).

Consolidated comprehensive profit and loss statements

The profit and loss of the discontinued operations shown in the accompanying consolidated comprehensive profit and loss statement is broken down by company as follows (in thousands of euros):

Capredo Investment GmbH has no activity and the pre-tax profit is mainly the exchange differences caused by the loans that said company has with third parties.


Consolidated cash flow statements

The consolidated cash flow statements for the fully consolidated companies in 2019 and 2018 are detailed below (in thousands of euros):