The consolidated financial statements for 2019 were drawn up by the directors of NH Hotel Group, S.A. at the Board meeting held on 25 February 2020, in accordance with the regulatory reporting framework applicable to the Group, as established in the Code of Commerce and all other Spanish corporate law, and in the International Financial Reporting Standards (“IFRS”) adopted by the European Union in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and in Law 62/2003, of 30 December, the Tax, Administrative, Labour and Social Security Measures Act as well as in the applicable standards and circulars of the National Securities Market Commission and the remaining Spanish accounting standards which may be applicable, and as such give a true and fair presentation the Group’s equity and financial position at 31 December 2019 and of the results of its operations, changes in equity and consolidated cash flows for the year then ended.
The consolidated financial statements for 2019 of the Group and the entities that it comprises have not yet been approved by the shareholders at the respective Annual General Meetings or by the respective shareholders or sole shareholders. Nonetheless, the directors of the Parent Company believe that said financial statements will be approved without any significant changes. The consolidated financial statements for 2018 were approved by the shareholders at the Annual General Meeting held on 13 May 2019 and filed with the Companies Registry of Madrid.
Since the accounting standards and valuation criteria applied in the preparation of the Group’s consolidated financial statements for 2019 may differ from those used by some of its component companies, the necessary adjustments and reclassifications have been made to standardise them and adapt them to the IFRS adopted by the European Union.
2.1.1 Standards and interpretations effective in this period
In 2019 new accounting standards came into force and were therefore taken into account when preparing the accompanying consolidated financial statements, but which did not give rise to a change in the Group’s accounting policies: