The consolidated annual accounts were prepared using the accounting records of NH Hotel Group, S.A. and the consolidated entities. The consolidated annual accounts for the 2020 financial year were prepared in accordance with the International Financial Reporting Standards adopted by the European Union (IFRS-EU), other provisions within the financial reporting standards framework which are applicable and with the requirements for format and framework provided for in the Delegated Regulation EU 2018/815 of the European Commission, Regulation (CE) No. 1606/2002 of the European Parliament and by Law 62/2003, of 30 December on tax, administrative and social measures, as well as the applicable rules and circulars of the National Securities Market Commission and the other Spanish accounting regulations that may be applicable, with the purpose of showing a true image of NH Hotel Group, S.A. and its subsidiaries’ consolidated equity and consolidated financial position at 31 December 2020, and the consolidated financial performance, consolidated cash flows and consolidated changes in equity for the financial year ended on that date.
The Group adopted the IFRS-EU on 1 January 2004 and, on that date, applied IFRS 1 “First-time adoption of International Financial Reporting Standards”.
The Directors of the Parent company consider that the consolidated annual accounts for the 2020 financial year, which were drawn up on 24 February 2021, will be approved by the General Shareholders Meeting without amendment. The consolidated financial statements for 2019 were approved by the shareholders at the Annual General Meeting held on 16 July 2020 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 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.