Consolidated Financial Statements 2005 - Browsable Version

INDEX

Consolidated Directors' Report NH Hoteles, S.A and dependent companies consolidated balance sheets NH Hoteles, S.A and dependent companies consolidated profit and loss accounts Statements of changes in consolidated net equity Consolidated cash-flow statements Notes to the consolidated annual acounts for 2005 Activity and structure of the controlling company Basis of presentation of the consolidataed annual acounts and accounting principles Changeover to the International Financial Reporting Standards (IFRS) Basis of presentation of the annual accounts Main decisions concerning the first application Currency of presentation Responsibility for the information and estimates made Consolidaton principles applied Reconciliation of the opening and closing balances of 2004 (Changeover to the IFRS) Reconciliation of net equity Reconciliation of the consolidated profits for 2004 Distribution of net result Accounting policies Tangible fixed assets Goodwill on consolidation Intangible assets Impairment in value of tangible and intangible assets not including goodwill Leases Financial instruments Inventories Transactions and balances denominated in foreign currencies Classifying financial assets and debts as current and long-term Income and expense Official grants Corporation tax Commitments to staff Systems of remuneration linked to the share price Environmental policy Consolidated cash flow statements Earnings per share Goodwill Intangible assets Rights of beneficial use Lease premiums Software Tangible fixed assets Holdings in associated companies Permanent investments Loans and accounts receivable not available for trading Other permanent investments

Inventories Trade debtors Current-asset investments Financial assets at maturity Traded financial assets Cash and banks and other cash equivalents Net equity Share capital Reserves of the Controlling Company Reserves of subsidiary companies Equity valuation adjustments Own shares Minority interests Debenture loans and other traded securities Bank loans and overdrafts Creditors for finance leases Other long-term liabilities Financial derivatives Provisions for charges and liabilities Tax note