Consolidated Financial Statements and Consolidated Management ...

Additionally, NH Hoteles España, S.L. took over Explotaciones Hoteleras Cóndor, S.L. and NH Domo Diseño y Decoración, S.L. For its part, Fast Good
Península Ibérica S.L. took over its parent company, Lenguados Vivos S.L., in 2011 through a reverse takeover. For this reason, Lenguados Vivos, S.L. ceased
forming part of the Tax Consolidation Group in 2011 when it was wound up as a result of its takeover by Fast Good Península Ibérica, S.L.
For the purposes set forth in the Revised Text of the Corporation Tax Act, it is hereby stated that the securities received by Fast Good Península Ibérica,
S.L. from Lenguados Vivos, S.L. and the securities received by NH Hoteles España, S.L. from NH Domo Diseño y Decoración, S.L. and from Explotaciones
Hoteleras Cóndor, S.L. have been booked at the same book value as the securities thus delivered.
For the purposes set forth in Article 93 of the Revised Text of the Corporation Tax Act, the following is also hereby stated:
- Depreciable elements have been transferred (for an immaterial amount) only in the case of the merger of Explotaciones Hoteleras Cóndor, S.L.
- The balance sheet of this entity closed at 31 December 2010 was as follows:
Thousand euros
ASSETS 2010 NET ASSETS AND LIABILITIES 2010
NON-CURRENT ASSETS 203 EQUITY (676)
Intangible fixed assets 1 EQUITY
Software applications 1 Share 6
Tangible fixed assets 198 Authorised capital 6
Plant and other tangible fixed assets 198 Reserves 914
Long term financial investments 4 Legal and statutory reserves 1
Other financial assets 4 Other reserves 913
Prior years' profits (loss) (949)
Prior years' losses (949)
CURRENT ASSETS 137 Profit (Loss) for the year (647)
Inventories 3
Sales representatives 1
Raw materials and other procurements 2
Trade creditors and other accounts receivable 130
Trade accounts receivable for sales and services 76
Sundry debtors -
Personnel (1) CURRENT LIABILITIES 1,016
Current tax assets - Short term debts with group and associate companies 747
Others tax receivables 55 Trade creditors and other accounts payable 269
Short term financial investments - Suppliers 156
Short term accruals - Other creditors -
Cash and cash equivalents 4 Personnel 23
Cash 4 Other taxes payable 54
Other equivalent assets - Advance payments from customers 36
TOTAL ASSETS 340 TOTAL NET ASSETS AND LIABILITIES 340
- No assets have been acquired at an amount other than the transferring company’s book value.
- None of the acquiring companies have acquired tax benefits from the transferring companies for which they are obligated to assume the fulfilment of
requirements.
The above mentioned contributions and mergers were subject to the Special Tax Scheme for Mergers, Spin-offs, Asset Contributions, Security Swaps and
Change of Registered Address of a European Company or Cooperative from one EU Member State to another Member State governed by Chapter VIII,
Title VII of Royal Legislative Decree 4/2004 of 5 March, which approved the Revised Text of the Corporation Tax Act.
Company tax is calculated on the economic or accounting profit or loss resulting from the application of generally accepted accounted standards in each
country, and does not necessarily coincide with the tax result, this being construed as the tax base of the tax.
The Spanish Companies pay taxes at the general tax rate of 30% irrespective of whether they apply the consolidated or separate taxation schemes. The
remaining companies are subject to the prevailing tax rate in the countries where they are domiciled. In addition, taxes are booked in some countries at
the estimated minimum profit on a complementary basis to Corporation Tax.
The prevailing tax rates in the different jurisdictions where the Group performs relevant activities are as follows:
Country Nominal Rate Country Nominal Rate
Argentina (1) 35% Romania 16%
Colombia (1) 33% Poland 19%
Chile 20% Switzerland 15%
Panama (1) 25% Czech Rep. 19%
Brazil 34% Luxembourg 27,75%
Mexico (1) 30% Italy 31,40%
Uruguay 25% The Netherlands 25%
Dominican Republic 25% France 33%
Germany 30% Portugal 25%
(1) Jurisdictions where a minimum tax on profit exists.
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 93