Download Complete PDF - Informe Anual 2012

Financial years subject to tax inspection
The last four financial years of the Tax Consolidation Group are open to inspection in accordance with Spanish tax legislation.
Regarding the financial years open to inspection, contingent liabilities not susceptible to objective quantification may exist, which are not significant in the
opinion of the Group’s Directors.
Deductions applied by the consolidated tax group of the Parent Company
The deductions generated during the year are essentially due to double taxation.
At 31 December 2012, the Tax Group held the following tax credits carryforward (€ thousand):
Year of origin Deduction pending application Amount
2002 to 2010 Investment in export activity 29,047
2006 to 2012 Tax deduction to avoid double taxation 15,123
2002 to 2012 Others 472
44,642
Similarly, the consolidated tax group of the Parent Company took advantage in prior years of the “Deferral of extraordinary profits for reinvestment” scheme.
The essential characteristics of such reinvestment are as follows (€ thousand):
Amount offset
Year of origin Revenue qualifying for deferral Previous years Year 2012 Amount Outstanding Last year of deferral
1999 75,145 49,393 682 25,070 2049
All these revenues were reinvested through various financial interests, except for those originating in 1999, which were reinvested in the acquisition of real
estate.
Revenue from previous year deducted for the reinvestment of extraordinary profits, in accordance with the provisions set forth in Article 42 of the Revised Text
of the Corporate Income Tax Act, is shown below (€ thousand).
Date of Revenue
Deduction
Company
Company
Financial year
transmission deferred Applied Outstanding generating the capital gain reinvesting
2008 June 1.583 - 190 Gran Círculo de Madrid, S.A. NH Europa, S.L.
The capital gains obtained in 2008 were re invested in 2009 through the acquisition of new shares in the Italian subsidiary through NH Europa, S.L., formerly
“NH Hotel Rallye, S.A.” These shares were issued as a result of a capital increase of €73 million, allocated to acquiring new hotels and refurbishing existing
ones, with an obligation to maintain the investment during a three year period.
Negative tax bases
At year-end, the Italy Business Unit has €20,511 thousand in tax losses carryforwards, which do not have an expiry date.
At 31 December 2012, the consolidated tax group of which NH Hoteles, S.A. is the parent company has the following tax loss carry-forwards:
Financial year € Thousand Maturity
2007 8,992 2025
2008 20,424 2026
2009 96,752 2027
2010 74,173 2028
2011 47,415 2029
2012 192,759 2030
Total 440,515
NH Central Reservation Office, S.L. (formerly called Retail Invest, S.A.); Latinoamericana de Gestión Hotelera, S.A.,; Hoteles Hesperia, S.A.; Nuevos Espacios
Hoteleros S.A. and Club Deportivo Sotogrande, S.A. obtained negative tax bases before their incorporation into the Group of which NH Hoteles, S.A. is the
parent company.
The amounts of the above-mentioned tax loss carry-forwards that can only offset positive results of the aforementioned companies when the Group obtains
a positive tax base, are as follows (€ thousand):
98 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS