2013 Registration document and annual financial report - page 269

Registration Document 2013
267
Financial Statemements
5
Consolidated Financial Statements And Notes
NOTE
37 DEVELOPMENT EXPENDITURE
Development expenditure corresponds to the property, plant and equipment, and working capital of newly consolidated companies (in
accordance with IAS 7 “Statement of cash flows”) and includes the purchase or construction of new assets and the exercise of call options
under sale-and-leaseback transactions, as follows:
Development expenditure excluding discontinued operations
(in millions of euros)
France
Europe
(excl.
France)
Asia
Pacific
Latin
America &
Caribbean
Other
countries
Worldwide
Structures*
2013
2012
HOTELS
26
113
20
23
9
-
191
639
Upscale and Midscale
Hotels
(1)
20
69
14
6
7
-
116
511
Economy Hotels
(2)
6
44
6
17
2
-
75
128
OTHER BUSINESSES
(0)
3
-
-
-
0
3
37
TOTAL 2013
26
116
20
23
9
0
194
TOTAL 2012
47
283
227
69
38
12
676
* “Worldwide Structures” corresponds to development expenditure that is not specific to a single geographic region.
(1) Including:
- €28 million corresponding to the purchase of the freehold on the Canary Wharf Novotel in London.
- €12 million corresponding to the rebranding of the Pullman Roissy Charles-de-Gaulle as a Mercure unit.
- €11 million corresponding to the second key money installment for the Moorfield transaction in the United Kingdom.
- Other amounts of less than €10 million each.
(2) Including:
- €10 million for the development of ibis budget hotels in Spain.
- €7 million for the purchase of additional ibis Colombia shares.
- €7 million for the development of an ibis budget in Brazil.
- €6 million for the development of an ibis budget in Switzerland.
- Other amounts of less than €5 million each.
At December 31, 2012, development expenditure included:
- €217 million related to the acquisition of Grupo Posadas’ hotel network in South America (see note 2.B.4) of which €10 million classified in “Other Businesses”.
- €193 million related to the Mirvac acquisition (see note 2.B.3) of which €21 million classified in “Other Businesses”.
- €21 million deposit related to the Sofitel Los Angeles (see note 23).
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