2014 Registration Document and Annual Financial Report - page 254

Financial Statemements
Consolidated Financial Statements and Notes
5
NOTE 36
CHANGE INWORKING CAPITAL
The change in working capital can be analyzed as follows:
(inmillions of euros)
Dec. 2013
Adjusted
Dec. 2014
Change
Inventories
41
27
(14)
Trade receivables
379
417
38
Other receivables and accruals
473
461
(12)
WORKING CAPITAL ITEMS – ASSETS
893
905
12
Trade payables
599
690
91
Other payables
946
966
20
WORKING CAPITAL ITEMS – LIABILITIES
1,545
1,656
111
WORKING CAPITAL
652
751
99
DECEMBER 31, 2013 ADJUSTEDWORKING CAPITAL
652
Change in operating working capital
103
Change in operating working capital of discontinued operations
6
Working capital items included in development expenditure
(7)
Working capital items included in assets disposals and assets reclassified as held for sale
(20)
Translation adjustment
11
Change in provisions
(1)
Reclassifications
7
NET CHANGE IN WORKING CAPITAL
99
DECEMBER 31, 2014WORKING CAPITAL
751
NOTE 37
RENOVATION AND MAINTENANCE EXPENDITURE
The amounts reported under “Renovation and maintenance
expenditure” correspond to capitalized costs for maintaining or
improving the quality of assets held by the Group at the beginning
of each period (January 1) as a condition of their continuing
operation.This caption does not include development expenditure
corresponding to the property, plant and equipment and working
capital of newly consolidated companies and the purchase or
construction of new assets.
Renovation and maintenance expenditure breaks down as follows:
(inmillions of euros)
2013 Adjusted
2014
HOTELSERVICES
36
44
HOTELINVEST
224
209
CORPORATE & INTERCOS
4
9
RENOVATIONAND MAINTENANCE EXPENDITURE
264
262
Registration Document 2014
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