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Financial statements

CONSOLIDATED FINANCIAL STATEMENTS

5.2.8. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 Summary of significant accounting policies 169 NOTE 24 Receivables and payables 229

NOTE 2 Significant events and changes in scope NOTE 25 Potential ordinary shares 230 of consolidation 182 NOTE 26 Cumulative unrealized gains and losses NOTE 3 Consolidated revenue by business on financial instruments 235 and by region 197 NOTE 27 Minority interests 236 NOTE 4 Operating expense 199 NOTE 28 Comprehensive income 237 NOTE 5 EBITDAR by business and region 199 NOTE 29 Debt by currency and maturity 237 NOTE 6 Rental expense 201 NOTE 30 Net debt and net cash 242 NOTE 7 EBITDA by business and region 203 NOTE 31 Analysis of financial assets and liabilities NOTE 8 Depreciation, amortization and provision under IFRS 7 243 expense 205 NOTE 32 Assets and liabilities held for sale 247 NOTE 9 EBIT by business and region 205 NOTE 33 Provisions 249 NOTE 10 Net financial expense 206 NOTE 34 Reconciliation of funds from operations 256 NOTE 11 Share of profit (loss) of associates after tax 207 NOTE 35 Change in working capital 257 NOTE 12 Restructuring costs 208 NOTE 36 Renovation and maintenance expenditure 257 NOTE 13 Impairment losses 208 NOTE 37 Development expenditure 258 NOTE 14 Gains and losses on management of hotel properties 211 NOTE 38 Segment information 258

NOTE 15 Gains and losses on management of other NOTE 39 Claims and litigation 262 assets 212 NOTE 40 Off-balance sheet commitments NOTE 16 Income tax expense 213 at December 31, 2012 264

NOTE 17 Profit or loss from discontinued operations 216 NOTE 41 Main consolidated companies at December 31, 2012 266 NOTE 18 Goodwill 218 NOTE 42 Additional information NOTE 19 Intangible assets 220 about jointly-controlled entities 268

NOTE 20 Property, plant and equipment 222 NOTE 43 Related party transactions 268

NOTE 21 Long-term loans 224 NOTE 44 Corporate officers’ compensation 269

NOTE 22 Investments in associates 225 NOTE 45 Fees paid to the Auditors 269

NOTE 23 Other financial investments 228 NOTE 46 Subsequent events 269