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Financial statements

CONSOLIDATED FINANCIAL STATEMENTS

5

Changes in the carrying amount of property, plant and equipment during the period were as follows:

(in million of euros) Dec. 2011

3,257 93 468 (345) (123) 17 (694) (605) (89) (79) (2) 2,592 Dec. 2012

NET CARRYING AMOUNT AT BEGINNING OF PERIOD 3,682

Property, plant and equipment of newly acquired companies 10
Capital expenditure 576
Depreciation for the period (373)

Impairment losses for the period recognized in impairment losses or in net loss
from discontinued operations (50)
Translation adjustment (18)
Disposals for the period (336)

w Economy Hotels US business (see note 2.A.1) w Other disposals (336)

Reclassification of assets held for sale (see note 32) (242) Other reclassifications 8

NET CARRYING AMOUNT AT END OF PERIOD 3,257

At December 31, 2012, property, plant and equipment of newly At December 31, 2012, contracts totaling €101 million have acquired companies correspond mainly to the hotels owned by been signed for the purchase of property, plant and equipment the Mirvac Group, for €51 million (see note 2.B.5) and Grupo (see note 40). They are not recognized in the balance sheet. At Posadas’ South American hotel network, for €23 million (see December 31, 2011, contracts totalized €103 million. note 2.B.6).

Note 20.2. Finance leases

At December 31, 2012, the carrying amount of finance leases recognized in the balance sheet in net value is €50 million (December 31, 2011: €24 million), as follows:

(in million of euros) Dec. 2011

8 59 30 4 101 (29) (19) (3) (51) 50 Dec. 2012

Land 6 Buildings 60 Fixtures 16 Equipment and furniture 5

PROPERTY, PLANT AND EQUIPMENT, AT COST 87

Buildings (41) Fixtures (18) Equipment and furniture (4)

CUMULATED DEPRECIATION AND IMPAIRMENT LOSSES (63)

PROPERTY, PLANT AND EQUIPMENT, NET 24