Get Adobe Flash player 5Financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTE 35 CHANGE IN WORKING CAPITAL

The change in working capital can be analyzed as follows:

(in million of euros) Dec. 2011

Dec. 2012 Change

Inventories 41

6

Trade receivables 364

38

Other receivables and accruals 680

(164)

WORKING CAPITAL ITEMS - ASSETS 1,085

(120)

Trade payables 642

(62)

Other payables 1,333

(191)

WORKING CAPITAL ITEMS - LIABILITIES 1,975

(253)

WORKING CAPITAL 890

(133)

47 402 516 965 580 1,142 1,722 757

DECEMBER 31, 2011 WORKING CAPITAL 890

Change in operating working capital (158)

Change in operating working capital of discontinued operations 81

Working capital items included in development expenditure (1)

Working capital items included in asset disposals and assets reclassified as held for sale (66)

Translation adjustment (1)

Reclassifications 12

NET CHANGE IN WORKING CAPITAL (133)

DECEMBER 31, 2012 WORKING CAPITAL 757

NOTE 36 RENOVATION AND MAINTENANCE EXPENDITURE

The amounts reported under “Renovation and maintenance expenditure corresponding to the property, plant and equipment expenditure” correspond to capitalized costs for maintaining and working capital of newly consolidated companies and the or improving the quality of assets held by the Group at the purchase or construction of new assets. beginning of each period (January 1) as a condition of their

Renovation and maintenance expenditure breaks down ascontinuing operation. This caption does not include development

follows:

(in million of euros) 2011*

2012 2011 published

HOTELS 261 296

Upscale and Midscale Hotels 148

148 Economy 113

113 Economy US

35

OTHER BUSINESSES 7 7

RENOVATION AND MAINTENANCE EXPENDITURE 268 303

287 161 126 -12 299
* In line with IFRS 5, renovation and maintenance expenditure of the US Economy Hotels and Onboard Train Services businesses is not presented in this table.

Expenditure on existing assets includes €39 million related to the ibis megabrand project to overhaul the entire Economy brand line-up under the umbrella of the ibis brand (see note 2.B.7).