12.
INVENTORIES
This item of the consolidated balance sheet was as follows at 31 December 2012 and 2011, including movements during both years:
Balance at
31/12/10
Disposals or
reductions
Net Changes
in Inventories
Balance at
31/12/11
Changes in
the scope of
consolidation
(
Note 2.5.5)
Additions/
Allowances
Net Changes in
Inventories
Balance at
31/12/12
Developed land
46,558
-
-
46,558
-
-
-
46,558
Undeveloped land
12,261
-
(670)
11,591
-
-
-
11,591
Finished works
50,321
369
(973)
49,717
5,642
-
(8,959)
46,400
Trade inventories
9,833
-
(1,471)
8,362
-
-
649
9,011
118,973
369
(3,114)
116,228
5,642
-
(8,310)
113,560
Impairment
-
-
-
-
(2,098)
(6,584)
1,127
(7,555)
Net value
118,973
-
(3,114)
116,228
3,544
(6,584)
(7,183)
106,005
The Group has reduced the value of its real-estate inventories to their possible recovery value, basing its calculations on the appraisals carried out by
independent experts. The existing provision for this item at 31 December 2012 amounts to €7,555 thousand. The net provision allowance booked in 2012, for
€5,457 thousand, is included under “Inventory impairment” on the accompanying consolidated comprehensive profit and loss statement for 2012.
2012
2011
Net Changes in
Inventories
Purchases Total Procurements Net Changes in
Inventories
Purchases Total Procurements
Undeveloped land
-
-
-
670
-
670
Finished works
8,959
2,122
11,081
973
-
973
Trade inventories
(649)
63,965
63,316
1,471
74,964
76,435
Total
8,310
66,087
74,397
3,114
74,964
78,078
The Group currently owns approximately 1,535,000 m
2
of land. It is subject to the urban development regulations of the San Roque General Urban Zoning
Plan approved by the Cadiz Provincial Town Planning Commission on 2 November 1987, which generally classifies the land owned by the Group as land for
scheduled development. The average cost of developed land amounted to €42 per m
2
and the cost of undeveloped land was of €22 per m
2
at 31 December
2012.
On 23 April 2007, the Group entered into a legal-administrative town planning agreement with the San Roque Town Council pursuant to Act 7/2002 of 17
December on the Urban Zoning of Andalusia. The maximum plot area in said agreement totalled 633,893 m² with 2,887 housing units, which greatly exceeded
the figures set forth in the Plan’s initial review in February 2005. The review was left without effect and the maximum plot area was raised to the figure assigned
in the aforementioned General Plan of 1987.
Based on the valuations made by American Appraisal España, S.L. and Tasaciones Inmobiliarias, S.A. during 2012, the market value of the Group’s real-estate
inventories is as follows:
€ Thousand
Developed land
43,889
Undeveloped land
138,298
Finished works
42,382
224,569
At 31 December 2012, the value of inventories used as security for mortgage loans amounted to €24,804 thousand (€28,319 thousand in 2011) (see Note 17).
13.
TRADE RECEIVABLES
This item reflects different accounts receivable from the Group’s operations. The breakdown at 31 December 2012 and 2011 is as follows:
€ Thousand
2012
2011
Trade receivables for services provided
126,462
131,320
Trade receivables for real-estate product sales
6,625
8,194
Provision for bad debts
(15,144)
(18,323)
Total
117,943
121,191
84
REPORT ON THE CONSOLIDATED
FINANCIAL STATEMENTS
