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22. Other assets and liabilities

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The breakdown of the balance of these headings in the accompanying consolidated balance sheets is as follows:

Other Assets and Liabilities Millions of Euros
2011 2010 2009
ASSETS-


Inventories 3,994 2,788 1,933
Of which:


Real estate companies 3,813 2,729 1,930
Transactions in transit 86 26 55
Accrued interest 609 538 581
Unaccrued prepaid expenses 443 402 421
Other prepayments and accrued income 166 136 160
Other items 1,801 1,175 1,383
Total 6,490 4,527 3,952
LIABILITIES-


Transactions in transit 44 58 49
Accrued interest 2,252 2,162 2,079
Unpaid accrued expenses 1,529 1,516 1,412
Other accrued expenses and deferred income 723 646 667
Other items 1,964 847 780
Total 4,260 3,067 2,908

The heading “Inventories” includes the net carrying amount of the purchases of land and property that the Group’s property companies hold for sale or for their business. The amounts reflected under this heading include real estate assets purchased by those companies from distressed customers (mainly in Spain), net of their corresponding impairment. As of December 31, 2011, 2010 and 2009, the accumulated valuation adjustment due to impairment losses on these assets amounted to €1,790, €1,088 and €606 million, respectively.

The principal companies in the Group that engage in real estate business activity and make up nearly the entire amount in the "Inventory" heading of the accompanying consolidated balance sheets are as follows: Anida Operaciones Singulares, S.L.; Anida Desarrollos Inmobiliarios, S.A. and Desarrollo Urbanístico Chamartín, S.A.

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