SECTION 1 -

New Services: Historical Combined Financial Statements and Notes
December, 31, 2009
Note 24. Working Capital, Services Vouchers in Circulation and Restricted Cash
Note 24.1 Net change in working capital and services vouchers in circulation
(in € millions)
Dec.
2008
Inventories 10 11 13 1 2
Trade receivables 1 095 846 894 (249) 48
Other receivables and accruals 149 232 238 83 6
Working capital items - assets 1 254 1 089 1 145 (165) 56
Trade receivables 92 196 140 104 (56)
Other payables 175 290 162 115 (128)
Vouchers in circulation 2 895 2 587 2 883 (308) 296
Working capital items - liabilities 3 162 3 073 3 185 (89) 112
Float (Working capital) 1 908 1 984 2 040 76 56
December 31, 2007 WORKING CAPITAL 1 908
Change in working capital (1) 154
Development Expenditure 2
Disposals -
Translation adjustment (87)
Reclassifications 7
Net change in working capital 76
December 31, 2008 WORKING CAPITAL 1 984
Change in working capital (1) 111
Development Expenditure 3
Disposals -
Translation adjustment (58)
Reclassifications -
Net change in working capital 56
December 31, 2009 WORKING CAPITAL 2 040
(1) See statement of cash flows.
Dec.
2007
Note 24.2 Net change in restricted cash
Dec.
2009
Change
2007/2008
Change
2008/2009
Restricted cash corresponds mainly to Services voucher reserve funds whose use is regulated. The countries concerned are
France (€486 million), Romania (€55 million) and the United Kingdom (€20 millions).
December 31, 2007 Restricted cash 392
Like-for-like change for the period (1) 49
Translation adjustment -
Net change in restricted cash 49
December 31, 2008 Restricted cash 441
Like-for-like change for the period (1) 13
Reclassification from cash and cash equivalents to restricted cash (1) 114
Translation adjustment (3)
Net change in restricted cash 124
December 31, 2009 Restricted cash 565
(1) See statement of cash flows.
223