4.1 INVENTORIES

The detail of inventories at 31 December 2016 and 2015 is as follows:

(Millions of euros)

2015

Exchange rate effect

Changes in the scope of consolidation

Other

2016

Commercial inventories

246

-5

24

54

319

Raw materials and other supplies

98

-2

2

30

128

Precontract expenses and general fixtures

43

2

0

24

69

Inventories

387

-5

26

108

516

Of the commercial inventories recognised at 31 December 2016, EUR 239 million (2015: EUR 190 million) relate to the Real Estate business in Poland, of which EUR 100 million (2015: EUR 74 million) relate to land and building lots and EUR 139 million (2015: EUR 116 million) relate to property developments at different stages of completion.

EUR 100 million of raw materials and other supplies relate to the Construction Division, mainly at its subsidiaries in the US and Canada, amounting to EUR 49 million (2015: EUR 46 million), and Budimex, amounting to EUR 32 million (2015: EUR 13 million). In addition, at the end of 2016 EUR 27 million had been recognised in relation to the Services Division, mainly at its subsidiary Amey amounting to EUR 22 million (2015: EUR 25 million).

Lastly, as regards precontract expenses and general project fixtures, at 31 December 2016 EUR 66 million had been recognised, mainly in respect of the Construction Division (2015: EUR 42 million).

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