In the period under review, equity declined due to the payment of dividends to non-Group shareholders, above all the dividend paid by TUI Travel PLC on its ordinary shares. In addition, the interest paid on the hybrid capital issued by TUI AG had to be carried as a dividend in accordance with IFRS rules.
Convertible bonds were issued by TUI Travel PLC in October 2009 and by TUI AG in November 2009. In accordance with the IFRS rules, the bond components relating to the conversion options had to be classified as equity instruments and carried as equity after deduction of borrowing costs. The convertible bonds resulted in an increase in equity of €82.1m.
The goodwill between equity and acquisition costs arising from the acquisition of minority interests was eliminated directly against revenue reserves. The acquisition of additional shares in TUI Travel PLC by TUI AG, in particular, resulted in a decrease in equity of €79.9m.
In the framework of long-term incentive programmes, TUI Travel PLC compensates its employees in the form of stock option plans serviced with shares. These stock option plans resulted in an increase in pre-tax equity of €13.5m outside profit or loss in the period under review.
The Group result was negative due to the seasonality of the tourism business.
As against 30 September 2009, equity benefited from the weakening of the Euro, in particular against Sterling, US Dollar and Canadian Dollar, in the period under review.
The revaluation reserve for cash flow hedges comprised the results of hedges resulting from the effective hedging of future cash flows. In the period under review, these results, which had to be eliminated against equity, totalled €214.2m before taxes, with associated taxes of €-59.7m. Overall, equity thus rose by €154.5m.
Condensed Statements of Changes in Group Equity for the Period from 1 October 2009 to 31 March 2010
€ million | Subscribed capital | Capital reserves | Revenue reserves | Hybrid capital | Equity before minority interests | Minority interests | Equity |
| Balance as at 01 Oct 2009 | 642.8 | 871.3 | 230.0 | 294.8 | 2,038.9 | 324.4 | 2,363.3 |
| Dividend payments | – | – | - 65.7 | – | - 65.7 | - 4.5 | - 70.2 |
| Hybrid capital dividend | – | – | - 12.9 | – | - 12.9 | – | - 12.9 |
| Issue of convertible bonds | – | 41.8 | 40.3 | – | 82.1 | – | 82.1 |
| Issue of employee shares | 0.2 | 0.4 | – | – | 0.6 | – | 0.6 |
| Effect of the aquisition of minority interests | – | – | - 79.9 | – | - 79.9 | – | - 79.9 |
| Deconsolidation | – | – | - 2.0 | – | - 2.0 | – | - 2.0 |
| Share-based payment schemes | – | – | 13.5 | – | 13.5 | – | 13.5 |
| Group total comprehensive income | 0.0 | - 79.4 | – | - 79.4 | 38.5 | - 40.9 | |
| Balance as at 31 Mar 2010 | 643.0 | 913.5 | 43.9 | 294.8 | 1,895.2 | 358.4 | 2,253.6 |
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Condensed Statements of Changes in Group Equity for the Period from 1 October 2008 to 31 March 2009
€ million | Subscribed capital | Capital reserves | Revenue reserves | Hybrid capital | Equity before minority interests | Minority interests | Equity |
| Balance as at 01 Oct 2008 | 642.3 | 2,471.9 | - 812.7 | 294.8 | 2,596.3 | 321.5 | 2,917.8 |
| Dividend payments | – | – | - 52.1 | – | - 52.1 | - 0.2 | - 52.3 |
| Hybrid capital dividend | – | – | - 12.9 | – | - 12.9 | – | - 12.9 |
| Issue of employee shares | 0.5 | 1.2 | – | – | 1.7 | – | 1.7 |
| First-time consolidation | – | – | 1.9 | – | 1.9 | – | 1.9 |
| Effect of step acquisitions | – | – | - 6.6 | – | - 6.6 | 0.1 | - 6.5 |
| Effect of the aquisition of minority interests | – | – | - 17.3 | – | - 17.3 | 0.3 | - 17.0 |
| Deconsolidation | – | – | – | – | – | - 0.4 | - 0.4 |
| Effect of option writer position from an option on minority interests | – | – | - 2.7 | – | - 2.7 | – | - 2.7 |
| Share-based payment schemes | – | – | 11.6 | – | 11.6 | – | 11.6 |
| Transfer from reserves | – | - 1,503.8 | 1,503.8 | – | – | – | – |
| Group total comprehensive income | – | – | - 36.9 | – | - 36.9 | - 5.3 | - 42.2 |
| Balance as at 31 Mar 2009 (restated) | 642.8 | 969.3 | 576.1 | 294.8 | 2,483.0 | 316.0 | 2,799.0 |
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