The changes in the consolidated statement of financial position as against 30 September 2009 primarily reflected the seasonality of the tourism business.
The rise in goodwill mainly resulted from the translation of goodwill not carried in the TUI Group’s functional currency into Euros.
Moreover, the refinancing agreement concluded in December 2009 between the shareholders of the container shipping line caused shifts in non-current assets. Under the agreement on the refinancing of Container Shipping, TUI AG converted part of its non-current receivables against Container Shipping into hybrid capital.
Assets held for sale
| € million | 31 Mar 2010 | 30 Sep 2009 |
| Discontinued Operation ’Magic Life’ | 142.7 | 151.5 |
| Administrative buildings Ballindamm and Rosenstraße in Hamburg | 101.9 | 101.9 |
| ’Jet4You’ | 29.4 | 18.8 |
| ’Canada Mainstream’ | – | 78.0 |
| Other assets | 32.7 | 55.5 |
| Total | 306.7 | 405.7 |
Liabilities related to assets held for sale
| € million | 31 Mar 2010 | 30 Sep 2009 |
| Discontinued Operation ’Magic Life’ | 118.5 | 122.5 |
| ’Jet4You’ | 28.5 | 23.7 |
| ’Canada Mainstream’ | – | 34.0 |
| Total | 147.0 | 180.2 |
Non-current financial liabilities increased by a total of €155.8m to €3,330.9m. The floating rate notes repayable in December 2010 had to be reclassified to current liabilities at the amount of the liabilities still outstanding (nominal value €490.0m) upon repurchase in the first half of 2009/10 (nominal value €60.0m). In addition, three bonds worth a total of €150.0m, planned to be redeemed in December 2010, now had to be carried as current financial liabilities. In October and November 2009, TUI Travel PLC and TUI AG each issued convertible bonds. Following deduction of the charge for the conversion right, these bonds had to be recognised as non-current financial liabilities at €491.3m as at 31 March 2010. Facilities newly raised by TUI Travel under the revolving syndicated credit facility were recognised at an amount of €421.4m as at 31 March 2010.
Current liabilities rose by €680.0m to €1,219.7m, primarily due to the reclassification from non-current liabilities.
Financial Position of the TUI Group
€ million | 31 Mar 2010 | 30 Sep 2009 restated | 1 Oct 2008 restated |
| Assets | |||
| Goodwill | 2,801.6 | 2,715.8 | 2,856.0 |
| Other intangible assets | 912.3 | 887.9 | 883.7 |
| Investment property | 70.0 | 76.7 | 87.1 |
| Property, plant and equipment | 2,425.7 | 2,373.6 | 2,648.9 |
| Companies measured at equity | 1,605.2 | 1,184.0 | 446.3 |
| Financial assets available-for-sale | 613.4 | 103.0 | 117.1 |
| Trade accounts receivables and other receivables | 858.7 | 1,369.0 | 423.4 |
| Derivative financial instruments | 79.7 | 111.4 | 78.3 |
| Deferred income tax claims | 351.5 | 277.9 | 182.1 |
| Non-current assets | 9,718.1 | 9,099.3 | 7,722.9 |
| Inventories | 106.7 | 81.5 | 81.1 |
| Financial assets available-for-sale | – | 2.0 | 11.4 |
| Trade accounts receivables and other receivables | 2,127.6 | 2,125.7 | 2,075.9 |
| Derivative financial instruments | 264.5 | 338.1 | 219.3 |
| Current income tax receivables | 99.2 | 21.2 | 42.3 |
| Cash and cash equivalents | 1,158.7 | 1,452.0 | 2,793.4 |
| Assets held for sale | 306.7 | 405.7 | 4,805.8 |
| Current assets | 4,063.4 | 4,426.2 | 10,029.2 |
| 13,781.5 | 13,525.5 | 17,752.1 |
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€ million | 31 Mar 2010 | 30 Sep 2009 restated | 1 Oct 2008 restated |
| Equity and liabilities | |||
| Subscribed capital | 643.0 | 642.8 | 642.3 |
| Capital reserves | 913.5 | 871.3 | 2,471.9 |
| Revenue reserves | 43.9 | 230.0 | - 812.7 |
| Hybrid capital | 294.8 | 294.8 | 294.8 |
| Equity before minority interests | 1,895.2 | 2,038.9 | 2,596.3 |
| Minority interests | 358.4 | 324.4 | 321.5 |
| Equity | 2,253.6 | 2,363.3 | 2,917.8 |
| Pension provisions and similar obligations | 857.3 | 838.6 | 573.6 |
| Current income tax provisions | 177.6 | 169.5 | 157.7 |
| Deferred income tax provisions | 172.9 | 181.3 | 273.0 |
| Other provisions | 521.5 | 500.0 | 524.5 |
| Non-current provisions | 1,729.3 | 1,689.4 | 1,528.8 |
| Financial liabilities | 3,330.9 | 3,175.1 | 4,258.2 |
| Derivative financial instruments | 10.5 | 78.7 | 95.5 |
| Other liabilities | 87.5 | 92.1 | 95.0 |
| Non-current liabilities | 3,428.9 | 3,345.9 | 4,448.7 |
| Non-current provisions and liabilities | 5,158.2 | 5,035.3 | 5,977.5 |
| Pension provisions and similar obligations | 26.8 | 29.8 | 34.5 |
| Current income tax provisions | 68.9 | 85.9 | 154.1 |
| Other provisions | 327.4 | 415.2 | 384.6 |
| Current provisions | 423.1 | 530.9 | 573.2 |
| Financial liabilities | 1,219.7 | 539.7 | 810.5 |
| Trade accounts payable | 1,744.9 | 2,577.4 | 2,770.9 |
| Derivative financial instruments | 176.2 | 363.4 | 284.2 |
| Other liabilities | 2,658.8 | 1,935.3 | 2,428.7 |
| Current liabilities | 5,799.6 | 5,415.8 | 6,294.3 |
| Liabilities related to assets held for sale | 147.0 | 180.2 | 1,989.3 |
| Current provisions and liabilities | 6,369.7 | 6,126.9 | 8,856.8 |
| 13,781.5 | 13,525.5 | 17,752.1 |
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