In the short financial year 2009, the Group’s net assets and capital structure changed materially due to the sale of Container Shipping and the acquisition of a 43.33% stake in Albert Ballin Joint Venture GmbH & Co. KG.
In order to enhance comparability, group figures for the short financial year 2009 were presented alongside the figures for the comparative 9-month period ending 30 September 2008.
Net assets of the Group
The Group’s balance sheet total fell by 24% year-on-year to €13,542m. This change mainly resulted from the sale of Container Shipping and the acquisition of a 43.33% stake in Albert Ballin Joint Venture GmbH & Co. KG.
Development of the Group‘s asset structure
| € million | 30 Sep 2009 | 30 Sep 2008 | Var. % | 31 Dec 2008 |
| Fixed assets | 7,357.7 | 7,213.7 | + 2.0 | 6,604.5 |
| Non-current assets | 1,758.3 | 690.2 | + 154.8 | 740.2 |
| Non-current assets | 9,116.0 | 7,903.9 | + 15.3 | 7,344.7 |
| Inventories | 81.5 | 87.7 | - 7.1 | 97.0 |
| Current receivables | 2,487.0 | 2,381.1 | + 4.4 | 3,071.1 |
| Cash and cash equivalents | 1,452.0 | 2,810.0 | - 48.3 | 2,045.5 |
| Assets held for sale | 405.7 | 4,569.0 | - 91.1 | 4,144.5 |
| Current assets | 4,426.2 | 9,847.8 | - 55.1 | 9,358.1 |
| Assets | 13,542.2 | 17,751.7 | - 23.7 | 16,702.8 |
| Equity | 2,380.0 | 2,918.3 | - 18.4 | 2,242.5 |
| Liabilities | 11,162.2 | 14,833.4 | - 24.7 | 14,460.3 |
| Equity and liabilities | 13,542.2 | 17,751.7 | - 23.7 | 16,702.8 |
Excel-Download © TUI AG Annual Report 2009
Bitte verwenden Sie einen aktuellen Browser: www.mozilla.org/de/firefox/new/
Structural indicators
Vertical structures
Non-current assets accounted for 67% of total assets, compared with 45% in the previous year. This increase mainly resulted from the acquisition of a 43.33% stake in Albert Ballin Joint Venture GmbH & Co. KG and the loans granted to Albert Ballin Holding GmbH & Co. KG in the framework of the sale of Container Shipping. The capitalisation ratio (ratio of fixed assets to total assets) rose from 41% to 54%.
Current assets accounted for 33% of total assets, compared with 56% in 2008. The considerable decrease primarily resulted from the decrease in assets held for sale due to the divestment of Container Shipping. The Group’s liquid funds declined by 48% to €1,452m compared with the comparative 9-month period in 2008. They thus accounted for 11% of total assets, compared with 16% in the previous year.
Horizontal structures
At the balance sheet date, the ratio of equity to non-current assets was 26%, compared with 37% in 2008. The ratio of equity to fixed assets was 32% (previous year: 41%). The ratio of equity plus non-current financial liabilities to fixed assets was 76%, compared with 100% in 2008.
Structure of the Group‘s non-current assets
| € million | 30 Sep 2009 | 30 Sep 2008 | Var. % | 31 Dec 2008 |
| Goodwilll | 2,715.8 | 2,854.5 | - 4.9 | 2,520.3 |
| Other intangible assets | 887.9 | 887.2 | + 0.1 | 815.8 |
| Investment property | 76.7 | 87.1 | - 11.9 | 90.1 |
| Property, plant and equipment | 2,373.6 | 2,817.8 | - 15.8 | 2,687.9 |
| Companies measured at equity | 1,200.7 | 446.3 | + 169.0 | 406.4 |
| Financial assets available for sale | 103.0 | 120.8 | - 14.7 | 84.0 |
| Fixed assets | 7,357.7 | 7,213.7 | + 2.0 | 6,604.5 |
| Receivables and assets | 1,480.4 | 504.5 | + 193.4 | 520.9 |
| Deferred income tax claims | 277.9 | 185.7 | + 49.6 | 219.3 |
| Non-current receivables | 1,758.3 | 690.2 | + 154.8 | 740.2 |
| Non-current assets | 9,116.0 | 7,903.9 | + 15.3 | 7,344.7 |
Excel-Download © TUI AG Annual Report 2009
Bitte verwenden Sie einen aktuellen Browser: www.mozilla.org/de/firefox/new/
Development of the Group’s non-current assets
Goodwill
Goodwill declined by 5% to €2,716m. Goodwill for the Moroccon Airline Jet4You which has been classified for sale had to be impaired by €9m in the framework of IFRS 5. No further impairments were required in the framework of the annual impairment test for recognised goodwill.
At €2,289m or 84%, goodwill mostly related to TUI Travel. TUI Hotels & Resorts accounted for 16%.
Property, plant and equipment
At €2,374m, property, plant and equipment represented the second largest item in the statement of financial position. Property, plant and equipment also comprised leased assets in which Group companies carried economic ownership. At the balance sheet date, these finance leases had a carrying amount of €183m, down 30% year-on-year.
Development of property, plant and equipment
| € million | 30 Sep 2009 | 31 Dec 2008 | Var. % |
| Real estate with hotels | 880.3 | 1,014.5 | - 13.2 |
| Other land | 197.9 | 251.5 | - 21.3 |
| Aircraft | 381.5 | 561.9 | - 32.1 |
| Ships | 292.4 | 292.0 | + 0.1 |
| Machinery and fixtures | 421.0 | 428.6 | - 1.8 |
| Assets under construction, payments on accounts | 200.5 | 139.4 | + 43.8 |
| Total | 2,373.6 | 2,687.9 | - 11.7 |
Excel-Download © TUI AG Annual Report 2009
Companies measured at equity
A total of 53 companies were measured at equity. This figure included 18 associated companies and 35 joint ventures. At €1,201m, their value increased by 169% year-on-year due to the acquired stake in Container Shipping.
Financial assets available for sale
Financial assets available for sale decreased by 15% to €103m. They comprised shares in non-consolidated subsidiaries, investments and other securities.
Structure of the Group‘s current assets
| € million | 30 Sep 2009 | 30 Sep 2008 | Var. % | 31 Dec 2008 |
| Inventories | 81.5 | 87.7 | - 7.1 | 97.0 |
| Trade accounts receivable and other receivables1) | 2,465.8 | 2,338.8 | + 5.4 | 3,025.5 |
| Current income tax claims | 21.2 | 42.3 | - 49.9 | 45.6 |
| Current receivables | 2,487.0 | 2,381.1 | + 4.4 | 3,071.1 |
| Cash and cash equivalents | 1,452.0 | 2,810.0 | - 48.3 | 2,045.5 |
| Assets held for sale | 405.7 | 4,569.0 | - 91.1 | 4,144.5 |
| Current assets | 4,426.2 | 9,847.8 | - 55.1 | 9,358.1 |
1) incl. receivables from derivative financial instruments
Excel-Download © TUI AG Annual Report 2009
Bitte verwenden Sie einen aktuellen Browser: www.mozilla.org/de/firefox/new/
Development of the Group’s current assets
Inventories
At €82m, inventories declined by 7% year-on-year.
Current receivables
Current receivables comprised trade accounts receivable and other receivables, current income tax claims and claims from derivative financial instruments. At €2,487m, current receivables rose by 4% year-on-year.
Cash and cash equivalents
At €1,452m, cash and cash equivalents declined by 48% year-on-year.
Assets held for sale
Assets held for sale declined considerably to €406m due to the sale of Container Shipping in the period under review.
Unrecognised assets
In carrying out their business operations, Group companies used assets of which they were not the economic owner in accordance with the IASB rules. Most of these assets were aircraft, hotel complexes or ships for which operating leases, i.e. rental, lease or charter agreements, were concluded at the terms and conditions customary in the sector.
Operating rental, lease and charter contracts
| € million | 30 Sep 2009 | 30 Sep 2008 | Var. % | 31 Dec 2008 |
| Ships and containers | 205.6 | 2,263.2 | - 90.9 | 2,252.0 |
| Aircraft | 1,355.2 | 1,253.6 | + 8.1 | 1,408.1 |
| Hotel complexes | 674.6 | 575.0 | + 17.3 | 686.5 |
| Administrative buildings | 220.5 | 372.6 | - 40.8 | 300.5 |
| Travel agencies | 409.2 | 492.4 | - 16.9 | 436.7 |
| Other | 35.8 | 229.0 | - 84.4 | 224.9 |
| Total | 2,900.9 | 5,185.8 | - 44.1 | 5,308.7 |
| Fair value | 2,446.0 | 4,146.3 | - 41.0 | 4,318.5 |
Excel-Download © TUI AG Annual Report 2009
The financial liabilities from operating rental, lease and charter contracts fell by 44% to €2,901m due to the deconsolidation of Container Shipping. At 47%, aircraft accounted for the largest portion, with hotel complexes accounting for 23%.
Further explanations as well as the structure of the remaining terms of the financial liabilities from operating rental, lease and charter agreements are provided in the section Other Financial Liabilities in the notes on the consolidated financial statements.
Net assets of TUI AG
Net assets of TUI AG and its balance sheet structure are characterised by its function as the TUI Group’s parent company. The balance sheet total fell by 18% to €7.2bn.
Development of fixed assets
At the balance sheet date, fixed assets accounted for 68% of total assets and were covered by equity and non-current financial assets at 41%. TUI AG’s fixed assets included a portion of 99% for investments.
The major additions to investments were the acquisition of an entrepreneurial stake in the new container shipping group and the granting of loans, in particular to Albert Ballin Holding GmbH & Co. KG.
On 23 March 2009, TUI AG sold all shares in Hapag-Lloyd AG to Albert Ballin Holding GmbH & Co. KG, an indirect subsidiary of the Albert Ballin GmbH & Co. KG consortium, for €4.45bn. In order to acquire a 43.33% stake in Albert Ballin Joint Venture GmbH & Co. KG, the holder of the stake in the purchasing company of the shipping line, TUI AG established TUI-Hapag Beteiligungs GmbH and provided it with the requisite funding (€910m).
Following the sale of Hapag-Lloyd AG, TUI AG granted primarily medium- and long-term loans worth a total of €1,279m to Albert Ballin Holding GmbH & Co. KG in March and in the second half of May 2009. An amount of €200m of that total will be taken over by Albert Ballin GmbH & Co. KG at the end of March 2010 and was therefore carried under Other assets in Current assets. TUI AG also granted a non-current vendor loan of €179m to Hapag-Lloyd AG.
In order to support Hapag-Lloyd AG, a holding company established for that purpose acquired the 25.1% stake of the shipping line in Container Terminal Altenwerder. TUI AG contributed to the financing of this acquisition by the holding company by providing around 68% of equity and granting a corresponding loan of €214m, in proportion to that stake.
In order to meet the conditions of the federal and regional loan guarantees provided to the container shipping group, TUI AG will swap loans granted to Albert Ballin Holding GmbH & Co. KG with a nominal volume of €700m into hybrid capital. In this context, the stakes in the terminal holding company will be sold to Albert Ballin Holding GmbH & Co. KG and the loans granted to the holding company will be swapped into hybrid capital.
By the end of March 2010, it is also planned, together with Albert Ballin GmbH & Co. KG and in proportion to the stake held, to convert a part of the remaining loans granted to Albert Ballin Holding GmbH & Co. KG into equity in Albert Ballin Holding GmbH & Co. KG. For TUI AG, this sum amounts to €153m.
The commercial-law measurement of the hybrid instruments resulting from these measures (nominal volume €914m) and the loans remaining thereafter (nominal volume €406m) required impairments totalling €459m.
Development of current assets
The decrease in receivables from Group companies was mainly attributable to repayment of a portion of the interest-bearing shareholder loan granted to TUI Travel PLC.
Abbreviated balance sheet of TUI AG
(financial statements according to German Commercial Code)
| € million | 30 Sep 2009 | 31 Dec 2008 | Var. % |
| Intangible assets/property, plant and equipment | 62.3 | 63.7 | - 2.2 |
| Investments | 4,826.1 | 2,965.0 | + 62.8 |
| Fixed assets | 4,888.4 | 3,028.7 | + 61.4 |
| Receivables | 1,843.6 | 2,009.5 | - 8.3 |
| Cash and cash equivalents | 493.5 | 3,731.2 | - 86.8 |
| Current assets | 2,337.1 | 5,740.7 | - 59.3 |
| Prepaid expenses | 8.8 | 24.4 | - 63.9 |
| Assets | 7,234.3 | 8,793.8 | - 17.7 |
| Equity | 2,018.1 | 2,116.1 | - 4.6 |
| Special non-taxed items | 39.5 | 40.3 | - 2.0 |
| Provisions | 589.7 | 1,154.6 | - 48.9 |
| Liabilities | 4,577.6 | 5,467.6 | - 16.3 |
| Deferred income | 9.4 | 15.2 | - 38.2 |
| Liabilities | 7,234.3 | 8,793.8 | - 17.7 |
Excel-Download © TUI AG Annual Report 2009
Bitte verwenden Sie einen aktuellen Browser: www.mozilla.org/de/firefox/new/