The Group’s balance sheet total decreased by 9% to €15.3bn as against the end of 2008. The changes in the consolidated statement of financial position resulted from the business cycle in tourism. On the other hand, major changes in the Group’s net assets and financial position also resulted from the sale of container shipping and the acquisition of an entrepreneurial stake of 43% in ‘Albert Ballin’ Joint Venture GmbH & Co. KG.
Assets and liabilities
| € million | 31 Mar 2009 | 31 Dec 2008 | Var. % |
|---|---|---|---|
| Non-current assets | 9,041.3 | 7,339.9 | + 23.2 |
| Current assets | 6,244.3 | 9,365.9 | - 33.3 |
| Assets | 15,285.6 | 16,705.8 | - 8.5 |
| Equity | 2,577.2 | 2,242.5 | + 14.9 |
| Provisions | 1,930.0 | 2,152.1 | - 10.3 |
| Financial liabilities | 4,999.2 | 4,974.7 | + 0.5 |
| Other liabilities | 5,779.2 | 7,336.5 | - 21.2 |
| Liabilities | 15,285.6 | 16,705.8 | - 8.5 |
Non-current assets
As at 31 March 2009, non-current assets accounted for 59% of total assets, compared with a share of 44% as at 31 December 2008. Non-current assets grew from €7.3bn to €9.0bn in the period under review. This rise mainly resulted from the acquisition of an entrepreneurial stake of 43% 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.
Current assets
As at 31 March 2009, current assets accounted for 41% of total assets, down from 56% as at 31 December 2008. Current assets decreased from €9.4bn as at 31 December 2008 to €6.2bn as at 31 March 2009. The change primarily resulted from the decrease in assets held for sale due to the sale of the container shipping.
Equity
Equity totalled €2.6bn as at 31 March 2009. The equity ratio stood at 17%, compared with 13% as at the end of financial year 2008. Detailed information on the individual changes is provided under ‘Changes in equity’ in the notes to this interim report.
Provisions
Provisions mainly comprised provisions for pension obligations, effective and deferred income tax provisions and provisions for typical operating risks. As at 31 March 2009 they totalled €1.9bn, down 10% as against 31 December 2008.
Financial liabilities
As at 31 March 2009, financial liabilities consisted of non-current financial liabilities of €4.1bn and current financial liabilities of €1.0bn. As at 31 December 2008, non-current financial liabilities as well as current liabilities amounted to the same. At the end of the first quarter of 2009, net debt totalled €2.6bn, down from €2.9bn as at the end of financial year 2008. Including the net financial position of container shipping, separately shown in accordance with IFRS 5, the sale of this sector brought the Group’s net financial position significantly down from €4.1bn to €2.6bn as at 31 December 2008.
Other liabilities
As at 31 March 2009, other liabilities amounted to €5.8bn, down €1.6bn or 21% as against 31 December 2008. The decline resulted in particular from the decrease in debt in combination with assets held for sale due to the sale of container shipping.