TUI Aktiengesellschaft
http://www.tui-group.com/en/ir/reports/interim_reports_2008/1st_quarter_2008/financial_statements/balance_sheet.html
Financial Statements Balance Sheet

Financial Statements Balance Sheet

The changes in the consolidated balance sheet as against 31 December 2007 were mainly characterised by the classification of shipping as a discontinued operation according to IFRS 5 and the corresponding recognition of the assets and liabilities of this sector as separate balance sheet items.

The notes provided below will therefore only concern the changes in balance sheet items, ruling out the above effect. The changes in the balance sheet items were primarily attributable to the seasonal swing in tourism, which manifested itself more strongly following the acquisition of the First Choice Holidays Group. Both trade accounts receivable and other receivables from advance payments in tourism as well as trade accounts payable rose as a result. Due to the seasonal increase in advance payments in tourism, other liabilities rose particularly strongly as against 31 December 2007.

Goodwill declined as against 31 December 2007, in particular due to the weakening of the British pound sterling against the euro.

The item ‘Assets held for sale’ as at 31 March 2008 comprised the assets of the discontinued operation (€ 3,753.4 million) and other non-current assets (€ 20.3 million). At the end of March 2008, this item also included property held for sale and apartments of a hotel complex under ‘Other assets held for sale’ (as at 31 December 2007: € 8.8 million).

In connection with the increase in the interest rate level in the first quarter of 2008, the measurement of pension provisions according to IAS 19 resulted in a corres­ponding decline in this balance sheet item.

The considerable decrease in the net financial position as against 31 December 2007 resulted from the effect of the reclassification to discontinued operation as well as from the redemption of current liabilities to banks by TUI Travel.

Balance sheet of the TUI Group

€ million 31 Mar 2008 31 Dec 2007
Assets    
Goodwill 2,830.1 3,058.3
Other intangible assets 858.8 1,373.8
Investment property 87.4 90.5
Property, plant and equipment 3,403.6 5,706.2
Investment in joint ventures and associates 448.0 540.7
Financial assets available for sale 103.8 108.2
Trade and other receivables 433.7 408.8
Derivative financial instruments 38.7 28.8
Deferred tax assets 204.6 192.3
Non-current assets 8,408.7 11,507.6
     
Inventories 100.4 208.7
Financial assets available for sale 12.2 13.7
Trade and other receivables 2,061.1 2,496.3
Derivative financial instruments 400.0 413.1
Income tax receivables 134.2 42.0
Cash and cash equivalents 1,571.3 1,614.0
Assets held for sale 3,773.7 8.8
Current assets 8,052.9 4,796.6
  16,461.6 16,304.2
     
 



 

€ million 31 Mar 2008 31 Dec 2007
Equity and liabilities    
Subscribed capital 642.3 642.3
Capital reserves 2,471.9 2,471.9
Revenue reserves - 991.4 - 582.2
Hybrid capital 294.8 294.8
Equity before minority interests 2,417.6 2,826.8
Minority interests 300.2 297.4
Equity 2,717.8 3,124.2
     
Pension provisions and similar obligations 562.5 825.2
Income tax provisions 156.3 256.3
Deferred tax provisions 135.7 245.5
Other provisions 388.9 489.9
Non-current provisions 1,243.4 1,816.9
Financial liabilities 4,258.1 4,732.8
Derivative financial instruments 242.9 126.4
Other liabilities 143.7 130.4
Non-current liabilities 4,644.7 4,989.6
Non-current provisions and liabilities 5,888.1 6,806.5
     
Pension provisions and similar obligations 21.2 31.7
Income tax provisions 79.6 62.3
Other provisions 425.2 531.6
Current provisions 526.0 625.6
Financial liabilities 863.4 807.4
Trade accounts payable 1,917.3 2,679.0
Derivative financial instruments 222.9 174.4
Other liabilities 2,766.2 2,087.1
Current liabilities 5,769.8 5,747.9
Liabilities related to assets held for sale 1,559.9 0.0
Current provisions and liabilities 7,855.7 6,373.5
  16,461.6 16,304.2