Financial Statements Changes in Equity
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Group equity declined in particular due to the seasonal swing in tourism as a result of the negative consolidated earnings of € 278.1 million.
The TUI Group exercised the option offered by IAS 19 of offsetting actuarial gains and losses against equity outside profit or loss when they occur. The increase in the long-term interest rate level since the beginning of the year, in particular in the UK and the Eurozone, caused a reduction in the actuarial losses offset against equity of € 159.0 million. Taking account of the deferred taxes to be carried of € 45.4 million, equity rose by € 113.6 million with no effect on profit or loss.
Equity further declined due to the weakness of the US dollar and British pound sterling in the period under review.
The negative equity attributable to the minority interests in TUI Travel, primarily caused by the first-time consolidation of the First Choice Holidays Group, will continue to be offset against revenue reserves in accordance with IAS 27.35.
Summary statement of changes in equity
For the period from 1 January to 31 March 2008
|
€ million |
Subscribed capital |
Capital reserves |
Revenue reserves |
Hybrid capital |
Equity before minority interests |
Minority interests |
Equity |
|---|---|---|---|---|---|---|---|
| Balance as at 1 January 2008 | 642.3 | 2,471.9 | - 582.2 | 294.8 | 2,826.8 | 297.4 | 3,124.2 |
| Dividend payments | – | – | - 5.9 | – | - 5.9 | – | - 5.9 |
| Dividend hybrid capital | – | – | - 6.4 | – | - 6.4 | – | - 6.4 |
| Effect of acquisition of minority interest | – | – | - 10.8 | – | - 10.8 | – | - 10.8 |
| Share-based payments | – | – | 5.2 | – | 5.2 | – | 5.2 |
| Income and expenses directly carried in equity | – | – | - 71.9 | – | - 71.9 | - 6.7 | - 78.6 |
| Tax items directly offset against equity | – | – | - 31.6 | – | - 31.6 | - 0.2 | - 31.8 |
| Group profit/loss | – | – | - 287.8 | – | - 287.8 | 9.7 | - 278.1 |
| Balance as at 31 March 2008 | 642.3 | 2, 471.9 | - 991.4 | 294.8 | 2,417.6 | 300.2 | 2,717.8 |
Summary statement of changes in equity
For the period from 1 January to 31 March 20071)
|
€ million |
Subscribed capital |
Capital reserves |
Revenue reserves |
Hybrid capital |
Equity before minority interests |
Minority interests |
Equity |
|---|---|---|---|---|---|---|---|
| Balance as at 1 January 2007 | 641.7 | 2,396.2 | - 604.4 | 294.8 | 2,728.3 | 279.1 | 3,007.4 |
| Dividend payments | – | – | – | – | – | - 6.5 | - 6.5 |
| Dividend hybrid capital | – | – | - 2.1 | – | - 2.1 | – | - 2.1 |
| First-time consolidation | – | – | – | – | – | 2.8 | 2.8 |
| Effect of acquisition of minority interest | – | – | - 18.4 | – | - 18.4 | - 0.7 | - 19.1 |
| Income and expenses directly carried in equity | – | – | 212.3 | – | 212.3 | - 2.5 | 209.8 |
| Tax items directly offset against equity | – | – | - 57.5 | – | - 57.5 | 0.1 | - 57.4 |
| Group profit/loss | – | – | - 116.5 | – | - 116.5 | 11.5 | - 105.0 |
| Balance as at 31 March 2007 | 641.7 | 2,396.2 | - 586.6 | 294.8 | 2,746.1 | 283.8 | 3,029.9 |
1) Due to changes in the accounting for borrowing costs according to IAS 23, the previous year’s figures were restated accordingly.