Financial Statements Balance Sheet
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Notes on the consolidated balance sheet
The changes in the consolidated balance sheet as against 31 December 2007 were mainly characterised by the classification of container shipping and ’TUIfly‘ as a discontinued operation and a disposal group according to IFRS 5, respectively, and the corresponding recognition of the assets and liabilities of these sectors as separate balance sheet items.
The notes provided below will therefore only concern the changes in balance sheet items unrelated to the above effect. The changes in the balance sheet items were primarily attributable to the seasonality of the tourism business, manifesting itself more strongly since 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. The seasonal increase in advance payments in tourism caused an increase in particular in other liabilities as against
31 December 2007.
Goodwill declined due to the impairments of the goodwill of the reclassified disposal groups ’TUIfly‘ and Tarajal Properties, S.L. and the weakening of the British pound sterling against the euro.
Assets held for sale as at 30 June 2008 and the associated liabilities comprised the discontinued container shipping operation, disposal groups ’TUIfly‘ and Tarajal Properties, S.L. and other non-current assets.
Assets held for sale
| € million | 30 Jun 2008 | 31 Dec 2007 |
|---|---|---|
| Container shipping | 3,886.0 | – |
| ’TUIfly‘ | 293.3 | – |
| Tarajal Properties, S.L. | 38.6 | – |
| Other non-current assets | 119.1 | 8.8 |
| Total | 4,337.0 | 8.8 |
Liabilities related to assets held for sale
| € million | 30 Jun 2008 | 31 Dec 2007 |
|---|---|---|
| Container shipping | 1,797.6 | – |
| ’TUIfly‘ | 617.5 | – |
| Tarajal Properties, S.L. | 8.0 | – |
| Total | 2,423.1 | – |
On the basis of a memorandum of understanding signed at the end of January 2008, TUI Travel, Deutsche Lufthansa AG and Albrecht Knauf Industriebeteiligung GmbH have examined a potential merger of their subsidiaries Hapag-Lloyd Fluggesellschaft mbH, Hapag-Lloyd Express GmbH, Germanwings GmbH and Eurowings Luftverkehrs AG under a joint, independent holding company. An agreement entailing the conclusion of a legally binding agreement will ultimately depend on the successful completion of the final negotiations. Due to the status of these negotiations, the assets and liabilities allocable to these two ’TUIfly‘ companies had to be classified as a separate disposal group in the balance sheet as at 30 June 2008 in accordance with IFRS 5 and had to be carried under ‘Assets held for sale’ and ‘Liabilities related to assets held for sale’.
Since the sales negotiations for the interests in the hotel property company Tarajal Properties, S.L. became increasingly specific, the criteria of IFRS 5 were now met so that the assets held for sale and the associated liabilities were carried in the corresponding balance sheet items.
Other non-current assets included the aircraft held for sale (€ 110.7 million), property and buildings but also apartments of a hotel complex (as at 31 December 2007: € 8.8 million) as at 30 June 2008.
In connection with the increase in the interest rate level in the first half of 2008, the measurement of pension provisions according to IAS 19 resulted in a corresponding decline in this balance sheet item. This decrease was more than offset by a deterioration in the market value of plan assets (in particular in the UK). The reclassification of the pension obligations of the discontinued container shipping operation and the ’TUIfly‘ disposal group to the balance sheet item ‘Liabilities related to assets held for sale’, resulted in a further decline in the pension provisions carried.
The considerable increase in the net financial position as against 31 December 2007 (€ +1.5 billion) resulted in particular from the seasonality of current business operations and the redemption of current financial liabilities by TUI Travel PLC. The reclassifications required under IFRS 5 to separate balance sheet items caused a further increase of € 0.6 billion.
Balance sheet of the TUI Group
|
€ million |
30 Jun 2008 |
31 Dec 20071)
restated |
|---|---|---|
| Assets | ||
| Goodwill | 2,799.7 | 3,060.6 |
| Other intangible assets | 887.0 | 1,373.8 |
| Investment property | 87.4 | 90.5 |
| Property, plant and equipment | 2,754.0 | 5,704.4 |
| Investment in joint ventures and associates | 438.0 | 540.7 |
| Financial assets available for sale | 103.7 | 108.2 |
| Trade and other receivables | 405.8 | 408.8 |
| Derivative financial instruments | 104.6 | 28.8 |
| Deferred tax assets | 135.8 | 191.6 |
| Non-current assets | 7,716.0 | 11,507.4 |
| Inventories | 112.3 | 208.7 |
| Financial assets available for sale | 11.2 | 13.7 |
| Trade and other receivables | 2,529.0 | 2,492.6 |
| Derivative financial instruments | 645.8 | 413.1 |
| Income tax receivables | 85.2 | 42.0 |
| Cash and cash equivalents | 2,588.3 | 1,614.0 |
| Assets held for sale | 4,337.0 | 8.8 |
| Current assets | 10,308.8 | 4,792.9 |
| 18,024.8 | 16,300.3 | |
|
€ million |
30 Jun 2008 |
31 Dec 20071)
restated |
|---|---|---|
| Equity and liabilities | ||
| Subscribed capital | 642.3 | 642.3 |
| Capital reserves | 2,471.9 | 2,471.9 |
| Revenue reserves | - 1,055.0 | - 585.7 |
| Hybrid capital | 294.8 | 294.8 |
| Equity before minority interests | 2,354.0 | 2,823.3 |
| Minority interests | 313.1 | 297.4 |
| Equity | 2,667.1 | 3,120.7 |
| Pension provisions and similar obligations | 701.0 | 825.2 |
| Income tax provisions | 102.8 | 256.3 |
| Deferred tax provisions | 129.7 | 245.5 |
| Other provisions | 371.3 | 489.9 |
| Non-current provisions | 1,304.8 | 1,816.9 |
| Financial liabilities | 3,929.5 | 4,732.8 |
| Derivative financial instruments | 202.6 | 126.4 |
| Other liabilities | 135.3 | 130.4 |
| Non-current liabilities | 4,267.4 | 4,989.6 |
| Non-current provisions and liabilities | 5,572.2 | 6,806.5 |
| Pension provisions and similar obligations | 26.2 | 31.7 |
| Income tax provisions | 88.5 | 62.8 |
| Other provisions | 343.2 | 531.6 |
| Current provisions | 457.9 | 626.1 |
| Financial liabilities | 1,116.4 | 806.5 |
| Trade accounts payable | 2,292.1 | 2,679.0 |
| Derivative financial instruments | 194.7 | 174.4 |
| Other liabilities | 3,301.3 | 2,087.1 |
| Current liabilities | 6,904.5 | 5,747.0 |
| Liabilities related to assets held for sale | 2,423.1 | 0.0 |
| Current provisions and liabilities | 9,785.5 | 6,373.1 |
| 18,024.8 | 16,300.3 | |
1) In order to enhance comparability, the originally published figures for 2007 were restated to account for the effects of purchase price adjustments carried out within the period of twelve months from the aquisition date of a participation allowed under IFRS 3.