Financial Statements Changes in Equity
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Financial Statements
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Equity declined by € 403.4 million as a result of the negative consolidated earnings.
Equity also dropped due to the weakness of the US dollar and British pound sterling in the period under review.
The TUI Group exercised the option offered by IAS 19 of offsetting actuarial gains and losses from pension commitments against equity with no effect on profit or loss when they occur.
The gains from hedging instruments resulting from the effective hedging of future cash flows directly to be eliminated against equity rose by € 318.9 million in the period under review. Overall, this rise was attributable to very good market values for hedging instruments for aircraft fuel and bunker oil transactions.
The negative equity attributable to the minority interests in TUI Travel PLC, primarily caused by the first-time consolidation of the First Choice Holidays Group, was offset against revenue reserves in accordance with IAS 27.35.
The cumulative expenses of the discontinued container shipping operation and the ’TUIfly‘ and Tarajal Properties, S.L. disposal groups directly taken to equity totalled € 83.0 million and € 62.9 million, respectively.
Condensed statements of changes in equity
For the period from 1 January to 30 June 2008
|
€ million |
Subscribed capital |
Capital reserves |
Revenue reserves |
Hybrid capital |
Equity before minority interests |
Minority interests |
Equity |
|---|---|---|---|---|---|---|---|
| Balance as at 1 January 2008 restated | 642.3 | 2,471.9 | - 585.7 | 294.8 | 2,823.3 | 297.4 | 3,120.7 |
| Dividend payments | – | – | - 108.8 | – | - 108.8 | – | - 108.8 |
| Dividend hybrid capital | – | – | - 12.9 | – | - 12.9 | – | - 12.9 |
| First-time consolidation | – | – | 1.7 | – | 1.7 | – | 1.7 |
| Effect of acquisition of minority interest | – | – | - 32.2 | – | - 32.2 | – | - 32.2 |
| Share-based payments of TUI Travel | – | – | 5.1 | – | 5.1 | – | 5.1 |
| Income and expenses directly carried in equity | – | – | 165.4 | – | 165.4 | 1.8 | 167.2 |
| Tax items directly offset against equity | – | – | - 69.8 | – | - 69.8 | - 0.5 | - 70.3 |
| Group profit/loss | – | – | - 417.8 | – | - 417.8 | 14.4 | - 403.4 |
| Balance as at 30 June 2008 | 642.3 | 2,471.9 | - 1,055.0 | 294.8 | 2,354.0 | 313.1 | 2,667.1 |
For the period from 1 January to 30 June 2007
|
€ 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 | – | – | – | – | – | - 14.6 | - 14.6 |
| Dividend hybrid capital | – | – | - 12.8 | – | - 12.8 | – | - 12.8 |
| Issue of convertible bond | – | 119.7 | – | – | 119.7 | – | 119.7 |
| First-time consolidation | – | – | - 0.9 | – | - 0.9 | 1.9 | 1.0 |
| Effect of acquisition of minority interest | – | – | - 22.5 | – | - 22.5 | - 0.9 | - 23.4 |
| Income and expenses directly carried in equity | – | – | 385.8 | – | 385.8 | - 1.9 | 383.9 |
| Tax items directly offset against equity | – | - 47.9 | - 101.4 | – | - 149.3 | - 0.1 | - 149.4 |
| Group profit/loss | – | – | - 57.6 | – | - 57.6 | 23.1 | - 34.5 |
| Balance as at 30 June 2007 restated | 641.7 | 2,468.0 | - 413.8 | 294.8 | 2,990.7 | 286.6 | 3,277.3 |