15) Result from discontinued operations


The following table shows the result of the discontinued operations at British Midland Group:

 

in €m

2011

2010

Income

911

912

Expenses

–1,092

–1,068

Current result from discontinued operations before taxes

–181

–156

Taxes on income and earnings for discontinued operations

26

4

Current result from discontinued operations after taxes

–155

–152

Valuation/disposal proceeds from discontinued operations

–157

0

Taxes on valuation/disposal proceeds

27

0

Valuation/disposal proceeds from discontinued operations after taxes

–130

0

Result from discontinued operations

–285

–152

As a result of the contract for the sale of British Midland Ltd. (bmi) to International Consolidated Airlines Group, S.A. (IAG) signed by Deutsche Lufthansa AG and IAG, an impairment loss of EUR 150m was recognised on assets held for sale. The impairment charge was applied to the individual non-current assets in relation to their share of the carrying amount. The valuation/disposal proceeds also include expenses of EUR 5m for advisory services in connection with the transaction.

Starting from a gross sales price of EUR 207m and deducting financial liabilities (EUR 55m), pension obligations remaining with the Lufthansa Group (EUR 153m) and other price adjustments (in particular for restructuring expenses at bmibaby and British Midland Regional to be paid by Lufthansa), means the net sales price is negative. Adding the negative equity for bmi in the Lufthansa Group and the advisory costs mentioned above gives a total negative valuation/disposal proceeds of EUR 130m.

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