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2007/08 Annual Report and Accounts
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Balance sheets At March 31, 2008
    Group Company
£million Note 2008 2007 2008 2007
Non-current assets          
Property, plant and equipment: 14        
Fleet   5,976 6,153 5,794 5,957
Property   977 932 924 876
Equipment   310 272 301 266
    7,263 7,357 7,019 7,099
Goodwill 17 40 40 – –
Landing rights 17 159 139 159 139
Software 17 22 33 22 34
    221 212 181 173
Investments in subsidiaries 19 – – 2,207 1,185
Investments in associates 19 227 125 – –
Available-for-sale financial assets 20 80 107 24 41
Employee benefit assets 35 85 116 85 116
Derivative financial instruments 31 80 8 80 8
Prepayments and accrued income   19 20 9 10
Total non-current assets   7,975 7,945 9,605 8,632
Non-current assets held for sale 16 – 8 – 8
Current assets and receivables          
Inventories 21 112 76 109 74
Trade receivables 22 586 654 574 635
Other current assets 23 308 268 371 336
Derivative financial instruments 31 278 78 278 78
Other current interest-bearing deposits 24 1,181 1,642 399 1,639
Cash and cash equivalents 24 683 713 433 662
    1,864 2,355 832 2,301
Total current assets and receivables   3,148 3,431 2,164 3,424
Total assets   11,123 11,384 11,769 12,064
Shareholders’ equity          
Shareholders’ equity:          
Issued share capital 32 288 288 288 288
Share premium   937 933 937 933
Investment in own shares   (10) (10) (10) (10)
Other reserves 34 1,818 1,000 1,344 683
Total shareholders’ equity   3,033 2,211 2,559 1,894
Minority interest 34 200 200 – –
Total equity   3,233 2,411 2,559 1,894
Non-current liabilities          
Interest-bearing long-term borrowings 27 2,751 2,929 2,971 3,113
Employee benefit obligations 35 330 1,142 322 1,134
Provisions for deferred tax 11 1,154 930 1,069 855
Other provisions 29 210 153 185 114
Derivative financial instruments 31 33 6 33 6
Other long-term liabilities 26 168 188 132 150
Total non-current liabilities   4,646 5,348 4,712 5,372
Current liabilities          
Current portion of long-term borrowings 27 423 417 421 413
Trade and other payables 25 2,590 2,726 3,849 3,924
Derivative financial instruments 31 57 18 57 18
Current tax payable   4 54 3 38
Short-term provisions 29 170 410 168 405
Total current liabilities   3,244 3,625 4,498 4,798
Total equity and liabilities   11,123 11,384 11,769 12,064

Willie Walsh
Keith Williams

May 15, 2008

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