National Express Group plc Annual Report and Accounts 2010

Group Balance Sheet

		Note	2010 £m	2009 £m
Non-current assets
Intangible assets		14	1,284.2	1,349.9
Property, plant and equipment		15	714.1	672.6
Financial assets	– Available for sale	17	7.8	7.7
	– Derivative financial instruments	17	7.2	3.3
Investments accounted for using the equity method		18	6.6	6.7
Trade and other receivables		20	6.0	4.0
Deferred tax asset		27	2.8	35.2
			2,028.7	2,079.4
Current assets
Inventories		21	17.6	16.4
Trade and other receivables		22	226.8	226.7
Financial assets	– Derivative financial instruments	17	18.3	5.9
Current tax assets			3.4	3.7
Cash and cash equivalents		23	128.8	105.8
			394.9	358.5
Total assets			2,423.6	2,437.9
Non-current liabilities
Financial liabilities	– Borrowings	28	(674.4)	(506.1)
	– Derivative financial instruments	28	(5.1)	(11.2)
Deferred tax liability		27	(86.9)	(99.0)
Other non-current liabilities		25	(25.2)	(21.6)
Non-current tax liabilities			(12.3)	–
Defined benefit pension liability		34	(10.4)	(54.9)
Provisions		26	(35.7)	(22.0)
			(850.0)	(714.8)
Current liabilities
Trade and other payables		24	(501.0)	(467.0)
Financial liabilities	– Borrowings	28	(64.4)	(258.4)
	– Derivative financial instruments	28	(12.4)	(36.0)
Current tax liabilities			(12.1)	(56.8)
Provisions		26	(43.9)	(62.6)
			(633.8)	(880.8)
Total liabilities			(1,483.8)	(1,595.6)
Net assets			939.8	842.3
Shareholders’ equity
Called up share capital		32	25.6	25.6
Share premium account			532.7	533.2
Capital redemption reserve			0.2	0.2
Own shares			(14.1)	(14.6)
Other reserves		33	125.1	116.1
Retained earnings			263.7	175.8
Total shareholders’ equity			933.2	836.3
Non-controlling interest in equity			6.6	6.0
Total equity			939.8	842.3

D Finch Group Chief Executive
J K Maiden Group Finance Director
24 February 2011