Non-current assets and liabilities held for sale

Non-current assets and liabilities held for sale

Non-current assets and liabilities held for sale relate to the following Airports Division companies:

 Non-current assets and liabilities

In the Airports Division, the assets and liabilities of Sydney Airport and Budapest Airport were sold in March 2007 and June 2007, respectively (see Note 28 on other profit and loss).

Also in the Airports Division, the following assets and liabilities are held for sale at 31 December 2007:

Airport Property Partnership is an investment company in which the majority of assets are investment properties. Liabilities are mainly loans from Group companies (Lynton).

The selling process started in 2007 and is expected to be completed in 2008.

During 2007, BAA recognised a profit of 15 million euro from Airport Property Partnership.

The assets of World Duty Free include goodwill (398 million euro), non-current assets (26 million euro) and assets in progress (22 million euro). This item also includes goods held for resale (30 million euro), receivables (10 million euro) and cash (5 million euro). Liabilities comprise payables (67 million) and deferred tax liabilities.

The selling process started in 2007 and is expected to be completed in 2008.

World Duty Free posted a profit of 53 million euro in 2007 that is recognised by the BAA Group.

Additionally, in the Construction Division, other assets held for sale at year-end 2007 relate to Budimex Group companies (8 million euro) and are expected to be sold during the first quarter of 2008. No losses or gains have been recognised in the income statement in this respect.