IFRS Report - Part 1

British Airways PLC
04 July 2005


AIRLINE REPORTS UNDER IFRS

British Airways today (July 4) releases financial information prepared under
International Financial Reporting Standards (IFRS) for the year ended March 31,
2005 and explains the impact of the adoption of IFRS on these results.

Under IFRS, the airline's operating profit for the year ended March 31, 2005
increased from £540 million under UK GAAP to £556 million and profit before tax
increased from £415 million to £513 million.

British Airways' chief financial officer, John Rishton, said: 'The impacts of
new accounting rules on our income statement are minor.  However, there will be
a significant impact on our balance sheet.

'Net assets under IFRS, at March 31, 2005 are reduced by £1.3 billion to £1.4
billion, mainly due to moving the pension deficit on to the balance sheet. It
was previously fully disclosed as a Note to the Report and Accounts.'

The adoption of IFRS represents an accounting change only, and does not affect
the underlying operation of the business or the airline's cash flows for 2004/
05.

                                      ends

Notes to editors:

•        For all periods up to and including March 2005, British Airways has
previously prepared its Group financial statements under UK Generally Accepted
Accounting Practice (UK GAAP).

•        In accordance with EU regulations, the Group is required to adopt IFRS
from 1 April 2005 and prepare its Group financial statements on an IFRS basis.

•        The Group's first Report and Accounts prepared under IFRS accounting
policies will be for the period ending March 31, 2006 and the first quarterly
summary financial statements will be released for the period ending June 30,
2005.

•        As allowed under IFRS 1 'First time adoption of International Financial
Reporting Standards' standards IAS 32 and 39 on Financial Instruments will be
adopted from 1 April 2005.

•         The full detail of all the changes is available at bashares.com.




   Release of financial information for 2004/05 under International Financial
                              Reporting Standards

Contents

 1. Introduction
 2. Summary impact
 3. Presentation
 4. Review of main changes
 5. International Financial Reporting Standards consolidated financial
    information
      -   Income statement for the year ended March 31, 2005
      -   Balance sheet as at April 1, 2004 (opening balance sheet)
      -   Balance sheet as at March 31, 2005 (closing balance sheet)

Appendices

 1. Basis of preparation
 2. Accounting policies
 3. Quarterly reconciliations of income and equity
 4. Ernst & Young audit report


1    Introduction

British Airways plc currently prepares its consolidated financial statements
under UK Generally Accepted Accounting Practice (UK GAAP). Following Regulation
No. 1606/2002 passed by the European Parliament in 2002, all listed EU companies
are required to prepare consolidated financial statements in accordance with
International Financial Reporting Standards (IFRS) for accounting periods
beginning on or after January 1, 2005.

The Group's first Report and Accounts prepared under IFRS accounting policies
will be for the period ending March 31, 2006 and the first quarterly summary
financial statements will be released for the period ending June 30, 2005.

The purpose of this document is to explain the accounting policy changes arising
from the adoption of IFRS and their impact on the financial statements for the
period ended March 31, 2005.

The financial information presented in this document has been prepared on the
basis of those International Financial Reporting Standards, International
Accounting Standards, and International Financial Reporting Interpretations
Committee (IFRIC) and Standard Interpretations Committee (SIC) interpretations
that are expected to be applicable to 2005/06 financial reporting. These are
subject to ongoing review and endorsement by the European Commission, whilst the
application of the standards continues to be subject to interpretation by IFRIC
as well as emerging industry consensus. As a consequence, further adjustments to
the accounting policies and treatments may need to be made in the first complete
set of IFRS financial statements for 2005/06.

2    Summary Impact

£m                                                             2004/05
                                        UK GAAP         IFRS        Variance H/(L)        %
Turnover                                 7,813          7,772            (41)           (0.5)
Operating profit                          540            556              16             3.0
Operating margin (pts)                    6.9            7.2              0.3

Profit before tax                         415            513              98             23.6
Earnings per share                       23.4p          35.2p            11.8

Net assets *                             2,684          1,397           (1,287)         (48.0)

Reserves **                              2,220           940            (1,280)         (57.7)

Gearing                                  52.1%          67.7%           15.6pts


* at 31/03/05

** Under IFRS, there are no distributable reserves as £1,043m of the reserves
balance relates to share premium and revaluation reserves.

The adoption of IFRS represents an accounting change only, and does not affect
the ongoing operations, or cash flows of the Group for 2004/05. There are some
items that might impact the timing of tax cash flows in the future.

3    Presentation

Section 5 of this report, and Appendix 3, contain reconciliations to assist in
understanding the nature and value of the differences between UK GAAP and IFRS.
Section 5 presents the balance sheets on transition at April 1, 2004 and at
March 31, 2005 together with the income statement for the year to March 31,
2005, and Appendix 3 also contains quarterly reconciliations.

The financial information is in IFRS format, and reflects a number of
differences in presentation between UK GAAP and IFRS including;

  • The disclosure of realised currency differences separately in the income
    statement;
  • The disclosure of certain assets and liabilities on a gross as opposed to
    a net basis.

As allowed under IFRS 1, IAS 32 and IAS 39 will be adopted from April 1, 2005
and as a consequence certain presentational changes will be made to the
financial statements. The Group's perpetual preferred securities currently shown
as a non-equity minority interest will be treated as equity under IAS 32. From
2005/06, the ineffective portion of gains and losses on fuel derivative hedges
will be disclosed separately in the income statement and operating margin will
be calculated excluding such gains and losses.

The IFRS cash flow statement will explain the change in cash and cash
equivalents rather than purely cash as under UK GAAP. Cash and cash equivalents
under IFRS comprise cash and short-term liquid investments.  In addition, the
format of the cash flow statement will change, with cash flows being categorised
as operating, investing, or funding.

4    Review of main changes

This section describes the most significant changes arising from transition to
IFRS, with reference to the financial information in Section 5.

IAS 19 - Employee Benefits (a)

Post employment benefits

Under UK GAAP we apply the measurement and recognition requirements of SSAP 24
to accounting for pensions and post-retirement benefits in our financial
statements, whilst providing disclosures under FRS 17.

IAS 19 takes a balance sheet approach to accounting for defined benefit schemes,
similar to FRS 17. Therefore, on transition, the deficit, similar to that
previously disclosed under FRS 17, has been recognised in the balance sheet. At
April 1, 2004, this results in a total reduction in net assets of £1.2 billion.
This represents a pre-tax net deficit of £1.7 billion partially offset by the
associated deferred tax asset of £0.5 billion.

Going forward we are electing to apply the 'corridor' treatment under IAS 19.
The impact will be that actuarial gains and losses are only recognised to the
extent that they exceed 10 per cent of the greater of the scheme assets or
liabilities, and in that case are spread over the remaining average service
lives of employees. Therefore, the net actuarial losses on the pension schemes
for 2004/05 of £0.3 billion (after tax) has not been recognised.

The impact on pre-tax income for 2004/05 from the adoption of IAS 19 is an
increase of £16 million, representing a reduction of £45 million in operating
costs, partially offset by an increase of £29 million in financing charges.

Other Employee Benefits

Under UK GAAP, no provision is currently made for annual leave accrued. Under
IAS 19, the expected cost of compensated short-term absences should be
recognised at the time the related service is provided. As a result, on
transition to IFRS a provision of £9 million has been recognised net of deferred
tax. The impact on pre-tax income for 2004/05 is a reduction of £1 million.

IAS 18 - Revenue Recognition (b)

The Group receives revenue from the sale of mileage credits to third parties,
including BA Miles that are managed through the Executive Club frequent flyer
programme and Airmiles that are managed through the wholly owned subsidiary
Airmiles Travel Promotions Limited. Under UK GAAP, revenue from the sale of
miles is recognised on issue of the mile, with a provision made under FRS 12 for
the incremental cost of providing the service on redemption of the mile.

IAS 18 is more prescriptive about the point at which revenue is recognised.
Under IAS 18, the fair value of the miles sold is deferred and recognised on
redemption of the mileage credit. The cost of providing free redemption services
is recognised when the miles are redeemed. On transition this will result in a
reduction in net assets of £167 million.

The impact on pre-tax income for 2004/05 is a reduction of £31 million,
reflecting £41 million of revenue deferred, partially offset by a £10 million
reduction in cost no longer provided.

IAS 16 - Property Plant and Equipment (c)

IAS 16 is focused on the balance sheet cost in prescribing the level at which
parts should be determined; in particular it requires that each part of
property, plant and equipment that has a cost that is significant in relation to
the overall cost of the item should be depreciated separately. Under UK GAAP,
the emphasis is on the income statement  depreciation charge in determining the
asset components.

Under UK GAAP, the cost of major engine overhaul is expensed to the income
statement. Under IAS 16, major engine overhaul will be treated as a separate
asset component with the cost capitalised and depreciated over the period to the
next major overhaul.

On transition this will result in a reduction in net assets of £27 million. The
reduction results from the years preceding transition to IFRS which saw a lower
level of engine overhaul expense required to be capitalised than would occur
during a normal engine overhaul cycle. The pre-tax impact on the income
statement for 2004/05 is a credit of £28 million reflecting a reduction in
engineering costs of £70 million partially offset by an increase in depreciation
costs.

IFRS 2 - Share-Based Payments (d)

Under UK GAAP, the Group was either exempt from recognising the cost of
providing share options to employees or the cost was measured at zero in the
income statement. IFRS 2 requires a charge to be made to the income statement.
The expense is calculated as the fair value of the award on the date of grant
and is recognised over the vesting period of the scheme. A binomial lattice
model has been used to calculate the fair value of options on their grant date.
The Group has applied the provisions of IFRS 2 only to awards made after
November 7, 2002, an option allowed on transition by IFRS 1.

In 2004/05 application of IFRS 2 results in a pre-tax charge to the income
statement of £8 million.

IAS 21 - Changes in Foreign Exchange Rates (e)

Under UK GAAP, certain US Dollar-denominated assets and liabilities are treated
as a foreign operation ('Branch') with US Dollar as its functional currency.
Exchange movements are therefore taken to reserves rather than through the
income statement.

IAS 21 provides additional criteria to allow the functional currency of a
foreign operation to be determined. If the functional currency is deemed to be
the same as for the parent, then exchange movements on retranslation of monetary
items are taken through the income statement.

As a result, in the 2004/05 financial statements, the exchange movements on
retranslation of US Dollar liabilities previously taken in the Branch are taken
through the income statement resulting in a charge of £7 million to operating
expenditure (relating to working capital balances) and a credit of £23 million
to financing costs (debt retranslation). In addition, the unwinding of
cumulative exchange differences on Branch assets, previously taken to reserves,
results in an increase in net assets of £152 million and an increase in
depreciation costs of £13 million at transition. On the basis that the debt will
be designated as a hedge of future revenue as allowed by IAS 39, from April 1,
2005, to the extent that the hedge is effective, the debt retranslation relating
to aircraft will be taken to reserves rather than to the income statement.

IFRS 3 - Goodwill arising on Business Combinations (f)

Under UK GAAP, goodwill arising on the acquisition of businesses is amortised
over a period not exceeding 20 years. The provisions of IFRS 3 - 'Business
Combinations' have been applied prospectively from April 1, 1999. IFRS 3
prohibits the amortisation of goodwill, requiring instead that an annual test
for impairment is carried out. As a result, amortisation charges reduce by £4
million in 2004/05.

IFRS 3 requires that an intangible asset acquired under a business combination
should be recognised separately from goodwill if it is probable that future
economic benefits will flow from the asset and its cost can be measured
reliably. As a result £22 million of landing rights acquired with businesses
since April 1, 1999 and previously classified as goodwill have been reclassified
on transition.

IAS 38 - Intangible Assets (f)

IAS 38 results in £12 million of IT software that is distinct from any
associated hardware being reclassified from tangible assets to intangible assets
on transition.

IFRS 5 - Assets Held for Resale (g)

Under IFRS 5, an asset should be measured at market value and reclassified as an
asset held for sale once a decision is made for the asset to be sold and it is
made available for sale. This results in a loss of £3 million being recognised
in the transition balance sheet rather than Quarter 1 of 2004/05.

IAS 28 - Associates (h)

The results of the Group's associated undertakings, consolidated using the
equity method, should be included under the same accounting policies as those
applied by the Group. As a result the carrying value of the associated
undertakings has been reduced by £58 million in the transition balance sheet,
principally in respect of deferral of frequent flyer revenue and accrual for
employee benefit obligations. The impact on the 2004/05 income statement is not
material.

In future periods, the results of associated undertakings will be presented on a
post-tax basis and as result the pre-tax results for 2004/05 will reduce by £14
million offset by an equivalent reduction in the tax charge for the year.

IFRS 1 - Impact on disposal of Qantas (i)

Under UK GAAP, the reported loss on disposal of our share of Qantas was £11
million. IFRS impacts both the valuation of the net assets of Qantas prior to
disposal and the basis on which any gain or loss on disposal is calculated.
Under IFRS, the disposal of Qantas results in a £97 million improvement in the
income statement for 2004/05, reflecting a £59 million decrease in the net
assets of Qantas (see (h) above), and the reversal of the requirement to write
back goodwill previously written off to reserves of £59 million, partially
offset by the write off of exchange gains arising on the investment since April
1, 2004 of £21 million.

IAS 12 - Income Taxes (j)

Under UK GAAP, deferred tax was provided on timing differences that had
originated, but had not reversed, before the balance sheet date. Under IAS 12,
deferred tax is provided on temporary differences based upon the future recovery
or settlement of assets and liabilities recognised in the balance sheet. As a
result of implementing IAS 12, an additional deferred tax liability of £94
million has been provided on transition. The impact on the tax charge for 2004/
05 from the adoption of IAS 12 is a credit of £14 million. In addition, deferred
tax has been provided on other IFRS accounting policy changes resulting in an
additional deferred tax asset of £505 million relating to pensions and £9
million relating to other adjustments.

IAS 39 - Financial Instruments - Recognition and Measurement

Under UK GAAP, British Airways deferred gains or losses on hedges of revenues or
operating payments, recognising them in the income statement only when they
crystallised.

As allowed under IFRS 1, IAS 32 and IAS 39 will be adopted from April 1, 2005.
Under IFRS, the fair value of derivatives will be measured and any adjustments
to fair value accounted for on the balance sheet. We expect to meet the IAS 39
criteria for adopting hedge accounting which will result in the effective
element of the cumulative movement in value of most derivatives being taken to
reserves and the ineffective element to income statement, resulting in some
volatility. Certain financial assets and financial liabilities, including
certain trade investments, will also be measured at fair value with changes
taken to the income statement.

The adoption of IAS 39 will result in a pre-tax increase in net assets of £273
million at April 1, 2005.

5    Consolidated Financial Information - Opening Balance Sheet

Balance Sheet at 01/04/04
                                     IAS 19 IAS 18 IAS 16 IFRS 2 IAS 21 IFRS 3 IFRS 5 IAS 28 IFRS 1 IAS 12 Other

                                       (a)    (b)   (c)    (d)    (e)    (f)    (g)    (h)    (i)    (j)
£M                              UK                                                                                 IFRS
NON-CURRENT ASSETS             GAAP
PROPERTY, PLANT & EQUIPMENT
- Fleet                        7,104       -     -   (34)      -    197      -   (53)      -      -      -      -  7,214
- Property                     1,042       -     -      -      -     38      -      -      -      -      -      -  1,080
- Equipment                      491       -     -      -      -      -   (12)      -      -      -      -      -    479
                               8,637       -     -   (34)      -    235   (12)   (53)      -      -      -      -  8,773

INTANGIBLE ASSETS
- Goodwill                        93       -     -      -      -      -   (22)      -      -      -      -      -     71
- Landing Rights                  75       -     -      -      -      -     22      -      -      -      -      -     97
- Other                            -       -     -      -      -      -     12      -      -      -      -      -     12
                                 168       -     -      -      -      -     12      -      -      -      -      -    180

Investment in associates         501       -     -      -      -      -      -      -   (58)      -      -      -    443
Long term investments (trade      30       -     -      -      -      -      -      -      -      -      -      -     30
investments)
Employee benefit assets            -     134     -      -      -      -      -      -      -      -      -      -    134
Deferred tax receivable            -       -     -      -      -      -      -      -      -      -      -      -      -
Other financial assets             -       -     -      -      -      -      -      -      -      -      -     22     22
                                                                                                                       -
TOTAL NON-CURRENT ASSETS       9,336     134     -   (34)      -    235      -   (53)   (58)      -      -     22  9,582

ASSETS HELD FOR SALE               -       -     -      -      -      -      -     49      -      -      -      -     49

CURRENT ASSETS AND RECEIVABLES
- Expendable spares and other     76       -     -      -      -      -      -      -      -      -      -      -     76
inventories
- Trade receivables and other  2,625       -     -      -      -      -      -      -      -      -      -  (985)  1,640
debtors
- Cash and cash equivalents       64       -     -      -      -      -      -      -      -      -      -    963  1,027

TOTAL CURRENT ASSETS AND       2,765       -     -      -      -      -      -      -      -      -      -   (22)  2,743
RECEIVABLES

TOTAL ASSETS                  12,101     134     -   (34)      -    235      -    (4)   (58)      -      -      - 12,374

SHAREHOLDERS' FUNDS, MINORITY INTERESTS &
LIABILITIES

SHAREHOLDERS' EQUITY
- Issued share capital           271       -     -      -      -      -      -      -      -      -      -      -    271
- Treasury shares               (31)       -     -      -      -      -      -      -      -      -      -      -   (31)
- Other reserves               1,947 (1,187) (167)   (27)      -    152    (6)    (3)   (58)      -   (94)      -    557

TOTAL SHAREHOLDERS' EQUITY     2,187 (1,187) (167)   (27)      -    152    (6)    (3)   (58)      -   (94)      -    797

Equity minority interest          10       -     -      -      -      -      -      -      -      -      -      -     10
Non-equity minority interest     200       -     -      -      -      -      -      -      -      -      -      -    200

MINORITY INTERESTS               210       -     -      -             -      -      -      -      -      -      -    210

PROVISIONS
- Employee benefit                 -   1,901     -      -      -      -      -      -      -      -      -      -  1,901
obligations
- Provisions for deferred tax  1,137   (508)  (72)   (10)      -     71      6    (1)      -      -     94      -    717
- Other provisions                85    (45)     -      -      -      -      -      -      -      -      -      -     40
                               1,222   1,348  (72)   (10)      -     71      6    (1)      -      -     94      -  2,658

LONG TERM LIABILITIES
- Interest bearing long term   5,034       -     -      -      -      -      -      -      -      -      -      -  5,034
borrowings
- Convertible long term          112       -     -      -      -      -      -      -      -      -      -      -    112
borrowings
- Other long term liabilities    340     (9)     -      -      -     12      -      -      -      -      -      -    343
                               5,486     (9)     -      -      -     12      -      -      -      -      -      -  5,489

CURRENT LIABILITIES
- Current portion of long        682       -     -      -      -      -      -      -      -      -      -      -    682
term borrowings
 - Trade and other payables    2,308    (18)   239      3      -      -      -      -      -      -      -      -  2,532
 - Current tax payable             6       -     -      -      -      -      -      -      -      -      -      -      6
- Convertible long term            -       -     -      -             -      -      -      -      -      -      -      -
borrowings
                               2,996    (18)   239      3      -      -      -      -      -      -      -      -  3,220

TOTAL SHAREHOLDERS' FUNDS,    12,101     134     -   (34)      -    235      -    (4)   (58)      -      -      - 12,374
MINORITY INTERESTS &
LIABILITIES

Memo - Net Assets              2,397                                                                               1,007




Income Statement

2004/05 Income Statement

£m                                         IAS 19 IAS 18 IAS 16 IFRS 2 IAS 21 IFRS 3 IFRS 5 IAS 28 IFRS 1 IAS 12

                                UK GAAP     (a)    (b)    (c)    (d)    (e)    (f)    (g)    (h)    (i)    (j)     IFRS
TOTAL TRAFFIC REVENUE
- Passenger                          6,500      -      -      -      -      -      -      -      -      -      -  6,500
- Cargo                                482      -      -      -      -      -      -      -      -      -      -    482

OTHER REVENUE                          831      -   (41)      -      -      -      -      -      -      -      -    790

TOTAL TURNOVER                       7,813      -   (41)      -      -      -      -      -      -      -      -  7,772

Employee costs                       2,273   (46)      -      -      8      -      -      -      -      -      -  2,235
Depreciation and amortisation          687      -      -     43      -     13    (4)      -      -      -      -    739
Aircraft Leasing                       106      -      -      -      -      -      -      -      -      -      -    106
Fuel Cost                            1,128      -      -      -      -      -      -      -      -      -      -  1,128
Fuel Derivatives Gains/Losses            -
Engineering and other aircraft         502      -      -   (70)      -      -      -      -      -      -      -    432
costs
Landing Fees and en route              556      -      -      -      -      -      -      -      -      -      -    556
charges
Handling charges, catering and         930      -   (12)      -      -      -      -      -      -      -      -    918
other operating costs
Selling costs                          488      -      2      -      -      -      -      -      -      -      -    490
Currency differences                     -      2      -      -      -     13      -      -      -      -      -     15
Accommodation and ground               603      -      -      -      -    (6)      -      -      -      -      -    597
equipment

TOTAL OPERATING EXPENDITURE          7,273   (44)   (10)   (27)      8     20    (4)      -      -      -      -  7,216

Interest expense                     (267)      -      -      -      -      -      -      -      8      -      -  (259)
Interest income                         77      -      -      -      -      -      -      -      -      -      -     77
Other financing income and              14   (29)      -      -      -      -      -      -      -      -      -   (15)
charges
Retranslation credits and               33      -      -      -      -     23      -      -      -      -      -     56
charges on borrowings
Share of Profit of Associates           41      -      -      -      -      -      1      -   (18)      -      -     24
Profit or Loss on Disposal            (26)      -      -      1      -      -      -      3    (4)     97      -     71
Income and charges relating to           3      -      -      -      -      -      -      -      -      -      -      3
fixed asset investments

PROFIT BEFORE TAX                      415     15   (31)     28    (8)      3      5      3   (14)     97      -    513

Taxation                             (149)    (5)      9    (9)      2      4      -    (1)     14      -     14  (121)

PROFIT FOR THE PERIOD                  266     10   (22)     19    (6)      7      5      2      -     97     14    392

Attributable to shareholders           251     10   (22)     19    (6)      7      5      2      -     97     14    377
Attributable to minority                15      -      -      -      -      -      -      -      -      -      -     15
interests


Memo
OPERATING PROFIT                       540     44   (31)     27    (8)   (20)      4      -      -      -      -    556

Operating Margin                      6.9%                                                                         7.2%

EPS (basic)
                                      23.4                                                                         35.2
EPS (diluted)
                                      23.0                                                                         34.1


Closing Balance Sheet


Balance Sheet at 31/03/05
                                    IAS 19 IAS 18 IAS 16  IFRS 2 IAS 21 IFRS 3 IFRS 5 IAS 28 IFRS 1 IAS 12 Other

£M                              UK     (a)    (b)   (c)   (d)    (e)    (f)    (g)    (h)    (i)    (j)
                               GAAP                                                                                IFRS
NON-CURRENT ASSETS
PROPERTY, PLANT & EQUIPMENT
- Fleet                        6,748       -     -   (6)      -    207      -    (5)      -      -      -      -  6,944
- Property                       959       -     -     -      -     42      -    (1)      -      -      -      -  1,000
- Equipment                      445       -     -     -      -      -   (60)      -      -      -      -      -    385
                               8,152       -     -   (6)      -    249   (60)    (6)      -      -      -      -  8,329

INTANGIBLE ASSETS
- Goodwill                        88       -     -     -      -      -   (16)      -      -      -      -      -     72
- Landing Rights                 102       -     -     -      -      -     20      -      -      -      -      -    122
- Other                            -       -     -     -      -      -     60      -      -      -      -      -     60
                                 190       -     -     -      -      -     64      -      -      -      -      -    254

Investment in associates         120       -     -     -      -      -      1      -   (54)     59      -      -    126
Long term investments (trade      30       -     -     -      -      -      -      -      -      -      -      -     30
investments)
Employee benefit assets            -     137     -     -      -      -      -      -      -      -      -      -    137
Deferred tax receivable            -       -     -     -      -      -      -      -      -      -      -      -      -
Other financial assets             -       -     -     -      -      -      -      -      -      -      -     38     38
                                                                                                                      -
TOTAL NON-CURRENT ASSETS       8,492     137     -   (6)      -    249      5    (6)   (54)     59      -     38  8,914

ASSETS HELD FOR SALE               -       -     -     -      -      -      -      5      -      -      -      -      5

CURRENT ASSETS AND RECEIVABLES
- Expendable spares and other     84       -     -     -      -      -      -      -      -      -      -      -     84
inventories
- Trade receivables and other  2,683    (54)     -     -      -      -      -      -      -      -      -  (509)  2,120
debtors
- Cash and cash equivalents       77       -     -     -      -      -      -      -      -      -      -    471    548

TOTAL CURRENT ASSETS AND       2,844    (54)     -     -      -      -      -      -      -      -      -   (38)  2,752
RECEIVABLES

TOTAL ASSETS                  11,336      83     -   (6)      -    249      5    (1)   (54)     59      -      - 11,671

SHAREHOLDERS' FUNDS, MINORITY INTERESTS &
LIABILITIES

SHAREHOLDERS' EQUITY
- Issued share capital           271       -     -     -      -      -      -      -      -      -      -      -    271
- Treasury shares               (26)       -     -     -      -      -      -      -      -      -      -      -   (26)
- Other reserves               2,220 (1,177) (189)   (7)      2    168    (1)    (1)   (54)     59   (80)      -    940

TOTAL SHAREHOLDERS' EQUITY     2,465 (1,177) (189)   (7)      2    168    (1)    (1)   (54)     59   (80)      -  1,185

Equity minority interest          12       -     -     -      -      -      -      -      -      -      -      -     12
Non-equity minority interest     207       -     -     -      -    (7)      -      -      -      -      -      -    200

MINORITY INTERESTS               219       -     -     -      -    (7)      -      -      -      -      -      -    212

PROVISIONS
- Employee benefit                 -   1,820     -     -      -      -      -      -      -      -      -      -  1,820
obligations
- Provisions for deferred tax  1,243   (503)  (81)   (2)    (2)     75      6      -      -      -     80      -    816
- Other provisions                83    (49)     -     -      -      -      -      -      -      -      -      -     34
                               1,326   1,268  (81)   (2)    (2)     75      6      -      -      -     80      -  2,670

LONG TERM LIABILITIES
- Interest bearing long term   4,045       -     -     -      -      -      -      -      -      -      -      -  4,045
borrowings
- Convertible long term            -       -     -     -      -      -      -      -      -      -      -      -      -
borrowings
- Other long term liabilities    301     (8)     -     -      -     13      -      -      -      -      -      -    306
                               4,346     (8)     -     -      -     13      -      -      -      -      -      -  4,351

CURRENT LIABILITIES
- Current portion of long        447       -     -     -      -      -      -      -      -      -      -      -    447
term borrowings
 - Trade and other payables    2,385       -   270     3      -      -      -      -      -      -      -      -  2,658
 - Current tax payable            36       -     -     -      -      -      -      -      -      -      -      -     36
- Convertible long term          112       -     -     -             -      -      -      -      -      -      -    112
borrowings
                               2,980       -   270     3      -      -      -      -      -      -      -      -  3,253

TOTAL SHAREHOLDERS' FUNDS,    11,336      83     -   (6)      -    249      5    (1)   (54)     59      -      - 11,671
MINORITY INTERESTS &
LIABILITIES

Memo - Net Assets              2,684                                                                              1,397






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