| At 31 December | 2010 | variance % | 2009 | ||
|---|---|---|---|---|---|
| Non-current assets | 1,849 | (62.1) | 4,879 | ||
| Current assets | 634 | (77.3) | 2,789 | ||
| Assets classified as held for sale | 123 | 355.6 | 27 | ||
| Assets classified for demerger | 5,531 | 0.0 | 0 | ||
| Total assets | 8,137 | 5.7 | 7,695 | ||
| Equity | 2,443 | 17.5 | 2,080 | ||
| Non-current liabilities | 2,395 | (13.8) | 2,778 | ||
| Current liabilities | 1,262 | (55.5) | 2,837 | ||
| Liabilities related to assets classified for demerger | 2,011 | 0.0 | 0 | ||
| Total liabilities and equity | 8,137 | 5.7 | 7,695 | ||
| (in € millions, except percentages) |
The 2009 financial position as presented above includes the Express activities, whereas in the 2010 financial position the net assets and liabilities of the Express activities are presented as assets classified for demerger of €5,531 million and liabilities related to assets classified for demerger of €2,011 million after elimination of a net intercompany position of €526 million.
The net equity of the discontinued Express business amounts to €2,994 million. During the Annual General Meeting of Shareholders on 25 May 2011, it will be proposed to demerge 70.1% of the discontinued Express business. This represents a value of €2,099 million.
The non-current assets of €1,849 million at 31 December 2010 consist mainly of goodwill of €120 million (largely related to International), other intangibles of €46 million (related mainly to IT software), property, plant and equipment of €499 million (related to land, depots and sorting machinery) and pension assets of €1,153 million.
The current assets of €634 million at 31 December 2010 mainly relate to trade accounts receivable of €412 million. Cash and cash equivalents totalled €65 million at 31 December 2010 (2009: 910, of which 830 was related to the discontinued operations of Express).
Off-balance sheet items
The Group has no off-balance arrangements other than those disclosed in note 29.