Based on the after-tax Group result, the cash flow from operating activities was established using the indirect method. In the period under review, cash and cash equivalents of the Continuing Operations declined by €293.3m to €1,158.7m.
The outflow of cash from operating activities was €817.6m (previous year: €575.9m) in the period under review. As every year, the strong outflow of cash was mainly due to the fact that liabilities to suppliers were paid after the end of the tourism season. Due to the decline in business volumes, the inflow of cash declined year-on-year in the first half of 2009/10. Moreover, the figure for the comparative prior year period had included an inflow of cash worth €43.0m from operating activities in Container Shipping, sold at the end of March 2009.
The outflow of cash from investing activities totalled €110.6m in the period under review. An outflow of €97.7m arose in connection with the restructuring of the Canadian TUI Travel operations. Moreover, this item includes the contribution to the capital increase (€123.5m) in Container Shipping. On 31 March 2010, the Albert Ballin consortium took over a loan worth €200.0m granted by TUI AG to Container Shipping, as scheduled.
The cash flow from investing activities also included an outflow of cash for investments in fixed assets in TUI Travel of €125.6m and the hotel companies of €23.2m as well as an inflow of cash of €40.0m from the sale of property.
The inflow of cash from financing activities totalled €635.4m. This inflow was largely attributable to the convertible bonds issued by TUI AG of €211.1m, the convertible bonds issued by TUI Travel of €380.5m (each after deduction of borrowing costs) and the raising of facilities from the revolving syndicated credit facility of TUI Travel worth €418.6m. In the first half of 2009/10, bonds and financial liabilities worth €111.0m were repaid. Interest payments amounted to €131.4m. Moreover, €94.7m have been paid for the acquisition of additional shares in TUI Travel PLC. Other outflows of cash related to the dividend on TUI AG’s hybrid loan (€25.9m) and the dividend for minority shareholders (€24.1m), in particular in TUI Travel PLC.
Cash and cash equivalents also rose by €6.1m due to changes in exchange rates.
Condensed Cash Flow Statement
| € million | H1 2009/10 | H1 2008/09 |
| Cash flow from operating activities | - 817.6 | - 575.9 |
| Cash flow from investing activities | - 110.6 | - 133.1 |
| Cash flow from financing activities | 635.4 | + 249.7 |
| Change in funds with cash effect | - 292.8 | - 459.3 |
| Change in cash and cash equivalents due to exchange rate fluctuation | + 6.1 | - 68.6 |
| Cash and cash equivalents at beginning of period | 1,458.3 | + 2,944.2 |
| Cash and cash equivalents at end of period | 1,171.6 | 2,416.3 |
| of which included in the balance sheet as assets held for sale | 12.9 | + 0.0 |
| Cash and cash equivalents at end of period for Continuing Operations | 1,158.7 | 2,416.3 |
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