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The cash flow statement showed the flow of cash and cash equivalents on the basis of a separate presentation of cash inflows and outflows from operating, investing and financing activities. The effects of changes in the group of consolidated companies were eliminated.
(42) Cash inflow/outflow from operating activities
In the short financial year under review, the cash inflow from operating activities totalled €1,134.6m (previous year: €945.8m). While Container Shipping was included for a 12-month period in 2008 (€287.7m) and for a 3-month period until its disposal in the short financial year 2009 (€4.0m), Tourism activities were presented for a nine-month period in the short financial year 2009, excluding the seasonally weak fourth calendar quarter.
The cash inflow from operating activities included interest received. In the financial year under review, interest received totalled €97.5m (previous year: €109.4m). In the short financial year 2009, income tax payments resulted in a cash outflow of €57.6m (previous year: €66.5m).
(43) Cash inflow/outflow from investing activities
The cash payments for investments in property, plant and equipment and intangible assets or the cash receipts from corresponding disposals do not match the additions or disposals shown under the development of fixed assets, which include non-cash investments and disposals.
In the financial year under review, the cash outflow from investing activities amounted to €500.5m. While a cash inflow resulted from the sale of Container Shipping, loans were granted to the acquirer of Hapag-Lloyd AG and for the acquisition of the 43.33% stake in Albert Ballin Joint Venture GmbH & Co. KG.
In the completed financial year, cash payments were also made for investments in property, plant and equipment (€338.5m) and financial investments – above all a loan to Albert Ballin Terminal Holding GmbH, which that company used to finance the acquisition of a 25.1% stake in Container Terminal GmbH, and a capital increase by TUI Cruises GmbH. The cash outflow for capital expenditure related to property, plant and equipment comprised investments in the TUI Travel Group (€212.1m) and the hotel companies (€56.1m) as well as the capital expenditure related to the property, plant and equipment of Hapag-Lloyd AG in the first quarter of 2009, primarily prepayments for containers already ordered.
The cash outflow from investing activities included cash payments – offset against acquired cash and cash equivalents – for the acquisition of shares in subsidiaries to be included in consolidation by the TUI Travel Group. The consolidated statement of financial position comprised additions of goodwill, assets and liabilities due to the acquisition of shares in subsidiaries to be included in consolidation. Total acquisitions of shares in subsidiaries and investments in the short financial year 2009 resulted in net cash payments of around €20.0m (previous year: around €137.9m). Cash and cash equivalents acquired through these acquisitions totalled around €12.6m (previous year: €53.7m).
In 2008, the cash inflow from the disposal of other non-current assets included the complete repayment of loans in connection with the disposal of the AMC Group.
In the completed financial year, dividend payments received including dividends received by the companies measured at equity generated cash inflows of €26.7m (previous year: €72.3m).
The cash flows from investing activities comprised capitalised interest on borrowings of €4.2m (previous year: €11.8m).
(44) Cash inflow/outflow from financing activities
The cash outflow from financing activities totalled €1,370.3m, primarily due to the reduction of liabilities to banks by TUI Travel, the repayment of the floating rate notes worth €400.0m and the early redemption of other liabilities to banks by TUI AG.
The cash flow from financing activities comprised the cash flow due to financial liabilities taken out or redeemed and the interest of €174.0m (previous year: €321.4m) paid in the short financial year under review. The dividend payments shown for TUI AG included an amount of €25.9m for serving the hybrid capital.
(45) Development of cash and cash equivalents
Cash and cash equivalents comprised all liquid funds, i.e. cash in hand, bank balances and cheques. The impact of changes in cash and cash equivalents due to exchange rate fluctuations was shown separately. The increase of €25.1m was mainly attributable to the rise of sterling against euro. In the short financial year 2009, there were no changes in cash and cash equivalents attributable to changes in consolidation.
Cash and cash equivalents of the continuing operations declined by €6.3m due to the classification of the Magic Life Group as a Discontinued Operation according to IFRS 5. The reference figure for 2008 had included Container Shipping, which has meanwhile been sold.
As at 30 September 2009, cash and cash equivalents of € 0.1bn were subject to restraints on disposal. Most of these monies had to be deposited by tour operators due to national provisions related to the collateralisation of tourism services.