Financial Statements Cash Flow Statement
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Based on after-tax Group profit the cash flow from operating activities was prepared using the indirect method. In the period under review, cash and cash equivalents of the continuing operations declined slightly by € 42.7 million to € 1,571.3 million due to the classification of container shipping as a discontinued operation (cash and cash equivalents as at 31 March 2008: € 102.6 million).
The inflow of cash from operating activities rose substantially by € 190.5 million to € 394.5 million year-on-year. This increase was mainly attributable to the sound performance in shipping and tourism.
The outflow of cash from investing activities totalled € 219.6 million in the current financial year. The outflow of cash in the current financial year was mainly attributable to payments made for investments in property, plant and equipment (essentially container ships and hotel complexes) and investments (above all the acquisition of seven tourism companies by the TUI Travel Group in the current quarter). On the other hand, an inflow of cash was generated, mainly due to the redemption of loans in connection with the disposal of the AMC Group in previous years. In 2007, an inflow of cash of € 325.2 million was generated from the divestment of fixed assets and intangible assets, above all the sale of the Montreal Gateway Terminals.
The outflow of cash from financing activities, including interest payments, totalled
€ 67.2 million. While a long-term bank loan was taken up on the basis of an exchangeable bond, short-term bank loans were repaid by TUI Travel.
Cash and cash equivalents decreased by a further € 47.8 million, primarily due to exchange rate fluctuations, i.e. the weakening of the British pound sterling.
Cash flow statement
| € million | Q1 2008 | Q1 2007 |
|---|---|---|
| Cash flow from operating activities | 394.5 | 204.0 |
| Cash flow from investing activities | - 219.6 | 18.9 |
| Cash flow from financing activities | - 67.2 | 24.6 |
| Change in funds with cash effect | 107.7 | 247.5 |
| Change in cash and cash equivalents due to changes in consolidation and exchange rate fluctuation | - 47.8 | 6.6 |
| Cash and cash equivalents at the beginning of the period | 1,614.0 | 688.7 |
| Cash and cash equivalents at the end of the period | 1,673.9 | 942.8 |
| of which included in the balance sheet as assets classified held for sale | 102.6 | 0.0 |
| Cash and cash equivalents at the end of the period for continuing operations | 1,571.3 | 942.8 |