Financial Statements Cash Flow Statement
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Notes on the cash flow statement
Based on after-tax Group profit, the cash flow from operating activities was prepared using the indirect method. Cash and cash equivalents of the continuing operations declined by € 104.4 million (of which cash and cash equivalents of container shipping as at 30 June 2008: € 101.3 million) due to the classification of discontinued operations. The total cash flow from operating activities rose by € 974.3 million to
€ 2,588.3 million in the period under review.
The inflow of cash from operating activities rose substantially by € 546.7 million to € 1,364.1 million year-on-year. This increase was mainly attributable to the first-time consolidation of the First Choice operations and the sound performance in shipping and tourism.
The outflow of cash from investing activities totalled € 191.3 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 companies by the TUI Travel Group). On the other hand, an inflow of cash was generated, mainly due to the sale of aircraft to AerCap Holdings NV and the redemption of loans in connection with the disposal of the AMC Group in previous years. In 2007, a total inflow of cash of € 351.4 million had been generated from the divestment of fixed assets and intangible assets, above all the sale of Montreal Gateway Terminals.
The outflow of cash from financing activities, including interest payments (€ 215.4 million), totalled € 40.1 million. While several long-term bank loans were taken up, including a credit based on an exchangeable bond by TUI AG, short-term bank loans were repaid by TUI Travel PLC.
Cash and cash equivalents decreased by a further € 54.0 million, primarily due to changes in exchange rates, i.e. the weakening of the British pound sterling.
Condensed cash flow statement
| € million | H1 2008 | H1 2007 |
|---|---|---|
| Cash flow from operating activities | + 1,364.1 | + 817.4 |
| Cash flow from investing activities | - 191.3 | - 220.1 |
| Cash flow from financing activities | - 40.1 | 658.7 |
| Change in funds with cash effect | 1,132.7 | 1,256.0 |
| Change in cash and cash equivalents due to changes in consolidation and exchange rate fluctuation | - 54.0 | 3.4 |
| 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 | 2,692.7 | 1,948.1 |
| of which included in the balance sheet as assets classified held for sale | 104.4 | 43.9 |
| Cash and cash equivalents at the end of the period for continuing operations | 2,588.3 | 1,904.2 |