Consolidated cash flow statement
CHF million | Notes | 1st half-year 2018 | 1st half-year 2017 | |||
Earnings before tax | 90.8 | 80.9 | ||||
Net financial expense | 14.1 | 13.5 | ||||
Earnings from revaluation of investment real estate | –12.9 | –8.7 | ||||
Depreciation other property, plant and equipment | 0.0 | 0.2 | ||||
Depreciation intangible assets | 0.1 | 0.0 | ||||
Capitalisation of company-produced assets in development real estate | –2.0 | –2.3 | ||||
Share-based reimbursement | 0.1 | 0.1 | ||||
Change in pension fund obligations affecting net income | 1.3 | 0.5 | ||||
Other items | 0.3 | 1.1 | ||||
Change in development real estate | 3.8 | 49.9 | ||||
Change in contract assets | 26.6 | 0.0 | ||||
Change in trade receivables | –12.0 | –11.5 | ||||
Change in other receivables | –2.2 | 0.2 | ||||
Change in provisions | –5.1 | 0.7 | ||||
Change in contract liabilities | –31.5 | 0.0 | ||||
Change in trade payables | 25.4 | –1.2 | ||||
Change in down payments for development real estate | –5.0 | –0.9 | ||||
Change in other current liabilities | –3.1 | –4.7 | ||||
Cost of finance paid | –10.5 | –8.0 | ||||
Financial income received | 0.8 | 0.9 | ||||
Income tax paid | –15.3 | –14.3 | ||||
Cash flow from operating activities | 63.7 | 96.4 | ||||
Investment in yield-producing properties | –5.3 | –5.9 | ||||
Investment in investment real estate under construction | –9.7 | –20.8 | ||||
Acquisition of other property, plant and equipment | 0.0 | –0.2 | ||||
Sale of company (price minus cash) | 0.2 | 0.0 | ||||
Increase in financial assets | –0.3 | –2.5 | ||||
Decrease in financial assets | 4.8 | 4.4 | ||||
Cash flow from investing activities | –10.7 | –25.0 | ||||
Increase in borrowings | 85.5 | 185.0 | ||||
Decrease in borrowings | –267.5 | –311.5 | ||||
Issue of bond loan | 124.7 | 160.3 | ||||
Purchase treasury shares | –18.4 | –11.5 | ||||
Sale treasury shares | 14.3 | 11.1 | ||||
Payout of reserves from capital contributions | 0.0 | –91.6 | ||||
Cash flow from financing activities | –61.4 | –58.2 | ||||
Change in cash | –8.4 | 13.2 | ||||
Cash at 1 January | 38.1 | 21.4 | ||||
Cash at 30 June | 29.7 | 34.6 |