Consolidated cash flow statement
CHF million | Note | 2016 | 2015 | ||
Net profit before tax | 227.9 | 151.4 | |||
Net financial expenses | 37.7 | 41.8 | |||
Earnings from revaluation of investment real estate | –85.0 | –15.8 | |||
Depreciation other property, plant and equipment | 0.4 | 0.4 | |||
Depreciation intangible assets | 0.0 | 1.9 | |||
Earnings from sale of investment real estate | –5.6 | –21.1 | |||
Capitalisation of company produced assets in development real estate | –2.5 | –10.2 | |||
Share-based reimbursement | 0.1 | 0.2 | |||
Change in pension fund obligations affecting net income | 0.7 | 1.5 | |||
Other items | 0.7 | 2.2 | |||
Change in development real estate | 163.8 | 13.5 | |||
Change in trade receivables | 41.1 | –20.6 | |||
Change in other receivables | 5.0 | –0.4 | |||
Change in provisions | 9.7 | –2.5 | |||
Change in trade payables | –7.2 | –16.8 | |||
Change in down payments for development real estate | –17.3 | –2.7 | |||
Change in other current liabilities | 0.3 | –24.1 | |||
Cost of finance paid | –99.5 | –38.0 | |||
Financial income received | 1.8 | 1.7 | |||
Income tax paid | –25.4 | –28.7 | |||
Cash flow from operating activities | 246.7 | 33.7 | |||
Investment in yield-producing properties | –18.2 | –73.4 | |||
Proceeds from sale of yield-producing properties | 98.8 | 115.3 | |||
Investment in investment real estate under construction | –31.8 | –16.7 | |||
Divestment of investment real estate under construction | 0.0 | 0.0 | |||
Acquisition of other property, plant and equipment | –0.1 | –0.4 | |||
Divestment of other property, plant and equipment | 0.0 | 0.0 | |||
Investment in intangible assets | –0.2 | 0.0 | |||
Divestment of intangible assets | 0.0 | 0.0 | |||
Purchase of companies (purchase price minus cash) | –35.2 | 0.0 | |||
Increase financial assets | –4.5 | –11.2 | |||
Decrease in financial assets | 8.4 | 9.1 | |||
Cash flow from investing activities | 17.2 | 22.7 | |||
Increase in borrowings | 205.0 | 159.0 | |||
Decrease in borrowings | –381.5 | –353.2 | |||
Issue of bond loan | 149.4 | 221.1 | |||
Repayment bond loan | –150.0 | 0.0 | |||
Purchase treasury shares | –18.3 | –27.6 | |||
Sale treasury shares | 21.1 | 23.3 | |||
Payout of reserves from capital contributions | –91.6 | –87.5 | |||
Cash flow from financing activities | –265.9 | –64.9 | |||
Change in cash | –2.0 | –8.5 | |||
Cash at 1 January | 23.4 | 31.9 | |||
Cash at 31 December | 21.4 | 23.4 |