Consolidated cash flow statement
CHF million | Note | 2017 | 2016 | |||
Net profit before tax | 160.0 | 227.9 | ||||
Net financial expenses | 27.5 | 37.7 | ||||
Earnings from revaluation of investment real estate | –21.8 | –85.0 | ||||
Depreciation other property, plant and equipment | 0.2 | 0.4 | ||||
Depreciation intangible assets | 0.1 | 0.0 | ||||
Earnings from sale of investment real estate | 0.0 | –5.6 | ||||
Capitalisation of company-produced assets in development real estate | –5.2 | –2.5 | ||||
Share-based reimbursement | 0.1 | 0.1 | ||||
Change in pension fund obligations affecting net income | 1.7 | 0.7 | ||||
Other items | 2.7 | 0.7 | ||||
Change in development real estate | 70.0 | 163.8 | ||||
Change in trade receivables | –23.4 | 41.1 | ||||
Change in other receivables | 1.4 | 5.0 | ||||
Change in provisions | –1.3 | 9.7 | ||||
Change in trade payables | –1.3 | –7.2 | ||||
Change in down payments for development real estate | –1.8 | –17.3 | ||||
Change in other current liabilities | –5.3 | 0.3 | ||||
Cost of finance paid | –15.7 | –99.5 | ||||
Financial income received | 1.3 | 1.8 | ||||
Income tax paid | –17.2 | –25.4 | ||||
Cash flow from operating activities | 172.2 | 246.7 | ||||
Investment in yield-producing properties | –346.4 | –18.2 | ||||
Proceeds from sale of yield-producing properties | 0.0 | 98.8 | ||||
Investment in investment real estate under construction | –29.5 | –31.8 | ||||
Divestment of investment real estate under construction | 0.0 | 0.0 | ||||
Acquisition of other property, plant and equipment | –0.2 | –0.1 | ||||
Investment in intangible assets | –0.2 | –0.2 | ||||
Purchase of companies (purchase price minus cash) | 0.0 | –35.2 | ||||
Increase financial assets | –5.3 | –4.5 | ||||
Decrease in financial assets | 8.8 | 8.4 | ||||
Cash flow from investing activities | –372.8 | 17.2 | ||||
Increase in borrowings | 709.9 | 205.0 | ||||
Decrease in borrowings | –708.0 | –381.5 | ||||
Issue of bond loan | 310.1 | 149.4 | ||||
Repayment bond loan | 0.0 | –150.0 | ||||
Purchase treasury shares | –27.6 | –18.3 | ||||
Sale treasury shares | 24.6 | 21.1 | ||||
Payout of reserves from capital contributions | –91.7 | –91.6 | ||||
Cash flow from financing activities | 217.3 | –265.9 | ||||
Change in cash | 16.7 | –2.0 | ||||
Cash at 1 January | 21.4 | 23.4 | ||||
Cash at 31 December | 38.1 | 21.4 |