Consolidated cash flow statement
CHF million | Note | 2018 | 2017 | |||
Net profit before tax | 206.9 | 160.0 | ||||
Net financial expenses | 28.7 | 27.5 | ||||
Earnings from revaluation of investment real estate | –60.6 | –21.8 | ||||
Depreciation other property, plant and equipment | 0.1 | 0.2 | ||||
Depreciation intangible assets | 0.2 | 0.1 | ||||
Capitalisation of company-produced assets in development real estate | –2.8 | –5.2 | ||||
Share-based reimbursement | 0.2 | 0.1 | ||||
Change in pension fund obligations affecting net income | 1.8 | 1.7 | ||||
Other items | 0.8 | 2.7 | ||||
Change in development real estate | –26.1 | 70.0 | ||||
Change in contract assets | –48.3 | 0.0 | ||||
Change in trade receivables | 32.8 | –23.4 | ||||
Change in other receivables | –0.4 | 1.4 | ||||
Change in provisions | –5.3 | –1.3 | ||||
Change in contract liabilities | 31.5 | 0.0 | ||||
Change in trade payables | –31.2 | –1.3 | ||||
Change in down payments for development real estate | –4.8 | –1.8 | ||||
Change in other current liabilities | –2.1 | –5.3 | ||||
Cost of finance paid | –17.3 | –15.7 | ||||
Financial income received | 1.6 | 1.3 | ||||
Income tax paid | –23.1 | –17.2 | ||||
Cash flow from operating activities | 82.6 | 172.2 | ||||
Investment in yield-producing properties | –124.2 | –346.4 | ||||
Investment in investment real estate under construction | –18.3 | –29.5 | ||||
Acquisition of other property, plant and equipment | –0.2 | –0.2 | ||||
Investment in intangible assets | –0.1 | –0.2 | ||||
Purchase of companies (price minus cash) | 0.2 | 0.0 | ||||
Increase in financial assets | –2.0 | –5.3 | ||||
Decrease in financial assets | 9.2 | 8.8 | ||||
Cash flow from investing activities | –135.4 | –372.8 | ||||
Increase in borrowings | 389.5 | 709.9 | ||||
Decrease in borrowings | –355.2 | –708.0 | ||||
Issue of bond loan | 124.7 | 310.1 | ||||
Purchase treasury shares | –36.1 | –27.6 | ||||
Sale treasury shares | 31.7 | 24.6 | ||||
Payout of reserves from capital contributions | –99.3 | –91.7 | ||||
Cash flow from financing activities | 55.3 | 217.3 | ||||
Change in cash | 2.5 | 16.7 | ||||
Cash at 1 January | 38.1 | 21.4 | ||||
Cash at 31 December | 40.6 | 38.1 |