Consolidated cash flow statement
CHF million | Note | 2019 | 2018 | |||
Net profit before tax | 302.0 | 206.9 | ||||
Net financial expenses | 26.8 | 28.7 | ||||
Earnings from revaluation of investment real estate | –139.1 | –60.6 | ||||
Depreciation other property, plant and equipment | 5.2 | 0.1 | ||||
Depreciation intangible assets | 0.1 | 0.2 | ||||
Earnings from sale of investment real estate | –1.8 | 0.0 | ||||
Capitalisation of company-produced assets in development real estate | –1.4 | –2.8 | ||||
Share-based reimbursement | 0.2 | 0.2 | ||||
Change in pension fund obligations affecting net income | 1.4 | –0.4 | ||||
Other items | 1.1 | 0.8 | ||||
Change in development real estate | –18.2 | –26.1 | ||||
Change in contract assets | 28.1 | –48.3 | ||||
Change in trade receivables | 9.9 | 32.8 | ||||
Change in other receivables | 0.4 | –0.4 | ||||
Change in provisions | 1.6 | –3.1 | ||||
Change in contract liabilities | 9.3 | 31.5 | ||||
Change in trade payables | 10.9 | –31.2 | ||||
Change in down payments for development real estate | 0.4 | –4.8 | ||||
Change in other current liabilities | 6.6 | –2.1 | ||||
Cost of finance paid | –19.0 | –17.3 | ||||
Financial income received | 1.4 | 1.6 | ||||
Income tax paid | –26.3 | –23.1 | ||||
Cash flow from operating activities | 199.6 | 82.6 | ||||
Investment in yield-producing properties | –36.3 | –124.2 | ||||
Divestment of yield-producing properties | 20.1 | 0.0 | ||||
Investment in investment real estate under construction | –24.4 | –18.3 | ||||
Acquisition of other property, plant and equipment | –1.1 | –0.2 | ||||
Investment in intangible assets | 0.0 | –0.1 | ||||
Purchase of companies (price minus cash) | 0.0 | 0.2 | ||||
Increase in financial assets | –1.3 | –2.0 | ||||
Decrease in financial assets | 9.2 | 9.2 | ||||
Cash flow from investing activities | –33.8 | –135.4 | ||||
Increase in borrowings | 244.0 | 389.5 | ||||
Decrease in borrowings | –389.0 | –355.2 | ||||
Issue of bond loan | 199.4 | 124.7 | ||||
Repayment of bond loan | –125.0 | 0.0 | ||||
Repayment of lease liability | –4.5 | 0.0 | ||||
Purchase treasury shares | 0.0 | –36.1 | ||||
Sale treasury shares | 1.8 | 31.7 | ||||
Payout of reserves from capital contributions | –103.3 | –99.3 | ||||
Cash flow from financing activities | –176.6 | 55.3 | ||||
Change in cash | –10.8 | 2.5 | ||||
Cash at 1 January | 40.6 | 38.1 | ||||
Cash at 31 December | 29.8 | 40.6 |