Consolidated cash flow statement
CHF million | Notes | 1st half-year 2017 | 1st half-year 2016 | |||
Earnings before tax | 80.9 | 88.8 | ||||
Net financial expense | 13.5 | 21.6 | ||||
Earnings from revaluation of investment real estate | 7 | –8.7 | –10.3 | |||
Depreciation other property, plant and equipment | 0.2 | 0.3 | ||||
Earnings from sale of investment real estate | 6 | 0.0 | –5.6 | |||
Capitalisation of company-produced assets in development real estate | –2.3 | –2.1 | ||||
Share-based reimbursement | 0.1 | 0.1 | ||||
Change in pension fund obligations affecting net income | 0.5 | 0.6 | ||||
Other items | 1.1 | 0.4 | ||||
Change in development real estate | 49.9 | 134.5 | ||||
Change in trade receivables | –11.5 | 8.8 | ||||
Change in other receivables | 0.2 | –3.2 | ||||
Change in provisions | 0.7 | –0.3 | ||||
Change in trade payables | –1.2 | 3.8 | ||||
Change in down payments for development real estate | –0.9 | –15.2 | ||||
Change in other current liabilities | –4.7 | –0.5 | ||||
Cost of finance paid | –8.0 | –22.1 | ||||
Financial income received | 0.9 | 0.9 | ||||
Income tax paid | –14.3 | –19.1 | ||||
Cash flow from operating activities | 96.4 | 181.4 | ||||
Investment in yield-producing properties | 10 | –5.9 | –7.0 | |||
Proceeds from sale of yield-producing properties | 6 | 0.0 | 98.8 | |||
Investment in investment real estate under construction | 10 | –20.8 | –13.6 | |||
Divestment of investment real estate under construction | 0.0 | 0.0 | ||||
Acquisition of other property, plant and equipment | –0.2 | 0.1 | ||||
Divestment of other property, plant and equipment | 0.0 | 0.0 | ||||
Increase financial assets | –2.5 | –2.6 | ||||
Decrease in financial assets | 4.4 | 5.8 | ||||
Cash flow from investing activities | –25.0 | 81.5 | ||||
Increase in borrowings | 185.0 | 65.0 | ||||
Decrease in borrowings | –311.5 | –235.0 | ||||
Issue of bond loan | 160.3 | 149.4 | ||||
Repayment bond loan | 0.0 | –150.0 | ||||
Purchase treasury shares | –11.5 | –7.9 | ||||
Sale treasury shares | 11.1 | 11.5 | ||||
Payout of reserves from capital contributions | –91.6 | –91.6 | ||||
Cash flow from financing activities | –58.2 | –258.6 | ||||
Change in cash | 13.2 | 4.3 | ||||
Cash at 1 January | 21.4 | 23.4 | ||||
Cash at 30 June | 34.6 | 27.7 |