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