Consolidated cash flow statement

CHF million	Notes	1st half–year 2019	1st half–year 2018
Earnings before tax		108.0	90.8
Net financial expense		13.8	14.1
Earnings from revaluation of investment real estate	7	–29.7	–12.9
Depreciation other property, plant and equipment		1.7	0.0
Depreciation intangible assets		0.1	0.1
Capitalisation of company–produced assets in development real estate		–1.0	–2.0
Share–based reimbursement		0.2	0.1
Change in pension fund obligations affecting net income		0.5	1.3
Other items		1.6	0.3
Change in development real estate		–9.9	3.8
Change in contract assets		–5.5	26.6
Change in trade receivables		4.3	–12.0
Change in other receivables		–0.8	–2.2
Change in provisions		0.4	–5.1
Change in contract liabilities		7.6	–31.5
Change in trade payables		1.0	25.4
Change in down payments for development real estate		0.2	–5.0
Change in other current liabilities		–1.5	–3.1
Cost of finance paid		–11.5	–10.5
Financial income received		0.7	0.8
Income tax paid		–16.2	–15.3
Cash flow from operating activities		64.0	63.7
Investment in yield–producing properties	10	–4.2	–5.3
Investment in investment real estate under construction	10	–9.6	–9.7
Acquisition of other property, plant and equipment		–0.2	0.0
Investement in intangible assets		–0.1	0.0
Sale of company (price minus cash)	5	0.0	–0.2
Increase in financial assets		–1.2	–0.3
Decrease in financial assets		4.9	4.8
Cash flow from investing activities		–10.4	–10.7
Increase in borrowings		219.0	85.5
Decrease in borrowings		–169.2	–267.5
Issue of bond loan		0.0	124.7
Redemtion leasing liabilities		–1.9	0.0
Purchase treasury shares		0.0	–18.4
Sale treasury shares		0.0	14.3
Payout of reserves from capital contributions		–103.3	0.0
Cash flow from financing activities		–55.4	–61.4
Change in cash		–1.8	–8.4
Cash at 1 January		40.6	38.1
Cash at 30 June		38.8	29.7