Consolidated cash flow statement

CHF million	Notes	1st half-year 2020	1st half-year 2019 restated1
Net profit before tax		105.9	113.2
Net financial expense		7.8	9.0
Earnings from revaluation of investment real estate	6	–27.7	–30.2
Depreciation other property, plant and equipment		0.1	0.1
Depreciation intangible assets		0.0	0.1
Capitalisation of company-produced assets in development real estate		–0.7	–1.0
Share-based reimbursement		0.2	0.2
Other items		1.3	1.6
Change in development real estate		–17.0	–18.2
Change in trade receivables		0.9	7.0
Change in other receivables		–2.8	–0.9
Change in provisions		3.2	0.4
Change in trade payables		0.8	8.5
Change in down payments for development real estate		3.8	0.2
Change in other current liabilities		2.5	–1.5
Cost of finance paid		–10.5	–11.5
Financial income received		0.7	0.7
Income tax paid		–0.3	–16.2
Cash flow from operating activities		68.2	61.5
Investment in yield-producing properties	9	–4.8	–4.2
Investment in investment real estate under construction	9	–17.4	–9.6
Acquisition of other property, plant and equipment		–4.9	–0.2
Investment in intangible assets		–0.1	–0.1
Increase in financial assets		–0.6	–1.2
Decrease in financial assets		5.0	4.9
Cash flow from investing activities		–22.8	–10.4
Increase in borrowings		177.0	219.0
Decrease in borrowings		–96.3	–169.2
Purchase treasury shares		0.0	0.0
Sale treasury shares		0.2	0.0
Distribution to shareholders		–107.3	–103.3
Cash flow from financing activities		–26.4	–53.5
Change in cash		19.0	–2.4
Cash at 1 January		29.8	40.6
Cash at 30 June 2020		48.8	38.2

1 The consolidated half-year financial statements 2020 were prepared in accordance with Swiss GAAP FER for the first time. The previous year’s figures have been restated accordingly, see section 2 of the selected notes