Consolidated cash flow statement
CHF million | Note |
| 2011 |
| 2010 |
|
|
|
|
|
|
Net profit before tax |
|
| 185.2 |
| 151.0 |
Net financial expense |
| 32.3 |
| 34.0 | |
Earnings from revaluation of investment real estate |
| –44.7 |
| –13.5 | |
Depreciation other property, plant and equipment |
| 0.9 |
| 0.8 | |
Earnings from sale of investment real estate |
| –0.8 |
| –2.2 | |
Capitalisation of company-produced assets in development real estate |
| –19.8 |
| –19.9 | |
Share-based reimbursement |
| 0.1 |
| 0.0 | |
Other items |
|
| –0.3 |
| 1.5 |
| |||||
Change in development real estate |
|
| –136.1 |
| –72.2 |
Change in trade receivables |
|
| –26.2 |
| 31.4 |
Change in other receivables |
|
| 1.5 |
| 0.9 |
Change in provisions |
|
| –0.3 |
| 0.6 |
Change in trade payables |
|
| 48.9 |
| –13.4 |
Change in other current liabilities |
|
| –2.7 |
| 6.1 |
| |||||
Cost of finance paid |
|
| –35.6 |
| –39.0 |
Financial income received |
|
| 0.5 |
| 0.2 |
Income taxes paid |
|
| –25.8 |
| –29.8 |
Cash flow from operating activities |
|
| –22.9 |
| 36.5 |
| |||||
Acquisition of investment real estate |
| –74.7 |
| –48.0 | |
Proceeds from sale of investment real estate |
| 10.3 |
| 59.2 | |
Investment in investment real estate under construction |
| –106.5 |
| –60.1 | |
Divestment of investment real estate under construction |
| 0.0 |
| 0.0 | |
Acquisition property, plant and equipment |
| –1.0 |
| –1.8 | |
Divestment of other fixed assets |
| 0.0 |
| 0.0 | |
Increase financial assets |
|
| –3.8 |
| –2.0 |
Decrease financial assets |
|
| 0.2 |
| 0.3 |
Cash flow from investing activities |
|
| –175.5 |
| –52.4 |
| |||||
Increase in borrowings |
|
| 628.0 |
| 455.3 |
Decrease in borrowings |
|
| –465.5 |
| –454.3 |
Capital increase |
|
| 0.0 |
| 225.1 |
Issue of bond loan |
| 148.6 |
| 0.0 | |
Repayment convertible bond |
|
| 0.0 |
| –152.9 |
Purchase treasury shares |
|
| –43.8 |
| –34.8 |
Sale treasury shares |
|
| 44.0 |
| 39.7 |
Payout to shareholders |
|
| –74.9 |
| –56.9 |
Cash flow from financing activities |
|
| 236.4 |
| 21.2 |
| |||||
Change in cash |
|
| 38.0 |
| 5.3 |
| |||||
Cash at 1 January |
| 33.9 |
| 28.6 | |
Cash at 31 December |
| 71.9 |
| 33.9 | |