Consolidated cash flow statement
CHF million | Note |
| 2012 |
| 2011 [1] |
|
|
|
|
|
|
Net profit before tax |
|
| 128.2 |
| 194.4 |
Net financial expense |
| 34.1 |
| 32.3 | |
Earnings from revaluation of investment real estate |
| 8.2 |
| –44.7 | |
Depreciation other property, plant and equipment |
| 1.1 |
| 0.9 | |
Depreciation intangible assets |
| 1.4 |
| 0.0 | |
Earnings from sale of investment real estate |
| 0.4 |
| –0.8 | |
Capitalised company-produced assets in development real estate |
| –21.2 |
| –19.8 | |
Share-based reimbursement |
| 0.2 |
| 0.1 | |
Other items |
|
| –0.3 |
| –0.3 |
| |||||
Change in development real estate |
|
| –50.5 |
| –100.3 |
Change in trade receivables |
|
| 8.8 |
| –26.2 |
Change in other receivables |
|
| 0.7 |
| 1.5 |
Change in provisions |
|
| 0.2 |
| –0.3 |
Change in trade payables |
|
| 26.8 |
| 48.9 |
Change in downpayments for development real estate |
|
| 14.2 |
| –45.0 |
Change in other current liabilities |
|
| –1.3 |
| –2.7 |
| |||||
Cost of finance paid |
|
| –38.7 |
| –35.6 |
Financial income received |
|
| 0.3 |
| 0.5 |
Income taxes paid |
|
| –40.4 |
| –25.8 |
Cash flow from operating activities |
|
| 72.2 |
| –22.9 |
| |||||
Investment in yield-producing properties |
| –9.9 |
| –74.7 | |
Proceeds from sale of yield-producing properties |
| 6.9 |
| 10.3 | |
Investment in investment real estate under construction |
| –196.3 |
| –106.5 | |
Divestment of investment real estate under construction |
| 0.0 |
| 0.0 | |
Acquisition other property, plant and equipment |
| –0.9 |
| –1.0 | |
Divestment of other fixed assets |
| 0.0 |
| 0.0 | |
Acquisition of companies (acquisition price minus liquid assets) |
| –1.8 |
| 0.0 | |
Increase in financial assets |
|
| –2.3 |
| –3.8 |
Decrease in financial assets |
|
| 1.1 |
| 0.2 |
Cash flow from investing activities |
|
| –203.2 |
| –175.5 |
| |||||
Increase in borrowings |
|
| 561.8 |
| 628.0 |
Decrease in borrowings |
|
| –667.5 |
| –465.5 |
Capital increase |
| 265.0 |
| 0.0 | |
Issue of bond loan |
|
| 0.0 |
| 148.6 |
Purchase treasury shares |
|
| –38.7 |
| –43.8 |
Sale treasury shares |
|
| 39.6 |
| 44.0 |
Payout to shareholders |
|
| –75.0 |
| –74.9 |
Cash flow from financing activities |
|
| 85.2 |
| 236.4 |
| |||||
Change in cash |
|
| –45.8 |
| 38.0 |
| |||||
Cash at 1 January |
| 71.9 |
| 33.9 | |
Cash at 31 December |
| 26.1 |
| 71.9 | |
[1]Restated values owing to change in realisation of gains on development real estate and gross presentation of downpayments for development real estate, see 1.3