Consolidated cash flow statement
CHF million | Note |
| 2013 |
| 2012 [1] |
|
|
|
|
|
|
Net profit before tax |
|
| 160.6 |
| 127.6 |
Net financial expense |
| 32.2 |
| 34.1 | |
Earnings from revaluation of investment real estate |
| –8.1 |
| 8.2 | |
Depreciation of other property, plant and equipment |
| 0.9 |
| 1.1 | |
Depreciation of intangible assets |
| 1.9 |
| 1.4 | |
Earnings from sale of investment real estate |
| –20.0 |
| 0.4 | |
Capitalised company-produced assets in development real estate |
| –17.6 |
| –21.2 | |
Share-based reimbursement |
| 0.2 |
| 0.2 | |
Change in staff pension fund commitments affecting net income |
| 0.7 |
| 0.6 | |
Other items |
|
| 2.0 |
| –0.3 |
| |||||
Change in development real estate |
|
| 93.2 |
| –50.5 |
Change in trade receivables |
|
| 6.3 |
| 8.8 |
Change in other receivables |
|
| –1.6 |
| 0.7 |
Change in provisions |
|
| 6.5 |
| 0.2 |
Change in trade payables |
|
| –27.5 |
| 26.8 |
Increase (decrease) in downpayments for development real estate |
|
| –12.1 |
| 14.2 |
Change in other current liabilities |
|
| 5.6 |
| –1.3 |
| |||||
Cost of finance paid |
|
| –36.2 |
| –38.7 |
Financial income received |
|
| 1.1 |
| 0.3 |
Income taxes paid |
|
| –30.5 |
| –40.4 |
Cash flow from operating activities |
|
| 157.6 |
| 72.2 |
| |||||
Investment in yield-producing properties |
| –8.6 |
| –9.9 | |
Proceeds from sale of yield-producing properties |
| 216.1 |
| 6.9 | |
Investment in investment real estate under construction |
| –321.3 |
| –196.3 | |
Divestment of investment real estate under construction |
| 0.0 |
| 0.0 | |
Acquisition other property, plant and equipment |
| –0.5 |
| –0.9 | |
Divestment of other property, plant and equipment |
| 0.0 |
| 0.0 | |
Acquisition of companies (acquisition price minus liquid assets) |
|
| 0.0 |
| –1.8 |
Increase in financial assets |
|
| –3.0 |
| –2.3 |
Decrease in financial assets |
|
| 1.0 |
| 1.1 |
Cash flow from investing activities |
|
| –116.3 |
| –203.2 |
| |||||
Increase in borrowings |
|
| 620.0 |
| 561.8 |
Decrease in borrowings |
|
| –720.4 |
| –667.5 |
Capital increase |
|
| 0.0 |
| 265.0 |
Issue of bond loan |
| 148.9 |
| 0.0 | |
Purchase treasury shares |
|
| –25.2 |
| –38.7 |
Sale treasury shares |
|
| 21.9 |
| 39.6 |
Payout to shareholders |
|
| –87.6 |
| –75.0 |
Cash flow from financing activities |
|
| –42.4 |
| 85.2 |
| |||||
Change in cash |
|
| –1.1 |
| –45.8 |
| |||||
Cash at 1 January |
| 26.1 |
| 71.9 | |
Cash at 31 December |
| 25.0 |
| 26.1 | |
[1]Restated values owing to change in presentation of pension fund assets and pension fund commitments in accordance with IAS 19 (revised), see Note 1.3