Consolidated cash flow statement
CHF million | Note |
| 2014 |
| 2013 |
|
|
|
|
|
|
Net profit before tax |
|
| 133.8 |
| 160.6 |
Net financial expenses |
| 37.1 |
| 32.2 | |
Earnings from revaluation of investment real estate |
| 5.9 |
| –8.1 | |
Depreciation other property, plant and equipment |
| 0.7 |
| 0.9 | |
Depreciation intangible assets |
| 1.9 |
| 1.9 | |
Earnings from sale of investment real estate |
| −3.1 |
| –20.0 | |
Capitalisation of company produced assets |
| −11.9 |
| –17.6 | |
Share-based reimbursement |
| 0.2 |
| 0.2 | |
Change in pension fund obligations affecting net income |
| −4.5 |
| 0.7 | |
Other items |
|
| −0.9 |
| 2.0 |
| |||||
Change in development real estate |
|
| 89.9 |
| 93.2 |
Change in trade receivables |
|
| −1.5 |
| 6.3 |
Change in other receivables |
|
| −3.4 |
| –1.6 |
Change in provisions |
|
| 0.3 |
| 6.5 |
Change in trade payables |
|
| −40.2 |
| –27.5 |
Increase (decrease) of prepayments for development real estate |
|
| 6.5 |
| –12.1 |
Change in other current liabilities |
|
| 11.3 |
| 5.6 |
| |||||
Cost of finance paid |
|
| −35.1 |
| –36.2 |
Financial income received |
|
| 0.5 |
| 1.1 |
Income taxes paid |
|
| −29.0 |
| –30.5 |
Cash flow from operating activities |
|
| 158.5 |
| 157.6 |
| |||||
Investment in yield-producing properties |
| −27.1 |
| –8.6 | |
Proceeds from sale of yield-producing properties |
| 54.1 |
| 216.1 | |
Investment in investment real estate under construction |
| −235.0 |
| –321.3 | |
Divestment of investment real estate under construction |
| 7.8 |
| 0.0 | |
Acquisition other property, plant and equipment |
| −0.4 |
| –0.5 | |
Divestment of other property, plant and equipment |
| 0.0 |
| 0.0 | |
Increase financial assets |
| −3.2 |
| –3.0 | |
Decrease in financial assets |
| 5.3 |
| 1.0 | |
Cash flow from investing activities |
|
| −198.5 |
| –116.3 |
| |||||
Increase in borrowings |
|
| 500.0 |
| 620.0 |
Decrease in borrowings |
|
| −294.4 |
| –720.4 |
Issue of bond loan |
| 124.6 |
| 148.9 | |
Repayment convertible bond |
| −199.8 |
| 0.0 | |
Purchase treasury shares |
|
| −15.0 |
| –25.2 |
Sale treasury shares |
|
| 19.1 |
| 21.9 |
Payout of capital reserves |
|
| −87.6 |
| –87.6 |
Cash flow from financing activities |
|
| 46.9 |
| –42.4 |
| |||||
Change in cash |
|
| 6.9 |
| –1.1 |
| |||||
Cash at 1 January |
| 25.0 |
| 26.1 | |
Cash at 31 December |
| 31.9 |
| 25.0 | |