Consolidated cash flow statement
CHF million | Note |
| 2015 |
| 2014 |
|
|
|
|
|
|
Net profit before tax |
|
| 151.4 |
| 133.8 |
Net financial expenses |
| 41.8 |
| 37.1 | |
Earnings from revaluation of investment real estate |
| –15.8 |
| 5.9 | |
Depreciation other property, plant and equipment |
| 0.4 |
| 0.7 | |
Depreciation intangible assets |
| 1.9 |
| 1.9 | |
Earnings from sale of investment real estate |
| –21.1 |
| −3.1 | |
Capitalisation of company produced assets |
| –10.2 |
| −11.9 | |
Share-based reimbursement |
| 0.2 |
| 0.2 | |
Change in pension fund obligations affecting net income |
| 1.5 |
| −4.5 | |
Other items |
|
| 2.2 |
| −0.9 |
| |||||
Change in development real estate |
|
| 13.5 |
| 89.9 |
Change in trade receivables |
|
| –20.6 |
| −1.5 |
Change in other receivables |
|
| –0.4 |
| −3.4 |
Change in provisions |
|
| –2.5 |
| 0.3 |
Change in trade payables |
|
| –16.8 |
| −40.2 |
Increase (decrease) of prepayments for development real estate |
|
| –2.7 |
| 6.5 |
Change in other current liabilities |
|
| –24.1 |
| 11.3 |
| |||||
Cost of finance paid |
|
| –38.0 |
| −35.1 |
Financial income received |
|
| 1.7 |
| 0.5 |
Income taxes paid |
|
| –28.7 |
| −29.0 |
Cash flow from operating activities |
|
| 33.7 |
| 158.5 |
| |||||
Investment in yield-producing properties |
| –73.4 |
| −27.1 | |
Proceeds from sale of yield-producing properties |
| 115.3 |
| 54.1 | |
Investment in investment real estate under construction |
| –16.7 |
| −235.0 | |
Divestment of investment real estate under construction |
| 0.0 |
| 7.8 | |
Acquisition other property, plant and equipment |
| –0.4 |
| −0.4 | |
Divestment of other property, plant and equipment |
| 0.0 |
| 0.0 | |
Increase financial assets |
| –11.2 |
| −3.2 | |
Decrease in financial assets |
| 9.1 |
| 5.3 | |
Cash flow from investing activities |
|
| 22.7 |
| −198.5 |
| |||||
Increase in borrowings |
|
| 159.0 |
| 500.0 |
Decrease in borrowings |
|
| –353.2 |
| −294.4 |
Issue of bond loan |
| 221.1 |
| 124.6 | |
Repayment convertible bond |
| 0.0 |
| −199.8 | |
Purchase treasury shares |
|
| –27.6 |
| −15.0 |
Sale treasury shares |
|
| 23.3 |
| 19.1 |
Payout of capital reserves |
|
| –87.5 |
| −87.6 |
Cash flow from financing activities |
|
| –64.9 |
| 46.9 |
| |||||
Change in cash |
|
| –8.5 |
| 6.9 |
| |||||
Cash at 1 January |
| 31.9 |
| 25.0 | |
Cash at 31 December |
| 23.4 |
| 31.9 |