Consolidated cash flow statement
CHF million | Notes |
| 1st half-year |
| 1st half-year 2011 [1] |
|
|
|
|
|
|
Earnings before tax |
|
| 83.8 |
| 85.5 |
Net financial expense |
|
| 19.0 |
| 15.7 |
Earnings from revaluation of investment real estate |
| –19.0 |
| –18.1 | |
Depreciation other property, plant and equipment |
|
| 0.5 |
| 0.4 |
Depreciation intangible assets |
| 0.5 |
| 0.0 | |
Earnings from sale of investment real estate |
| 0.4 |
| –0.6 | |
Capitalisation of company-produced assets in development real estate |
|
| –8.5 |
| –10.3 |
Other items |
|
| 1.3 |
| 0.2 |
| |||||
Change in development real estate |
|
| 1.3 |
| –53.9 |
Change in trade receivables |
|
| –20.8 |
| –26.2 |
Change in other receivables |
|
| –4.6 |
| –1.4 |
Change in provisions |
|
| –1.0 |
| –0.1 |
Change in trade payables |
|
| 41.5 |
| 55.3 |
Change in downpayments for development real estate |
|
| 10.2 |
| –33.6 |
Change in other current liabilities |
|
| 3.5 |
| 6.1 |
| |||||
Cost of finance paid |
|
| –22.8 |
| –15.1 |
Financial income received |
|
| 0.1 |
| 0.2 |
Income taxes paid |
|
| –20.3 |
| –15.2 |
Cash flow from operating activities |
|
| 65.1 |
| –11.1 |
| |||||
Investment in yield-producing properties |
| –4.1 |
| –74.3 | |
Proceeds from sale of yield-producing properties |
| 6.9 |
| 6.7 | |
Investment in investment real estate under construction |
| –65.5 |
| –32.6 | |
Divestment of investment real estate under construction |
|
| 0.0 |
| 0.0 |
Acquisition of other property, plant and equipment |
|
| –0.4 |
| –0.7 |
Divestment of other fixed assets |
|
| 0.0 |
| 0.0 |
| |||||
Acquisition of companies (acquisition price minus liquid assets) |
| –1.8 |
| 0.0 | |
Increase financial assets |
|
| –1.6 |
| –1.0 |
Decrease financial assets |
|
| 0.8 |
| 0.1 |
Cash flow from investing activities |
|
| –65.7 |
| –101.8 |
| |||||
Increase in borrowings |
|
| 329.5 |
| 235.0 |
Decrease in borrowings |
|
| –554.0 |
| –197.5 |
Capital increase |
| 265.0 |
| 0.0 | |
Issue of bond loan |
|
| 0.0 |
| 148.6 |
Purchase treasury shares |
|
| –20.6 |
| –28.3 |
Sale treasury shares |
|
| 20.0 |
| 18.8 |
Payout to shareholders |
|
| –75.0 |
| –74.9 |
Cash flow from financing activities |
|
| –35.1 |
| 101.7 |
| |||||
Change in cash |
|
| –35.7 |
| –11.2 |
| |||||
Cash at 1 January |
|
| 71.9 |
| 33.9 |
Cash at 30 June |
|
| 36.2 |
| 22.7 |
[1]Restated values owing to change in realisation of gains on development real estate, and gross presentation of downpayments for development real estate, see Note 2