Consolidated cash flow statement
CHF million | Notes |
| 1st half- year 2013 reviewed |
| 1st half-year 2012 [1] reviewed |
|
|
|
|
|
|
Net profit before tax |
|
| 74.0 |
| 83.5 |
Net finance expense |
|
| 14.4 |
| 19.0 |
Earnings from revaluation of investment real estate |
| –5.2 |
| –19.0 | |
Depreciation other property, plant and equipment |
|
| 0.5 |
| 0.5 |
Depreciation intangible assets |
|
| 0.9 |
| 0.5 |
Earnings from sale of investment real estate |
| –0.7 |
| 0.4 | |
Capitalised company-produced assets in development real estate |
|
| –10.4 |
| –8.5 |
Share-based reimbursement |
|
| 0.1 |
| 0.0 |
Change in staff pension fund commitments affecting net income |
|
| 0.1 |
| 0.3 |
Other items |
|
| 0.6 |
| 1.3 |
| |||||
Change in development real estate |
|
| 6.4 |
| 1.3 |
Change in trade receivables |
|
| –24.3 |
| –20.8 |
Change in other receivables |
|
| –1.0 |
| –4.6 |
Change in provisions |
|
| 1.5 |
| –1.0 |
Change in trade payables |
|
| 31.1 |
| 41.5 |
Increase (decrease) in downpayments for development real estate |
|
| 6.2 |
| 10.2 |
Change in other current liabilities |
|
| 23.0 |
| 3.5 |
| |||||
Cost of finance paid |
|
| –18.9 |
| -22.8 |
Financial income received |
|
| 1.0 |
| 0.1 |
Income taxes paid |
|
| –11.2 |
| –20.3 |
Cash flow from operating activities |
|
| 88.1 |
| 65.1 |
| |||||
Investment in yield-producing properties |
| –2.3 |
| –4.1 | |
Divestment of yield-producing properties |
| 21.3 |
| 6.9 | |
Investment in investment real estate under construction |
| –184.4 |
| –65.5 | |
Divestment of investment real estate under construction |
|
| 0.0 |
| 0.0 |
Investment in other property, plant and equipment |
|
| –0.3 |
| –0.4 |
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 |
|
| –1.3 |
| –1.6 |
Decrease in financial assets |
|
| 0.5 |
| 0.8 |
Cash flow from investing activities |
|
| –166.5 |
| –65.7 |
| |||||
Increase in borrowings |
|
| 375.0 |
| 329.5 |
Decrease in borrowings |
|
| –174.7 |
| –554.0 |
Capital increase |
|
| 0.0 |
| 265.0 |
Purchase of treasury shares |
|
| –12.1 |
| –20.6 |
Sale of treasury shares |
|
| 9.0 |
| 20.0 |
Payout to shareholders |
|
| –87.6 |
| –75.0 |
Cash flow from financing activities |
|
| 109.6 |
| –35.1 |
| |||||
Change in cash |
|
| 31.2 |
| –35.7 |
| |||||
Cash at 1 January |
|
| 26.1 |
| 71.9 |
Cash at 30 June |
|
| 57.3 |
| 36.2 |
[1]Adjusted values owing to restatement in accordance with IAS 19 (revised) to reflect pension fund assets and pension fund commitments, see Note 2