Consolidated cash flow statement
CHF million | Notes |
| 1st half-year 2014 reviewed |
| 1st half-year 2013 reviewed |
|
|
|
|
|
|
Earnings before tax |
|
| 86.1 |
| 74.0 |
Net financial expense |
|
| 19.4 |
| 14.4 |
Earnings from revaluation of investment real estate |
| –12.4 |
| –5.2 | |
Depreciation other property, plant and equipment |
|
| 0.3 |
| 0.5 |
Depreciation intangible assets |
|
| 1.0 |
| 0.9 |
Earnings from sale of investment real estate |
| –0.9 |
| –0.7 | |
Capitalisation of company-produced assets in development real estate |
|
| –5.9 |
| –10.4 |
Share-based reimbursement |
|
| 0.1 |
| 0.1 |
Change in pension fund obligations affecting net income |
|
| –0.1 |
| 0.1 |
Other items |
|
| 1.3 |
| 0.6 |
| |||||
Change in development real estate |
|
| 88.3 |
| 6.4 |
Change in trade receivables |
|
| –25.0 |
| –24.3 |
Change in other receivables |
|
| 0.8 |
| –1.0 |
Change in provisions |
|
| 0.2 |
| 1.5 |
Change in trade payables |
|
| –8.1 |
| 31.1 |
Change in down payments for development real estate |
|
| –1.6 |
| 6.2 |
Change in other current liabilities |
|
| 13.3 |
| 23.0 |
| |||||
Cost of finance paid |
|
| –14.3 |
| –18.9 |
Financial income received |
|
| 0.2 |
| 1.0 |
Income tax paid |
|
| –22.1 |
| –11.2 |
Cash flow from operating activities |
|
| 120.6 |
| 88.1 |
| |||||
Acquisition of investment real estate |
| –15.2 |
| –2.3 | |
Proceeds from sale of investment real estate |
| 6.8 |
| 21.3 | |
Investment in investment real estate under construction |
| –148.3 |
| –184.4 | |
Divestment of investment real estate under construction |
|
| 7.8 |
| 0.0 |
Acquisition of other property, plant and equipment |
|
| –0.3 |
| –0.3 |
Divestment of other fixed assets |
|
| 0.0 |
| 0.0 |
Increase financial assets |
|
| –3.8 |
| –1.3 |
Decrease in financial assets |
|
| 0.9 |
| 0.5 |
Cash flow from investing activities |
|
| –152.1 |
| –166.5 |
| |||||
Increase in borrowings |
|
| 160.0 |
| 375.0 |
Decrease in borrowings |
|
| –161.9 |
| –174.7 |
Issue of bond loan |
|
| 124.6 |
| 0.0 |
Purchase treasury shares |
|
| –8.0 |
| –12.1 |
Sale treasury shares |
|
| 11.1 |
| 9.0 |
Payout of reserves from capital contributions |
|
| –87.6 |
| –87.6 |
Cash flow from financing activities |
|
| 38.2 |
| 109.6 |
| |||||
Change in cash |
|
| 6.7 |
| 31.2 |
| |||||
Cash at 1 January |
|
| 25.0 |
| 26.1 |
Cash at 30 June |
|
| 31.7 |
| 57.3 |