Consolidated cash flow statement
CHF million | Notes |
| 1st half-year 2016 |
| 1st half-year 2015 |
|
|
|
|
|
|
Earnings before tax |
|
| 88.8 |
| 85.8 |
Net financial expense |
|
| 21.6 |
| 17.9 |
Earnings from revaluation of investment real estate |
| –10.3 |
| –10.5 | |
Depreciation other property, plant and equipment |
|
| 0.3 |
| 0.2 |
Depreciation intangible assets |
|
| 0.0 |
| 1.0 |
Earnings from sale of investment real estate |
| –5.6 |
| –18.4 | |
Capitalisation of company-produced assets in development real estate |
|
| –2.1 |
| –4.7 |
Share-based reimbursement |
|
| 0.1 |
| 0.1 |
Change in pension fund obligations affecting net income |
|
| 0.6 |
| 0.8 |
Other items |
|
| 0.4 |
| 1.1 |
| |||||
Change in development real estate |
|
| 134.5 |
| –0.1 |
Change in trade receivables |
|
| 8.8 |
| –3.5 |
Change in other receivables |
|
| –3.2 |
| 2.8 |
Change in provisions |
|
| –0.3 |
| 0.2 |
Change in trade payables |
|
| 3.8 |
| –3.2 |
Change in down payments for development real estate |
|
| –15.2 |
| 5.4 |
Change in other current liabilities |
|
| –0.5 |
| –23.3 |
| |||||
Cost of finance paid |
|
| –22.1 |
| –20.0 |
Financial income received |
|
| 0.9 |
| 0.9 |
Income tax paid |
|
| –19.1 |
| –18.5 |
Cash flow from operating activities |
|
| 181.4 |
| 14.0 |
| |||||
Acquisition of investment real estate |
| –7.0 |
| –12.7 | |
Proceeds from sale of investment real estate |
| 98.8 |
| 88.2 | |
Investment in investment real estate under construction |
| –13.6 |
| –6.0 | |
Divestment of investment real estate under construction |
|
| 0.0 |
| 0.0 |
Acquisition of other property, plant and equipment |
|
| 0.1 |
| –0.3 |
Divestment of other fixed assets |
|
| 0.0 |
| 0.0 |
Increase financial assets |
|
| –2.6 |
| –11.3 |
Decrease in financial assets |
|
| 5.8 |
| 4.2 |
Cash flow from investing activities |
|
| 81.5 |
| 62.1 |
| |||||
Increase in borrowings |
|
| 65.0 |
| 95.0 |
Decrease in borrowings |
|
| –235.0 |
| –311.9 |
Issue of bond loan |
|
| 149.4 |
| 221.1 |
Repayment bond loan |
|
| –150.0 |
| 0.0 |
Purchase treasury shares |
|
| –7.9 |
| –17.1 |
Sale treasury shares |
|
| 11.5 |
| 9.8 |
Payout of reserves from capital contributions |
|
| –91.6 |
| –87.5 |
Cash flow from financing activities |
|
| –258.6 |
| –90.6 |
| |||||
Change in cash |
|
| 4.3 |
| –14.5 |
| |||||
Cash at 1 January |
|
| 23.4 |
| 31.9 |
Cash at 30 June |
|
| 27.7 |
| 17.4 |