Consolidated statement of cash flows

January 1 – June 30

millions of CHF	Notes	2018	2017
Cash and cash equivalents as of January 1		488.8	429.5

Net income		66.3	37.6
Interest and securities income	7	–1.5	–1.8
Interest expenses	7	10.8	6.4
Income tax expenses	8	20.0	12.4
Depreciation, amortization and impairments		70.6	73.9
Income from disposals of property, plant and equipment	6	–4.7	–3.8
Changes in inventories		–94.1	–40.2
Changes in advance payments to suppliers		–9.5	13.2
Changes in contract assets		–67.2	–
Changes in trade accounts receivables		40.4	4.8
Changes in advance payments from customers		–	13.5
Changes in contract liabilities		5.8	–
Changes in trade accounts payables		15.8	–25.1
Change in provision for employee benefit plans		0.7	–4.0
Changes in provisions		–2.7	–3.5
Changes in other net current assets		–8.8	–36.3
Other non-cash items		4.8	–8.5
Interest received		1.5	1.8
Interest paid		–6.0	–2.3
Income tax paid		–39.2	–28.6
Total cash flow from operating activities		3.0	9.5

Purchase of intangible assets		–1.8	–1.7
Purchase of property, plant and equipment		–42.4	–34.1
Sale of property, plant and equipment		10.9	8.5
Acquisitions of subsidiaries, net of cash acquired	4	–209.2	–79.6
Acquisitions of associates		–	–4.6
Divestitures of subsidiaries		0.6	–
Purchase of financial assets		–0.6	–0.1
Sale of financial assets		–	0.4
Total cash flow from investing activities		–242.5	–111.2

Dividend	9	–43.1	–119.4
Dividend paid to non-controlling interests		–0.8	–0.7
Purchase of treasury shares		–5.8	–4.7
Additions in non-current borrowings	10	–	0.4
Repayment of non-current borrowings	10	–0.4	–0.8
Additions in current borrowings	10	409.0	339.9
Repayment of current borrowings	10	–240.8	–203.0
Total cash flow from financing activities		118.1	11.7

Exchange losses on cash and cash equivalents		–8.3	–11.6

Net change in cash and cash equivalents		–129.7	–101.6

Cash and cash equivalents as of June 30		359.1	327.9