Consolidated statement of cash flows

January 1–December 31

millions of CHF	Notes	2017	2016
Cash and cash equivalents as of January 1		429.5	1’009.0
Net income		87.2	60.1
Interest and securities income	12	–4.1	–5.2
Interest expenses	12	15.2	17.4
Income tax expenses	13	38.2	35.1
Depreciation, amortization, and impairments	14,15	140.9	135.2
Income from disposals of property, plant, and equipment		–4.4	–1.2
Changes in inventories		–35.7	43.0
Changes in advance payments to suppliers		–0.5	3.4
Changes in trade accounts receivable		36.4	–17.4
Changes in advance payments from customers		10.5	–21.5
Changes in trade accounts payable		12.2	49.8
Change in provision for employee benefit plans		–1.0	–37.9
Changes in provisions		–30.9	35.3
Changes in other net current assets		–8.6	37.2
Other non-cash items		–7.9	–7.1
Interest received		4.0	5.2
Interest paid		–8.0	–15.1
Income tax paid		–59.8	–53.1
Total cash flow from operating activities		183.7	263.2
Purchase of intangible assets		–2.6	–1.4
Purchase of property, plant, and equipment		–78.6	–73.5
Sale of property, plant, and equipment		12.8	12.2
Acquisitions of subsidiaries, net of cash acquired	4	–157.9	–309.1
Acquisitions of associates	16	–4.6	–4.3
Purchase of financial assets	17	–0.3	–1.1
Sale of financial assets	17	0.4	–
Sale of marketable securities		–	208.4
Total cash flow from investing activities		–230.8	–168.8
Dividend		–119.4	–617.5
Purchase of treasury shares		–11.8	–3.2
Dividend paid to non-controlling interests		–1.5	–0.5
Changes in non-controlling interests		–0.3	–
Additions in non-current borrowings	25	0.5	451.5
Repayment of non-current borrowings	25	–1.7	–2.5
Additions in current borrowings	25	534.6	216.9
Repayment of current borrowings	25	–294.1	–725.3
Total cash flow from financing activities		106.3	–680.6
Exchange gains on cash and cash equivalents		0.1	6.7
Net change in cash and cash equivalents		59.3	–579.5
Cash and cash equivalents as of December 31	22	488.8	429.5