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Consolidated statement of cash flows

January 1 – December 31

millions of CHF

Notes

2018

2017

Cash and cash equivalents as of January 1

 

488.8

429.5

 

 

 

 

Net income

 

116.5

87.2

Interest and securities income

12

–2.9

–4.1

Interest expenses

12

20.3

15.2

Income tax expenses

13

49.2

38.2

Depreciation, amortization and impairments

14,15

145.1

140.9

Income from disposals of property, plant and equipment

11,15

–5.8

–4.4

Changes in inventories

 

–98.4

–35.7

Changes in advance payments to suppliers

 

6.1

–0.5

Changes in contract assets

 

–11.0

Changes in trade accounts receivable

 

19.9

36.4

Changes in advance payments from customers

 

10.5

Changes in contract liabilities

 

–23.7

Changes in trade accounts payable

 

106.2

12.2

Change in provision for employee benefit plans

 

–2.8

–1.0

Changes in provisions

 

–21.3

–30.9

Changes in other net current assets

 

20.8

–8.6

Other non-cash items

 

17.6

–7.9

Interest received

 

2.9

4.0

Interest paid

 

–12.2

–8.0

Income tax paid

 

–65.6

–59.8

Total cash flow from operating activities

 

260.8

183.7

 

 

 

 

Purchase of intangible assets

14

–6.9

–2.6

Purchase of property, plant and equipment

15

–89.3

–78.6

Sale of property, plant and equipment

11, 15

16.6

12.8

Acquisitions of subsidiaries, net of cash acquired

4

–217.5

–157.9

Acquisitions of associates

16

–1.2

–4.6

Dividends from associates

16

0.1

Divestitures of subsidiaries

 

0.7

Purchase of financial assets

17

–0.6

–0.3

Sale of financial assets

17

0.6

0.4

Total cash flow from investing activities

 

–297.4

–230.8

 

 

 

 

Dividend

23

–43.1

–119.4

Dividend paid to non-controlling interests

 

–1.9

–1.5

Purchase of treasury shares

 

–454.9

–11.8

Sale of treasury shares

23

557.4

Changes in non-controlling interests

4

–14.3

–0.3

Additions in non-current borrowings

25

859.4

0.5

Repayment of non-current borrowings

25

–1.1

–1.7

Additions in current borrowings

25

426.4

534.6

Repayment of current borrowings

25

–658.9

–294.1

Total cash flow from financing activities

 

669.1

106.3

 

 

 

 

Exchange losses on cash and cash equivalents

 

–26.1

0.1

 

 

 

 

Net change in cash and cash equivalents

 

606.4

59.3

 

 

 

 

Cash and cash equivalents as of December 31

22

1’095.2

488.8