Consolidated statement of cash flows

January 1 – June 30

millions of CHF	Notes	2019	2018
Cash and cash equivalents as of January 1		1’095.2	488.8

Net income		66.5	60.0
Interest and securities income	7	–2.9	–1.5
Interest expenses	7	12.4	10.8
Income tax expenses	8	19.6	17.8
Depreciation, amortization and impairments		82.4	70.6
Income from disposals of property, plant and equipment	6	–0.1	–4.7
Changes in inventories		–30.8	–94.1
Changes in advance payments to suppliers		–7.5	–9.5
Changes in contract assets		–122.1	–58.6
Changes in trade accounts receivable		16.3	40.4
Changes in contract liabilities		107.7	5.8
Changes in trade accounts payable		–58.6	15.8
Change in provision for employee benefit plans		9.4	0.7
Changes in provisions		–0.1	–2.7
Changes in other net current assets		–24.3	–8.8
Other non-cash items		7.8	4.8
Interest received		2.9	1.5
Interest paid		–4.6	–6.0
Income tax paid		–31.0	–39.2
Total cash flow from operating activities		43.1	3.0

Purchase of intangible assets		–2.1	–1.8
Sale of intangible assets		0.3	–
Purchase of property, plant and equipment		–51.7	–42.4
Sale of property, plant and equipment		2.5	10.9
Acquisitions of subsidiaries, net of cash acquired	4	–33.7	–209.2
Divestitures of subsidiaries		0.0	0.6
Dividends from associates		0.1	–
Purchase of financial assets		–0.5	–0.6
Total cash flow from investing activities		–85.0	–242.5

Dividend	9	–77.5	–43.1
Dividend paid to non-controlling interests		–1.0	–0.8
Purchase of treasury shares		–6.9	–5.8
Payments for leases		–16.3	–
Additions in non-current borrowings	10	0.2	–
Repayment of non-current borrowings	10	–0.0	–0.4
Additions in current borrowings	10	59.6	409.0
Repayment of current borrowings	10	–68.9	–240.8
Total cash flow from financing activities		–110.8	118.1

Exchange losses on cash and cash equivalents		–3.9	–8.3

Net change in cash and cash equivalents		–156.6	–129.7

Cash and cash equivalents as of June 30		938.6	359.1