Consolidated cash flow statement
|
|
|
2019 |
2018 |
|
|
|
|
Restated* |
|
CHF thousand |
|
|
|
|
|
Note |
|
|
|
Group earnings |
|
50,400 |
16,322 |
|
Income taxes |
14 |
3,147 |
2,875 |
|
Share of earnings from associates and joint ventures |
5 |
133 |
3,936 |
|
Dividends from associates and joint ventures |
17 |
5 |
1 |
|
Net financial income |
13 |
11,673 |
16,176 |
|
Depreciation/amortisation, impairment and reversal of impairment of tangible and intangible assets |
11/12 |
52,128 |
46,592 |
|
Gain/loss on the disposals of tangible and intangible assets |
|
612 |
312 |
|
Gain/loss on the sales of group companies |
|
–518 |
- |
|
Change in non-current provisions (without interest) |
|
–5,543 |
–6,056 |
|
Change in replacement values of held for trading positions |
|
–10,888 |
–10,944 |
|
Other non-cash income and expenses |
|
–1,553 |
–1,896 |
|
Other financial cash outflow and inflow |
|
3,326 |
–7,238 |
|
Funds from Operations (FFO) |
|
102,922 |
60,080 |
|
|
|
|
|
|
Changes |
|
|
|
|
Inventory |
|
22,871 |
–16,406 |
|
Trade accounts receivable |
|
–8,382 |
25,011 |
|
Other receivables (without income taxes) |
|
–13,164 |
8,031 |
|
Prepaid expenses and accrued income |
|
–36,194 |
28,183 |
|
Current provisions |
|
829 |
–223 |
|
Trade accounts payable |
|
10,203 |
–5,787 |
|
Other current liabilities (without taxes) |
|
–4,966 |
1,419 |
|
Deferred income and accrued expenses |
|
54,260 |
–44,409 |
|
Income taxes paid |
|
–2,259 |
–918 |
|
Cash flow from operating activities |
|
126,120 |
54,981 |
|
|
|
2019 |
2018 |
|
|
|
|
Restated* |
|
CHF thousand |
|
|
|
|
|
Note |
|
|
|
|
|
|
|
|
Additions of tangible assets |
15 |
–36,496 |
–28,071 |
|
Disposals of tangible assets |
|
2,736 |
833 |
|
Additions of current and non-current financial assets |
|
–74,561 |
–115,660 |
|
Disposals of current and non-current financial assets |
|
44,896 |
90,092 |
|
Additions of intangible assets |
16 |
–4,422 |
–3,848 |
|
Additions of group companies |
|
- |
–8,223 |
|
Disposals of group companies (less cash and cash equivalents disposed of) |
|
–2,313 |
- |
|
Dividends received from third parties |
|
201 |
224 |
|
Interest received |
|
770 |
276 |
|
Cash flow from investing activities |
|
–69,189 |
–64,377 |
|
|
|
|
|
|
Increase in financial liabilities |
|
36,338 |
- |
|
Repayment of financial liabilities |
|
–19,076 |
–51,317 |
|
Dividend payments |
|
–4,871 |
–1,065 |
|
Purchase/sale of treasury shares |
|
–251 |
–3 |
|
Purchase of minorities |
|
–554 |
- |
|
Interest paid |
|
–9,616 |
–9,526 |
|
Cash flow from financing activities |
|
1,970 |
–61,911 |
|
|
|
|
|
|
Effect of currency translation |
|
–8,084 |
–6,858 |
|
Change in cash and cash equivalents |
|
50,817 |
–78,165 |
|
Cash and cash equivalents at 1 January |
|
316,314 |
394,479 |
|
Cash and cash equivalents at 31 December |
26 |
367,131 |
316,314 |
*) See «Correction of errors and changes in presentation» section
Funds from operations (FFO) is defined as cash flow from operating activities before change in net current assets and income taxes paid.
A payment of CHF 2,313 thousand received from disposals of group companies in the year under review relates to the change for esolva ag, formerly SWIBI AG, from full consolidation to the equity method (see the “Transition from full consolidation to equity method” section).
Payments of CHF 8,223 thousand for investments in group companies in 2018 relate to the acquisition of Elettrostudio Energia S.p.A., made by way of a cash payment and a contribution of existing group companies (see “Additions to the scope of consolidation” section).