Consolidated cash flow statement
|
CHF thousand |
Note |
2020 |
2019 |
|
|
|
|
|
|
Group earnings |
|
41,227 |
50,400 |
|
Income taxes |
14 |
23,717 |
3,147 |
|
Share of earnings from associates and joint ventures |
5 |
–4,798 |
133 |
|
Dividends from associates and joint ventures |
17 |
426 |
5 |
|
Net financial income |
13 |
11,978 |
11,673 |
|
Depreciation/amortisation, impairment and reversal of impairment of tangible and intangible assets |
11/12 |
51,767 |
52,128 |
|
Gain/loss on the disposals of tangible and intangible assets |
|
1,240 |
612 |
|
Gain/loss on the sales of group companies |
|
- |
–518 |
|
Change in non-current provisions (without interest) |
|
18,198 |
–5,543 |
|
Change in replacement values of held for trading positions |
|
12,924 |
–10,888 |
|
Other non-cash income and expenses |
|
–1,837 |
–1,553 |
|
Other financial cash outflow and inflow |
|
5,990 |
3,326 |
|
Funds from Operations (FFO) |
|
160,832 |
102,922 |
|
|
|
|
|
|
Changes |
|
|
|
|
Inventory |
|
–4,889 |
22,871 |
|
Trade accounts receivable |
|
6,174 |
–8,382 |
|
Other receivables (without income taxes) |
|
–5,575 |
–13,164 |
|
Prepaid expenses and accrued income |
|
363 |
–36,194 |
|
Current provisions |
|
6,939 |
829 |
|
Trade accounts payable |
|
782 |
10,203 |
|
Other current liabilities (without taxes) |
|
6,581 |
–4,966 |
|
Deferred income and accrued expenses |
|
–5,654 |
54,260 |
|
Income taxes paid |
|
–6,795 |
–2,259 |
|
Cash flow from operating activities |
|
158,758 |
126,120 |
|
CHF thousand |
Note |
2020 |
2019 |
|
|
|
|
|
|
|
|
|
|
|
Additions of tangible assets |
|
–48,019 |
–36,496 |
|
Subsidies received for power plants |
15 |
2,053 |
- |
|
Disposals of tangible assets |
|
325 |
2,736 |
|
Additions of current and non-current financial assets |
|
–98,693 |
–74,561 |
|
Disposals of current and non-current financial assets |
|
18,112 |
44,896 |
|
Additions of intangible assets |
16 |
–2,675 |
–4,422 |
|
Additions of group companies |
|
–39,567 |
- |
|
Disposals of group companies (less cash and cash equivalents disposed of) |
|
- |
–2,313 |
|
Payments for additions of investments in associates and joint ventures |
17 |
–428 |
- |
|
Dividends received from third parties |
|
189 |
201 |
|
Interest received |
|
1,337 |
770 |
|
Cash flow from investing activities |
|
–167,366 |
–69,189 |
|
|
|
|
|
|
Capital increase |
|
3,409 |
- |
|
Increase in financial liabilities |
|
10,816 |
36,338 |
|
Repayment of financial liabilities |
|
–40,882 |
–19,076 |
|
Dividend payments |
|
–19,448 |
–4,871 |
|
Purchase/sale of treasury shares |
|
–3 |
–251 |
|
Purchase of minorities |
|
- |
–554 |
|
Interest paid |
|
–9,840 |
–9,616 |
|
Cash flow from financing activities |
|
–55,948 |
1,970 |
|
|
|
|
|
|
Effect of currency translation |
|
–1,331 |
–8,084 |
|
Change in cash and cash equivalents |
|
–65,887 |
50,817 |
|
Cash and cash equivalents at 1 January |
|
367,131 |
316,314 |
|
Cash and cash equivalents at 31 December |
26 |
301,244 |
367,131 |
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 39,567 thousand for investments in group companies in the 2020 financial year relates to the acquisition of the three Italian companies ENERGEIA CODROIPO S.R.L., ERNERGEIA VARMO S.R.L. and ENERGIA TRE S.R.L. (CHF 33,168 thousand) and the acquisition of the company Windpark Bestwing-Berlar GmbH & Co. KG (CHF 6,399 thousand), which was transferred to Repartner Wind Deutschland GmbH (see the “Additions to the scope of consolidation” section).
A payment of CHF 428 thousand received from investments in associates and joint ventures relates to the interest in the company EVUlution AG newly established in 2020 (see the “Additions to the scope of consolidation” section).
A payment of CHF 2,313 thousand received from disposals of group companies in the 2019 financial year 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).