CONSOLIDATED CASH FLOW STATEMENT

	01.01.-30.06.2021	1.1.-30.06.2020
CHF thousand	unaudited	unaudited

Group earnings	42,356	40,808
Income taxes	9,639	17,164
Share of earnings from associates and joint ventures	355	697
Net financial income	7,557	10,092
Depreciation/amortisation, impairment and reversal of impairment of tangible and intangible assets	26,980	25,107
Gain/loss on the disposals of tangible and intangible assets	–149	142
Change in non-current provisions (without interest)	–567	8,402
Other non-cash income and expenses	–765	–1,289
Dividends from associates and joint ventures	258	426
Income taxes paid	–2,042	–4,167
Other financial cash outflow and inflow	–3,408	4,713
Cash flow from operating activities before changes in net working capital	80,214	102,095

Changes in net working capital
Inventory	–3,185	1,342
Trade accounts receivable	12,613	3,786
Other receivables (without income taxes)	–15,510	–16,691
Prepaid expenses and accrued income	92,216	57,807
Replacement values of held for trading positions	–4,353	12,933
Current provisions	–38	82
Trade accounts payable	–2,827	–17,632
Other current liabilities (without income taxes)	18,932	–892
Deferred income and accrued expenses	–86,486	–78,596
Cash flow from operating activities	91,576	64,234

	01.01.-30.06.2021	01.01.-30.06.2020
CHF thousand	unaudited	unaudited

Additions of tangible assets	–27,074	–18,923
Disposals of tangible assets	5,521	76
Additions of current and non-current financial assets	–21,186	–55,039
Disposals of current and non-current financial assets	20,720	47,308
Additions of intangible assets	–26,427	–1,882
Payment for investments in fully consolidated companies (less cash acquired)	-	–33,168
Payments for additions of investments in associates and joint ventures	-	–428
Dividends received from third parties	2	3
Interest received	15	941
Cash flow from investing activities	–48,429	–61,112

Increase in financial liabilities	8,626	10,739
Repayment of financial liabilities	–43,245	–33,240
Dividend payments	–22,779	–19,448
Purchase/sale of treasury shares	1	–7
Interest paid	–3,899	–4,694
Cash flow from financing activities	–61,296	–46,650

Effect of currency translation	1,696	–4,666
Change in cash and cash equivalents	–16,453	–48,194
Cash and cash equivalents at 1 January	301,244	367,131
Cash and cash equivalents at 30 June	284,791	318,937