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Consolidated statement of cash flows

In CHF 1,000

Note

2017

2016

Cash flow from operating activities

 

 

 

Net profit

 

57,604

45,077

Financial result and income taxes

 

3,267

31,292

Operating profit (EBIT)

 

60,871

76,369

 

 

 

 

Income from revaluations

11

–24,953

–46,575

Depreciation and amortisation

12

2,088

1,908

Income from disposal of investment properties

5

–696

–3,007

Other non-cash items

 

–499

–181

Changes in net working capital

 

 

 

Trade receivables

 

805

3,276

Other receivables and prepaid expenses

 

–13,326

–2,288

Investments in properties held for sale

 

–3,672

2,302

Trade payables

 

306

–758

Other liabilities and accrued expenses

 

15,105

1,449

Income taxes paid

 

–7,633

–6,048

Net cash from operating activities (cash flow)

 

28,397

26,447

 

 

 

 

Cash flow from investing activities

 

 

 

Investments in properties

11

–31,849

–67,219

Disposal of properties

 

11,828

7,169

Purchase of tangible fixed assets and intangible assets

12

–3,401

–1,413

Disposal of tangible fixed assets and intangible assets

 

1,650

64

Acquisition of subsidiaries, net of cash acquired

20

–84,228

–14,322

Repayment of loans to related parties

24

15,000

15,000

Increase of financial assets, net

 

–2,738

–433

Interest received

 

53

401

Net cash used in investing activities

 

–93,683

–60,753

 

 

 

 

Cash flow from financing activities

 

 

 

Share capital increase

19

148,400

Transaction costs relating to the initial public offering

19

–7,555

Repayment of financial liabilities, net

 

–216,093

–132,971

Bond issuance

 

319,222

99,849

Distribution to shareholders

 

–30,080

–25,000

Distribution to non-controlling interests

 

–117

–117

Purchase of treasury shares

 

–1,135

Buyout of non-controlling interests

 

–30,737

Premature settlement of derivative financial instruments

 

–6,250

–5,904

Interest paid

 

–2,663

–6,701

Net cash from financing activities

 

62,885

39,264

 

 

 

 

Net change in cash and cash equivalents

 

–2,401

4,957

 

 

 

 

Cash and cash equivalents at beginning of period

 

52,940

47,983

Cash and cash equivalents at end of period

 

50,539

52,940

The disclosures in the notes form an integral part of the consolidated financial statements.