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Consolidated statement of cash flows

In CHF 1,000

Note

2018

2017

Cash flow from operating activities

 

 

 

Net profit

 

54,376

57,604

Financial result and income taxes

 

20,199

3,267

Operating profit (EBIT)

 

74,575

60,871

 

 

 

 

Income from revaluations

12

–24,157

–24,953

Depreciation and amortisation

13

2,076

2,088

Income from disposal of properties

6

–12,770

–696

Other non-cash items

 

–809

–499

Changes in net working capital

 

 

 

Trade receivables

 

–2,931

805

Other receivables and prepaid expenses

 

–5,317

–13,326

Properties held for sale

 

–16,394

–3,672

Trade payables

 

10,914

306

Other liabilities and accrued expenses

 

27,477

15,105

Income taxes paid

 

–4,998

–7,633

Net cash from operating activities (cash flow)

 

47,666

28,397

 

 

 

 

Cash flow from investing activities

 

 

 

Investments in investment properties

12

–76,882

–31,849

Disposal of investment properties

 

13,687

11,828

Purchase of tangible fixed assets and intangible assets

13

–2,321

–3,401

Disposal of tangible fixed assets and intangible assets

 

45

1,650

Acquisition of subsidiaries, net of cash acquired

1

–105,478

–84,228

Disposal of subsidiaries, net of cash disposed

1

22,683

Repayment of loans to related parties

23

15,000

15,000

Increase of financial assets

 

–5,196

–3,772

Disposal of securities

 

4,095

1,034

Interest received

 

56

53

Net cash used in investing activities

 

–134,312

–93,683

 

 

 

 

Cash flow from financing activities

 

 

 

Increase of financial liabilities, net

 

8,359

–216,093

Bond issuance

 

99,647

319,222

Distribution to shareholders

 

–30,062

–30,080

Distribution to non-controlling interests

 

–117

–117

Purchase of treasury shares

20

–5,504

–1,135

Premature settlement of derivative financial instruments

 

–6,250

Interest paid

 

–2,972

–2,663

Net cash from financing activities

 

69,352

62,885

 

 

 

 

Net change in cash and cash equivalents

 

–17,293

–2,401

 

 

 

 

Cash and cash equivalents at beginning of period

 

50,539

52,940

Cash and cash equivalents at end of period

 

33,245

50,539

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