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Half-Year Report 2018

PRESS RELEASE HALF-YEAR RESULTS 2018

PRESENTATION OF THE HALF-YEAR RESULTS 2018

Consolidated statement of cash flows

In CHF 1,000

Note

1st half 2018

1st half 2017

Cash flow from operating activities

 

 

 

Net profit

 

21,706

27,652

Financial result and income taxes

 

7,505

6,664

Operating profit (EBIT)

 

29,211

34,317

 

 

 

 

Income from revaluations

6

–2,687

–17,158

Depreciation and amortisation

 

996

1,025

Income from disposal of investment properties

3

–7,882

–625

Other non-cash items

 

–232

59

Changes in net working capital

 

 

 

Trade receivables

 

–4,171

796

Other receivables and prepaid expenses

 

–3,731

–8,658

Investments in properties held for sale

 

–6,596

–982

Trade payables

 

4,830

–593

Other liabilities and accrued expenses

 

13,411

5,635

Income taxes paid

 

–2,279

–2,675

Net cash from operating activities (cash flow)

 

20,870

11,139

 

 

 

 

Cash flow from investing activities

 

 

 

Investments in properties

6

–60,159

–9,619

Disposal of properties

 

10,382

3,491

Purchase of tangible fixed assets and intangible assets

 

–1,022

–873

Disposal of tangible fixed assets and intangible assets

 

60

1,575

Acquisition of subsidiaries, net of cash acquired

 

–94,394

–40,190

Disposal of subsidiaries, net of cash disposed

 

22,683

Repayment of loans to related parties

 

15,000

15,000

Increase of financial assets, net

 

–5,029

1,866

Disposal of securities, net

 

4,095

490

Interest received

 

15

139

Net cash used in investing activities

 

–108,368

–28,121

 

 

 

 

Cash flow from financing activities

 

 

 

Repayment of financial liabilities, net

 

–3,946

–82,491

Bond issuance

 

99,647

140,000

Distribution to shareholders

 

–30,062

–30,080

Distribution to non-controlling interests

 

–117

Purchase of treasury shares

 

–5,504

Premature settlement of derivative financial instruments

 

–6,250

Interest paid

 

–1,392

–1,313

Net cash from financing activities

 

58,627

19,867

 

 

 

 

Net change in cash and cash equivalents

 

–28,872

2,885

 

 

 

 

Cash and cash equivalents at beginning of period

 

50,539

52,940

Cash and cash equivalents at end of period

 

21,667

55,824

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