Consolidated statement of cash flows
|
In CHF 1,000 |
Note |
2019 |
2018 |
|
Cash flow from operating activities |
|
|
|
|
Net profit |
|
172,825 |
54,376 |
|
Financial result and income taxes |
|
–45,665 |
20,199 |
|
Operating profit (EBIT) |
|
127,159 |
74,575 |
|
Income from revaluations |
12 |
–56,577 |
–24,157 |
|
Depreciation and amortisation |
13 |
2,555 |
2,076 |
|
Income from disposal of properties |
6 |
–8,235 |
–12,770 |
|
Income from disposal of subsidiaries |
1 |
–18,238 |
- |
|
Other non-cash items |
|
–110 |
–809 |
|
Changes in net working capital |
|
|
|
|
Trade receivables |
|
836 |
–2,931 |
|
Other receivables and prepaid expenses |
|
–8,883 |
–5,317 |
|
Properties held for sale |
|
4,890 |
–16,394 |
|
Trade payables |
|
–6,495 |
10,914 |
|
Other liabilities and accrued expenses |
|
–2,114 |
27,477 |
|
Income taxes paid |
|
–10,931 |
–4,998 |
|
Net cash from operating activities (cash flow) |
|
23,858 |
47,666 |
|
|
|
|
|
|
Cash flow from investing activities |
|
|
|
|
Investments in investment properties |
|
–65,791 |
–76,882 |
|
Disposal of investment properties |
|
18,029 |
13,687 |
|
Purchase of tangible fixed assets and intangible assets |
13 |
–3,898 |
–2,321 |
|
Disposal of tangible fixed assets and intangible assets |
|
27 |
45 |
|
Acquisition of subsidiaries, net of cash acquired |
1 |
–42,165 |
–105,478 |
|
Disposal of subsidiaries, net of cash disposed |
1 |
23,206 |
22,683 |
|
Repayment of loans to related parties |
23 |
- |
15,000 |
|
Disposal of associates |
|
300 |
- |
|
Increase of financial assets |
|
–1,630 |
–5,196 |
|
Disposal of securities |
|
- |
4,095 |
|
Interest received |
|
379 |
56 |
|
Net cash used in investing activities |
|
–71,543 |
–134,312 |
|
|
|
|
|
|
Cash flow from financing activities |
|
|
|
|
Repayment of financial liabilities, net |
|
–165,631 |
8,359 |
|
Bond issuance |
|
279,152 |
99,647 |
|
Distribution to shareholders |
|
–29,881 |
–30,062 |
|
Distribution to non-controlling interests |
|
–117 |
–117 |
|
Purchase of treasury shares |
20 |
- |
–5,504 |
|
Interest paid |
|
–3,255 |
–2,972 |
|
Net cash from financing activities |
|
80,269 |
69,352 |
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
32,585 |
–17,293 |
|
Cash and cash equivalents at beginning of period |
|
33,245 |
50,539 |
|
Cash and cash equivalents at end of period |
|
65,830 |
33,245 |
The disclosures in the notes form an integral part of the consolidated financial statements.