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Consolidated statement of cash flows

Audited information

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.

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