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Consolidated statement of cash flows

Audited information

In CHF 1,000

Note

2020

2019

Cash flow from operating activities

 

 

 

Net profit

 

113,596

172,825

Financial result and income taxes

 

22,620

–45,665

Operating profit (EBIT)

 

136,216

127,159

Income from revaluations

12

–79,378

–56,577

Depreciation and amortisation

13

2,707

2,555

Income from disposal of properties

6

–14,023

–8,235

Income from disposal of subsidiaries

1

-

–18,238

Other non-cash items

 

–436

–110

Changes in net working capital

 

 

 

Trade receivables

 

356

836

Other receivables and prepaid expenses

 

5,267

–8,883

Properties held for sale

 

9,144

4,890

Trade payables

 

–291

–6,495

Other liabilities and accrued expenses

 

–2,433

–2,114

Income taxes paid

 

–6,911

–10,931

Net cash from operating activities (cash flow)

 

50,219

23,858

 

 

 

 

Cash flow from investing activities

 

 

 

Investments in investment properties

 

–44,599

–65,791

Disposal of investment properties

 

76,265

18,029

Purchase of tangible fixed assets and intangible assets

13

–3,165

–3,898

Disposal of tangible fixed assets and intangible assets

 

71

27

Acquisition of subsidiaries, net of cash acquired

1

–5,034

–42,165

Disposal of subsidiaries, net of cash disposed

1

6,360

23,206

Disposal of associates

 

-

300

Investments in financial assets

 

–2,012

–7,380

Disposal of financial assets

 

4,401

5,750

Interest received

 

361

379

Net cash from investing activities

 

32,647

–71,543

 

 

 

 

Cash flow from financing activities

 

 

 

Bond issuance

 

-

279,152

Repayment of bond

 

–100,000

–140,000

Repayment of other current financial liabilities, net

 

-

–25,631

Distribution to shareholders

 

–29,912

–29,881

Distribution to non-controlling interests

 

–117

–117

Interest paid

 

–4,013

–3,255

Net cash used in financing activities

 

–134,042

80,269

 

 

 

 

Net change in cash and cash equivalents

 

–51,176

32,585

Cash and cash equivalents at beginning of period

 

65,830

33,245

Cash and cash equivalents at end of period

 

14,654

65,830

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