CONSOLIDATED STATEMENT OF CASH FLOWS

CHF 1,000

Note

1st half 2022

1st half 2021

Net profit

 

125,768

132,427

Financial result and income taxes

 

21,906

22,216

Operating profit (EBIT)

 

147,674

154,643

Income from revaluations

8

–64,129

–131,156

Depreciation and amortisation

 

1,798

1,810

Income from disposal of properties

4

–58,192

–239

Other non-cash items

 

–297

–90

Changes in net working capital

 

 

 

Trade receivables

 

–2,854

–2,041

Other receivables and prepaid expenses

 

–10,030

–6,178

Properties held for sale

 

781

1,994

Trade payables

 

7,579

–43

Other liabilities and accrued expenses

 

7,406

2,120

Income taxes paid

 

–17,269

–10,071

Cash flow from operating activities

 

12,468

10,749

 

 

 

 

Investments in investment properties

 

–11,523

–39,845

Disposal of investment properties

 

218,145

–201

Purchase of tangible fixed assets and intangible assets

 

–9,358

–2,654

Disposal of tangible fixed assets and intangible assets

 

78

303

Acquisition of subsidiaries, net of cash acquired

1

–14,118

–35,249

Repayment of loans to related parties

 

–175

-

Investments in financial assets

 

–1,123

–3,881

Disposal of financial assets

 

943

4,821

Interest received

 

78

9

Cash flow from investing activities

 

182,947

–76,696

 

 

 

 

Bond issuance

 

-

114,700

Repayment of bond

 

-

–140,000

Repayment of other current financial liabilities, net

 

–157,500

115,000

Distribution to shareholders

 

–31,902

–31,868

Distribution to non-controlling interests

 

–117

-

Buyout of non-controlling interests

1

-

–1,213

Interest paid

 

–524

–1,643

Cash flow from financing activities

 

–190,042

54,976

 

 

 

 

Net change in cash and cash equivalents

 

5,373

–10,972

Cash and cash equivalents at beginning of period

 

4,805

14,654

Cash and cash equivalents at end of period

 

10,178

3,683

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