CONSOLIDATED STATEMENT OF CASH FLOWS

CHF 1,000

Note

1st half 2023

1st half 2022 restated

Net result

 

–24,429

125,768

Financial result and income taxes

 

–1,499

21,906

Operating result (EBIT)

 

–25,928

147,674

Revaluation of investment properties

8

48,763

–64,129

Depreciation and amortisation

 

1,849

1,798

Income from disposal of properties

4

–36

–58,192

Other non-cash items

 

–247

–297

Changes in net working capital

 

 

 

Trade receivables

 

2,394

–2,854

Other receivables and prepaid expenses

 

–10,333

–10,030

Properties held for sale

4

4,003

781

Trade payables

 

–376

7,579

Other liabilities and accrued expenses

 

8,301

7,406

Income taxes paid excl. taxes on sales of investment properties

 

–5,422

–6,254

Cash flow from operating activities

 

22,971

23,482

Investments in investment properties

8

–4,819

–11,523

Disposal of investment properties

4

-

218,145

Income taxes paid relating to the disposal of investment properties

4

–21,904

–11,015

Purchase of tangible fixed assets and intangible assets

 

–3,052

–9,358

Disposal of tangible fixed assets and intangible assets

 

159

78

Acquisition of subsidiaries, net of cash acquired

1

-

–14,118

Increase of loans to related parties

 

–636

–175

Investments in financial assets

 

–4,516

–1,123

Disposal of financial assets

 

31

943

Interest received

 

176

78

Cash flow from investing activities

 

–34,561

171,932

Increase of other current financial liabilities, net

 

45,000

–157,500

Distribution to shareholders

 

–31,869

–31,902

Distribution to non-controlling interests

 

–443

–117

Interest paid

 

–1,056

–524

Cash flow from financing activities

 

11,631

–190,042

 

 

 

 

Net change in cash and cash equivalents

 

42

5,373

Cash and cash equivalents at beginning of period

 

3,742

4,805

Cash and cash equivalents at end of period

 

3,784

10,178

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