| CHF million | Note | 2015 | 2014 | ||
|---|---|---|---|---|---|
| Net income | 381.0 | 342.6 | |||
| Depreciation, amortization, and impairment | 7, 8 | 127.0 | 113.7 | ||
| Changes in provisions, value adjustments and pension assets | 29.3 | – 22.0 | |||
| Decrease (+) / increase (–) of accounts receivable | – 47.3 | – 199.7 | |||
| Decrease (+) / increase (–) of inventories | – 54.6 | 10.3 | |||
| Decrease (+) / increase (–) of other receivables | – 24.0 | – 5.9 | |||
| Decrease (+) / increase (–) of accrued income and derivative assets and liabilities | – 7.7 | 29.6 | |||
| Decrease (–) / increase (+) of accounts payable | 6.7 | – 23.7 | |||
| Decrease (–) / increase (+) of other payables and accrued liabilities | 28.2 | 82.3 | |||
| Non-cash effective items 1) | 50.3 | – 19.0 | |||
| Cash flow from operating activities (operating cash flow) | 488.9 | 308.2 | |||
| Investments in property, plant, and equipment | 7 | – 235.0 | – 223.6 | ||
| Disposals of property, plant, and equipment | 4.1 | 1.6 | |||
| Investments in intangible assets | 8 | – 17.8 | – 11.0 | ||
| Disposals (+) / investments (–) in financial assets (excluding pension assets) | 1.6 | – 6.5 | |||
| Marketable securities and short-term financial assets | 14 | ||||
| Investments | – 52.5 | – 254.1 | |||
| Disposals | 52.5 | 364.6 | |||
| Acquisition of subsidiaries | 32 | – | – 1,474.6 | ||
| Cash flow from investment activities | – 247.1 | – 1,603.6 | |||
| Proceeds from borrowings | 17 | 83.7 | 13.6 | ||
| Repayments of loans / borrowings | 17 | – 12.9 | – 1.9 | ||
| Proceeds from the issuance of bonds | 17 | – | 996.6 | ||
| Capital increase (including premium) | 102.1 | 73.1 | |||
| Purchase of treasury stock | – 10.1 | – 90.1 | |||
| Sale of treasury stock | 1.4 | – | |||
| Distribution of profits | – 166.3 | – 148.0 | |||
| Cash flow with non-controlling interests | 2.8 | 1.5 | |||
| Cash flow from financing activities | 0.7 | 844.8 | |||
| Net increase (+) / decrease (–) in cash and cash equivalents | 242.6 | – 450.6 | |||
| Cash and cash equivalents as at January 1 | 171.8 | 619.4 | |||
| Exchange gains / (losses) on cash and cash equivalents | – 10.1 | 161.7 | 3.0 | 622.4 | |
| Cash and cash equivalents as at December 31 | 15 | 404.3 | 171.8 | ||
| Interest received from third parties 2) | 1.1 | 4.5 | |||
| Interest paid to third parties 2) | 9.8 | 6.4 | |||
| Income tax paid 2) | 131.8 | 101.8 | |||
1) As at December 31, 2015, movements of CHF 30.8 million result from the translation of foreign exchange balances (CHF –1.9 million in 2014).
2) Included in cash flow from operating activities.
The accompanying notes form an integral part of the consolidated statements.
