Consolidated Cash Flow Statement

CHF million

Note

2016

2015

Net income

419.8

381.0

Depreciation, amortization, and impairment

7, 8

151.5

127.0

Changes in provisions, value adjustments and pension assets

2.6

29.3

Decrease (+)/increase (–) of accounts receivable

– 83.8

– 47.3

Decrease (+)/increase (–) of inventories

– 3.6

– 54.6

Decrease (+)/increase (–) of other receivables

14.5

– 24.0

Decrease (+)/increase (–) of accrued income and derivative assets and liabilities

– 25.6

– 7.7

Decrease (–)/increase (+) of accounts payable

– 2.9

6.7

Decrease (–)/increase (+) of other payables and accrued liabilities

16.5

28.2

Non-cash effective items 1

26.4

50.3

Cash flow from operating activities (operating cash flow)

515.4

488.9

Investments in property, plant, and equipment

7

– 216.8

– 235.0

Disposals of property, plant, and equipment

4.6

4.1

Investments in intangible assets

8

– 17.3

– 17.8

Disposals (+)/investments (–) in financial assets (excluding pension assets)

4.9

1.6

Marketable securities and short-term financial assets

14

Investments

– 52.5

Disposals

52.5

Cash flow from investment activities

– 224.6

– 247.1

Proceeds from loans/borrowings

17

63.4

83.7

Repayments of loans/borrowings

17

– 83.8

– 12.9

Capital increase (including premium)

64.0

102.1

Purchase of treasury stock

– 10.0

– 10.1

Sale of treasury stock

52.0

1.4

Distribution of profits

– 187.2

– 166.3

Cash flow with non-controlling interests

1.5

2.8

Cash flow from financing activities

– 100.1

0.7

Net increase (+)/decrease (–) in cash and cash equivalents

190.7

242.6

Cash and cash equivalents as at January 1

404.3

171.8

Exchange gains/(-)losses on cash and cash equivalents

– 2.8

401.5

– 10.1

161.7

Cash and cash equivalents as at December 31

15

592.2

404.3

Interest received from third parties 2

2.3

1.1

Interest paid to third parties 2

12.8

9.8

Income tax paid 2

82.8

131.8

1 As at December 31, 2016, movements of CHF –13.7 million result from the translation of foreign exchange balances (CHF 30.8 million in 2015).

2 Included in cash flow from operating activities.

The accompanying notes form an integral part of the consolidated statements.