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Consolidated statement of cash flows

In CHF 1,000

Note

2016

2015

Cash flow from operating activities

 

 

 

Net profit

 

45,077

44,569

Financial result and income taxes

 

31,292

15,640

Operating profit (EBIT)

 

76,369

60,208

 

 

 

 

Income from revaluations

11

–46,575

–30,958

Depreciation and amortisation

12

1,908

1,770

Income from disposal of investment properties

5

–3,007

–1,135

Other non-cash items

 

–181

540

Changes in net working capital

 

 

 

Trade receivables

 

3,276

1,267

Other receivables and prepaid expenses

 

–2,288

572

Investments in properties held for sale

 

2,302

–9,831

Trade liabilities

 

–758

–138

Other liabilities and accrued expenses

 

1,449

78

Income taxes paid

 

–6,048

–4,855

Net cash from operating activities (cash flow)

 

26,447

17,520

 

 

 

 

Cash flow from investing activities

 

 

 

Investments in properties

11

–67,219

–16,013

Disposal of properties

5

7,169

32,453

Purchase of tangible fixed assets and intangible assets

12

–1,413

–1,953

Disposal of tangible fixed assets and intangible assets

12

64

454

Acquisition of subsidiaries, net of cash acquired

20

–14,322

–18,023

Decrease of financial assets of related parties

24

15,000

–14,329

Increase of other financial assets

 

–433

–268

Interest received

 

401

440

Net cash used in investing activities

 

–60,753

–17,240

 

 

 

 

Cash flow from financing activities

 

 

 

Share capital increase

19

148,400

Transaction costs relating to the initial public offering

19

–7,555

Repayment of current financial liabilities

 

–558

–7,145

Repayment of non-current financial liabilities, net

 

–132,413

14,677

Bond issuance

16

99,849

Distribution to shareholder

24

–25,000

–5,100

Distribution to non-controlling interests

 

–117

–767

Buyout of non-controlling interests

 

–30,737

Premature settlement of derivative financial instruments

 

–5,904

Interest paid

 

–6,701

–7,308

Net cash from financing activities

 

39,264

–5,642

 

 

 

 

Net change in cash and cash equivalents

 

4,957

–5,362

 

 

 

 

Cash and cash equivalents at beginning of period

 

47,983

53,344

Cash and cash equivalents at end of period

 

52,940

47,983

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