Consolidated cash flow statement

in CHF 000s

	First 6 months 2018	First 6 months 2017
Profit incl. minority interests	132,901	68,989
Net interest expense	2,393	5,330
Income taxes	35,755	15,144
Gain/loss on disposal of fixed assets	-446	-32
Depreciation and amortisation	67,700	66,146
Impairment charges	109	197
Write-back of negative goodwill	-155	-155
Change in provisions	-4,872	-618
Income from associates and joint ventures	-76,802	-882
Other non-cash adjustments	-176	1,267
Cash flow before changes in net working capital, interest and taxes	156,407	155,386

Change in inventories	-44,771	-33,432
Change in trade receivables	46,179	32,917
Change in other receivables, prepayments and accrued income	-5,810	-9,986
Change in trade payables	-22,297	-32,013
Change in other payables, accrued liabilities and deferred income	22,098	34,393
Interest paid	-1,823	-6,411
Taxes paid	-30,118	-27,243
Cash flow from operating activities	119,865	113,611

Investments in property, plant and equipment	-26,783	-42,541
Proceeds from disposal of property, plant and equipment	862	269
Purchase of securities	–	-941
Investments in intangible assets	-1,940	-1,688
Proceeds from sale of shares in associates	80,856	–
Acquisition of consolidated companies	-16,177	-260,008
Repayment of loans receivable	257	7,730
Dividend received	704	3,487
Interest received	1,314	682
Cash flow from investing activities	39,093	-293,010

Change in other current financial liabilities	2,184	116,554
Change in other non-current financial liabilities	8,011	-2,831
Repayments of bonds	–	-250,000
Proceeds from bond-issuance	–	200,613
Dividend paid to shareholders	-53,498	-31,564
Dividend paid to minority interests	-2,214	-399
Cash flow from financing activities	-45,517	32,373

Currency translation	4,486	-740
Net change in cash and cash equivalents	117,927	-147,766

Cash and cash equivalents at beginning of period	212,605	406,882
Cash and cash equivalents at end of period	330,532	259,116