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  • Interim consolidated financial statements of Emmi Group
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  • Consolidated cash flow statement
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    Consolidated cash flow statement

    in CHF 000s

     

    First 6 months 2019

    First 6 months 2018

    Profit incl. minority interests

    75,977

    132,901

    Net interest expense

    2,763

    2,393

    Income taxes

    14,472

    35,755

    Result from sale of fixed assets

    -158

    -446

    Result from sale of investments/businesses

    -254

    –

    Depreciation and amortisation

    66,169

    67,700

    Impairment charges

    14

    109

    Write-back of negative goodwill

    -155

    -155

    Change in provisions

    -10,384

    -4,872

    Income from associates and joint ventures

    922

    -76,802

    Other non-cash adjustments

    -1,474

    -176

    Cash flow before changes in net working capital, interest and taxes

    147,892

    156,407

     

     

     

    Change in inventories

    -43,124

    -44,771

    Change in trade receivables

    39,964

    46,179

    Change in other receivables, prepayments and accrued income

    -13,741

    -5,810

    Change in trade payables

    -27,776

    -22,297

    Change in other payables, accrued liabilities and deferred income

    33,012

    22,098

    Interest paid

    -2,715

    -1,823

    Taxes paid

    -30,326

    -30,118

    Cash flow from operating activities

    103,186

    119,865

     

     

     

    Investments in property, plant and equipment

    -44,116

    -26,783

    Proceeds from disposal of property, plant and equipment

    1,627

    862

    Investments in intangible assets

    -158

    -1,940

    Purchase of shares in associates and joint ventures

    -739

    –

    Proceeds from sale of shares in associates

    884

    80,856

    Acquisition of businesses/consolidated companies

    -13,420

    -16,177

    Proceeds from sale of investments

    7,108

    –

    Repayment of loans receivable

    -183

    257

    Dividend received

    203

    704

    Interest received

    1,115

    1,314

    Cash flow from investing activities

    -47,679

    39,093

     

     

     

    Change in other current financial liabilities

    4,594

    2,184

    Change in other non-current financial liabilities

    -2,503

    8,011

    Repayments of bonds

    -100,000

    –

    Dividend paid to shareholders

    -48,148

    -53,498

    Dividend paid to minority interests

    -892

    -2,214

    Cash flow from financing activities

    -146,949

    -45,517

     

     

     

    Currency translation

    -2,424

    4,486

    Net change in cash and cash equivalents

    -93,866

    117,927

     

     

     

    Cash and cash equivalents at beginning of period

    451,399

    212,605

    Cash and cash equivalents at end of period

    357,533

    330,532