Consolidated statement of cash flows

For the year ended 31 December

In 1,000 CHF

Note

2017

2016

Cash flows from operating activities

 

 

 

Profit for the period

 

191,631

118,493

Adjustments for non-cash items:

 

 

 

Interest income

 

(96,807)

(99,918)

Interest expenses

 

19,479

22,643

Income tax expenses 1)

12

35,563

43,390

Depreciation

19

4,522

5,983

Amortisation

20

15,080

21,176

Losses on disposals of property and equipment and intangible assets

10

1,441

0

Income from associates

21

(7,386)

(3,393)

Gain on sale of discontinued operations

 

(134,747)

0

 

 

 

 

Changes in

 

 

 

(Increase) / decrease in receivables from business unit Payment, net

 

(43,193)

(113,436)

(Increase) / decrease in receivables from business unit Consumer Finance, net

 

(85,283)

9,794

(Increase) / decrease in inventories

16

(792)

(11)

(Increase) / decrease in other trade receivables and other receivables

 

74,884

7,522

(Increase) / decrease in prepaid expenses

 

(17,661)

(1,429)

Increase / (decrease) in payables to counterparties

23

20,165

59,731

Increase / (decrease) in other trade payables

 

(851)

(2,190)

Increase / (decrease) in other payables

 

(394)

(3,188)

Increase / (decrease) in accrued expenses and deferred income 1)

 

(7,877)

10,291

Increase / (decrease) in provisions

 

6,649

509

Increase / (decrease) in employee benefit obligations charged to the income statement

 

(2,582)

66

(Increase) / decrease in financial investments available for sale

22

(6,428)

(17,280)

 

 

 

 

Foreign exchange and other financial items

 

119

182

Interest received

 

95,226

98,319

Interest paid

 

(17,885)

(20,769)

Income tax paid

 

(8,754)

(5,344)

 

 

 

 

Net cash from / (used in) operating activities

 

34,120

131,140

 

 

 

 

Cash flows from investing activities

 

 

 

Acquisition of property and equipment

19

(5,157)

(6,820)

Disposals of property and equipment

 

7,094

464

Acquisition of other intangible assets

20

(22,249)

(21,085)

Disposals of other intangible assets

 

8,436

384

Acquisition of subsidiaries, net of cash acquired

3

(23,031)

(5,025)

Disposals of subsidiaries, net of cash disposed

35

177,105

0

Acquisition of investments in associates

21

0

(3,620)

Dividends received from associates

21

1,500

1,500

 

 

 

 

Net cash from / (used in) investing activities

 

143,697

(34,202)

 

 

 

 

Cash flows from financing activities

 

 

 

Proceeds from interest-bearing liabilities

27

692,881

399,446

Repayment of interest-bearing liabilities

27

(849,922)

(524,715)

Dividends paid

31

(40,000)

(20,000)

 

 

 

 

Net cash from / (used in) financing activities

 

(197,041)

(145,269)

 

 

 

 

Net increase in cash and cash equivalents

 

(19,224)

(48,331)

Cash and cash equivalents at 1 January

 

41,489

90,002

Effect of exchange rate fluctuations on cash held

 

(119)

(182)

 

 

 

 

Cash and cash equivalents at 31 December

14

22,146

41,489

1) To provide better comparability and accurate presentation, tax liabilities have been restated to include reclassification of the accrual that was booked to reflect an expected agreement with the tax authorities in 2016. See note 12.