Cash flow statement

 
in CHF thousands01.01.2014
–31.12.2014
01.01.2013
–31.12.2013
Net income for the period45 14944 807
Depreciation3 5983 554
Revaluation of investment properties (net)– 21 314– 26 900
Gain from sale of investment properties– 4830
Changes in provisions/deferred tax liabilities3 2966 387
Other non-cash items– 2 368– 1 306
Cash flow before changes in working capital27 87826 542
Change in securities010 759
Change in trade receivables– 117382
Change in other receivables380– 2 151
Change in accrued income and prepaid expenses2 298– 3 996
Change in inventories– 3 45555
Change in trade payables– 4 410– 7 146
Change in other current liabilities2 30545
Change in accrued expenses and deferred income– 6 886– 1 850
Cash flow from operating activities17 99322 640
Investments in investment properties– 81 735– 54 975
Disposals of investment properties1 90035
Investments in undeveloped plots0– 118
Investments in operating properties– 148– 975
Investments in other tangible assets– 585– 803
Prepayments for tangible assets– 3670
Investments in intangible assets– 19– 14
Cash flow from investing activities– 80 954– 56 850
Increase of current financial liabilities45 0000
Increase of long-term financial liabilities25 0000
Purchase of treasury shares– 14 553– 10 248
Sale of treasury shares15 9930
Distribution to shareholders– 8 144– 7 403
Cash flow from financing activities63 296– 17 651
Change in cash and cash equivalents335– 51 861
Composition of net cash and cash equivalents
Net cash and cash equivalents at the beginning of reporting period23 82475 685
Net cash and cash equivalents at the end of reporting period24 15923 824
Change in cash and cash equivalents335– 51 861

In the reporting period, non-cash investments of TCHF  9 909 were made (previous year: TCHF 12 919). In addition, treasury shares to the value of TCHF 4 679 were acquired through a non-cash exchange. No non-cash financing was effected.

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