Cash flow statement
| in CHF thousands | 01.01.2014 –31.12.2014 | 01.01.2013 –31.12.2013 |
|---|---|---|
| Net income for the period | 45 149 | 44 807 |
| Depreciation | 3 598 | 3 554 |
| Revaluation of investment properties (net) | – 21 314 | – 26 900 |
| Gain from sale of investment properties | – 483 | 0 |
| Changes in provisions/deferred tax liabilities | 3 296 | 6 387 |
| Other non-cash items | – 2 368 | – 1 306 |
| Cash flow before changes in working capital | 27 878 | 26 542 |
| Change in securities | 0 | 10 759 |
| Change in trade receivables | – 117 | 382 |
| Change in other receivables | 380 | – 2 151 |
| Change in accrued income and prepaid expenses | 2 298 | – 3 996 |
| Change in inventories | – 3 455 | 55 |
| Change in trade payables | – 4 410 | – 7 146 |
| Change in other current liabilities | 2 305 | 45 |
| Change in accrued expenses and deferred income | – 6 886 | – 1 850 |
| Cash flow from operating activities | 17 993 | 22 640 |
| Investments in investment properties | – 81 735 | – 54 975 |
| Disposals of investment properties | 1 900 | 35 |
| Investments in undeveloped plots | 0 | – 118 |
| Investments in operating properties | – 148 | – 975 |
| Investments in other tangible assets | – 585 | – 803 |
| Prepayments for tangible assets | – 367 | 0 |
| Investments in intangible assets | – 19 | – 14 |
| Cash flow from investing activities | – 80 954 | – 56 850 |
| Increase of current financial liabilities | 45 000 | 0 |
| Increase of long-term financial liabilities | 25 000 | 0 |
| Purchase of treasury shares | – 14 553 | – 10 248 |
| Sale of treasury shares | 15 993 | 0 |
| Distribution to shareholders | – 8 144 | – 7 403 |
| Cash flow from financing activities | 63 296 | – 17 651 |
| Change in cash and cash equivalents | 335 | – 51 861 |
| Composition of net cash and cash equivalents | ||
| Net cash and cash equivalents at the beginning of reporting period | 23 824 | 75 685 |
| Net cash and cash equivalents at the end of reporting period | 24 159 | 23 824 |
| Change in cash and cash equivalents | 335 | – 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.