| CHF million | Note | 2014 | 2013 | ||
|---|---|---|---|---|---|
| Net income | 342.6 | 303.0 | |||
| Depreciation, amortization, and impairment | 7, 8 | 113.7 | 99.2 | ||
| Changes in provisions, value adjustments and pension assets | – 22.0 | 4.5 | |||
| Decrease (+) / increase (–) of accounts receivable | – 199.7 | – 37.1 | |||
| Decrease (+) / increase (–) of inventories | 10.3 | – 61.2 | |||
| Decrease (+) / increase (–) of other receivables | – 5.9 | 5.7 | |||
| Decrease (+) / increase (–) of accrued income and derivative assets and liabilities | 29.6 | 0.7 | |||
| Decrease (–) / increase (+) of accounts payable | – 23.7 | 21.4 | |||
| Decrease (–) / increase (+) of other payables and accrued liabilities | 82.3 | 50.8 | |||
| Non-cash effective items | – 19.0 | 32.1 | |||
| Cash flow from operating activities (operating cash flow) | 308.2 | 419.1 | |||
| Investments in property, plant, and equipment | 7 | – 223.6 | – 177.4 | ||
| Disposals of property, plant, and equipment | 1.6 | 0.6 | |||
| Investments in intangible assets | 8 | – 11.0 | – 14.0 | ||
| Disposals (+) / investments (–) in financial assets (excluding pension assets) | – 6.5 | – 1.6 | |||
| Marketable securities and short-term financial assets | 14 | ||||
| Investments | – 254.1 | – 113.4 | |||
| Disposals | 364.6 | 261.4 | |||
| Acquisition of subsidiaries | 32 | – 1,474.6 | – | ||
| Cash flow from investment activities | – 1,603.6 | – 44.4 | |||
| Proceeds from borrowings | 17 | 13.6 | 0.8 | ||
| Repayments of loans / borrowings | 17 | – 1.9 | – 5.5 | ||
| Proceeds from the issuance of bonds | 17 | 996.6 | – | ||
| Capital increase (including premium) | 73.1 | 128.6 | |||
| Purchase of treasury stock | – 90.1 | – 44.7 | |||
| Distribution of profits | – 148.0 | – 129.7 | |||
| Cash flow with non-controlling interests | 1.5 | – | |||
| Cash flow from financing activities | 844.8 | – 50.5 | |||
| Net increase (+) / decrease (–) in cash and cash equivalents | – 450.6 | 324.2 | |||
| Cash and cash equivalents as at January 1 | 619.4 | 295.8 | |||
| Exchange gains / (losses) on cash and cash equivalents | 3.0 | 622.4 | – 0.6 | 295.2 | |
| Cash and cash equivalents as at December 31 | 15 | 171.8 | 619.4 | ||
| Interest received from third parties 1) | 4.5 | 1.0 | |||
| Interest paid to third parties 1) | 6.4 | 2.7 | |||
| Income tax paid 1) | 101.8 | 81.3 | |||
1) Included in cash flow from operating activities.
The accompanying notes form an integral part of the consolidated statements.
