Consolidated statement of cash flows

For the period ended 30 June

In 1,000 CHF

Note

2019 unaudited

2018 unaudited

Cash flows from operating activities

 

 

 

Profit for the period

 

34,305

44,555

Adjustments for non-cash items:

 

 

 

Interest income recognised in the income statement

1.3

(63,960)

(48,706)

Interest expenses recognised in the income statement

1.3

6,507

5,310

Financial income recognised in the income statement

 

(9,227)

(4,525)

Income tax expenses recognised in the income statement

 

12,143

11,477

Depreciation of property and equipment

 

1,830

1,758

Amortisation of goodwill and intangible assets

 

23,486

6,099

(Losses) / gains on disposals of property and equipment and intangible assets

 

24

(5)

Income from associates

 

(99)

(1,718)

 

 

 

 

Changes in

 

 

 

(Increase) / decrease in receivables from business unit Payment

2.1

(241,798)

50,095

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

2.2

(66,500)

(60,395)

(Increase) / decrease in inventories

 

(1,955)

371

(Increase) / decrease in other trade receivables and other short-term receivables

 

(10,244)

(737)

(Increase) / decrease in prepaid expenses

 

(5,546)

(1,109)

Increase / (decrease) in payables to counterparties

 

(14,686)

16,985

Increase / (decrease) in other payables

 

18,050

10,299

Increase / (decrease) in accrued expenses and deferred income

 

(13,894)

(5,802)

Increase / (decrease) in provisions

 

4,804

(1,674)

 

 

 

 

Foreign exchange and other financial items

 

(3)

(161)

Interest received

 

63,230

48,001

Interest paid

 

(6,999)

(6,810)

Income tax paid

 

(3,319)

(7,569)

 

 

 

 

Net cash from / (used in) operating activities

 

(273,853)

55,741

In 1,000 CHF

Note

2019 unaudited

2018 unaudited

Cash flows from investing activities

 

 

 

Acquisition of property and equipment

 

(127)

(290)

Acquisition of intangible assets

 

(312)

(1,809)

Disposals of subsidiaries , net of cash disposed

 

1,631

0

Acquisition of investments in associates

 

0

(500)

Disposals of investments in associates

 

322

0

Dividends received from associates

 

36

1,500

 

 

 

 

Net cash from / (used in) investing activities

 

1,550

(1,099)

 

 

 

 

Cash flows from financing activities

 

 

 

Proceeds from interest-bearing liabilities

3.1

1,084,908

575,777

Repayments of interest-bearing liabilities

3.1

(760,638)

(490,422)

Dividend payments

 

(40,000)

(136,350)

 

 

 

 

Net cash from / (used in) financing activities

 

284,270

(50,995)

 

 

 

 

Net (decrease) / increase in cash and cash equivalents

 

11,967

3,647

Cash and cash equivalents at 1 January

 

67,258

22,146

Effect of exchange rate fluctuations on cash held

 

3

161

 

 

 

 

Cash and cash equivalents at 30 June

 

79,228

25,954

The cash flow statement for the first half of 2019 also includes the cash flows from Consumer Finance, which is included in the balance sheet as "assets" and "liabilities held for sale".

Cash and cash equivalents amounting to CHF 79.2 million also include cash and cash equivalents of CHF 0.9 million reported under "assets held for sale".