ANNUAL REPORT 2008/09 - Sonova
ANNUAL REPORT 2008/09 - Sonova
ANNUAL REPORT 2008/09 - Sonova
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Consolidated Cash Flow Statements<br />
1,000 CHF Notes <strong>2008</strong>/<strong>09</strong> 2007/08<br />
Income before taxes 322,755 303,303<br />
Depreciation and amortization<br />
of tangible and intangible assets 16, 19 40,752 35,254<br />
Loss on sale of tangible and intangible assets, net 430 295<br />
Share of loss in associates/joint ventures 17 2,075 1,646<br />
Decrease in long-term provisions (23) (4,337)<br />
Financial expenses, net 7 184 21,794<br />
Unrealized exchange diff erences (7,717) 21,164<br />
Other non-cash items 15,340 51,041 16,726 92,542<br />
Cash fl ow before changes in net working capital 373,796 395,845<br />
Increase in trade receivables<br />
Decrease/(increase) in other receivables<br />
(32,486) (21,238)<br />
and prepaid expenses 223 (7,173)<br />
Increase in inventories (11,250) (18,964)<br />
(Decrease)/increase in trade payables<br />
Increase/(decrease) in other payables,<br />
(3,733) 7,787<br />
accruals and short-term provisions 1,266 (14,317)<br />
Income taxes paid (46,049) (92,029) (38,181) (92,086)<br />
Cash fl ow from operating activities 281,767 303,759<br />
Purchase of tangible and intangible assets (76,388) (56,486)<br />
Proceeds from sale of tangible and intangible assets 1,264 2,205<br />
Cash consideration for acquisitions, net of cash acquired 27 (97,282) (36,443)<br />
Increase in other non-current fi nancial assets (35,325) (4,331)<br />
Interest received and realized gain from fi nancial assets 4,967 10,688<br />
Cash fl ow from investing activities (202,764) (84,367)<br />
Free cash fl ow 79,003 219,392<br />
Repayments of borrowings and mortgages (3,076) (7,696)<br />
Proceeds from capital increases 7,322 9,131<br />
Purchase of treasury shares, net (94,656) (140,753)<br />
Dividends paid (66,492) (50,988)<br />
Interest paid and other fi nancial expenses (3,831) (8,108)<br />
Cash fl ow from fi nancing activities (160,733) (198,414)<br />
Currency translation diff erences 1,204 (8,078)<br />
(Decrease)/increase in cash and cash equivalents<br />
Cash and cash equivalents at the beginning<br />
(80,526) 12,900<br />
of the fi nancial year 297,241 284,341<br />
Cash and cash equivalents at the end of the fi nancial year 216,715 297,241<br />
The Notes are an integral part of the consolidated fi nancial statements<br />
62 CONSOLIDATED FINANCIAL STATEMENTS
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