Annual Report 2008 (PDF) - Schulthess Group

32 Schulthess Group
Financial statements Consolidated cash flow statement
The notes on pages 34 to 64 are an
integral part of these consolidated
financial statements.
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Consolidated cash flow statement
in CHF 1 000 Note 2008 2007
Operating profit EBIT 56 802 47 603
Depreciation on property, plant and equipment 10 9 041 8 364
Depreciation on intangible assets 11 2 359 1 766
Loss on sale of participation 27 704 0
Interest received 23 257 368
Interest paid 24 –1 900 –1 290
Income tax paid 19 –16 941 –8 024
Change in valuation adjustments on trade receivables 7 82 354
Change in valuation adjustments on inventories 9 –712 –480
Change in pension fund assets 20 –18 –508
Change in provisions 18 567 166
Cash flow before changes in net current assets 50 241 48 319
Change in receivables 7 –11 849 3 099
Change in inventories and construction contracts 9 –7 273 –6 331
Change in liabilities and accrued expenses 13,14,15 13 599 –5 818
Cash flow from operating activities 44 718 39 269
Cash flow from investing activities
Investing in property and plant 10 –10 657 –6 922
Divesting in property and plant 10 3 2
Investing in machinery and vehicles 10 –7 868 –15 373
Divesting in machinvery and vehicles 10 305 431
Investing in intangible assets 11 –3 258 –4 926
Divesting in intangible assets 11 0 15
Earn out payments 14,18 0 –3 236
Acquisition of subsidiaries (net of cash acquired) 26 0 –3 571
Acquisition of minority interest 26 –3 678 0
Disposal of subsidiaries (net of cash disposed of) 27 2 215 0
Transactions with treasury shares –10 575 218
Cash flow from investing activities –33 513 –33 362
Cash flow from financing activities
Proceeds from financial liabilities 12 2 987 13 476
Repayments of financial liabilities 12 –2 419 –71
Repayments of financial loans 16 –36 –1 022
Proceeds from loan of disposal of subsidiaries 27 1 500 0
Dividends paid to Company's shareholders 25 –13 721 –12 750
Dividends paid to minority interests –450 –450
Cash flow from financing activities –12 139 –817
Currency translation differences –1 230 469
Net change in cash and cash equivalents –2 164 5 559
Statement of cash positions:
Cash and cash equivalents as at 1 January 18 580 13 021
Cash and cash equivalents as at 31 December 16 416 18 580
Net change in cash and cash equivalents –2 164 5 559