AnnuAl RepoRt 2011
AnnuAl RepoRt 2011
AnnuAl RepoRt 2011
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22<br />
consolIdated stateMent oF cash Flows For the year ended deceMber 31, <strong>2011</strong><br />
in CHF 1 000 <strong>2011</strong> 2010<br />
Income before tax 114 253 75 686<br />
Depreciation, amortization and provisions 20 282 13 387<br />
(Gain) / loss on sales of fixed assets, net (3 824) (6 185)<br />
Interest on shareholders loan (205) (200)<br />
Working capital changes, net (35 917) (21 517)<br />
Gain on sale of excess precious metals inventory (19 190) (19 733)<br />
Restructuring Costs 788 7 342<br />
Income tax paid (35 609) (11 935)<br />
Cash flows from operating activities 40 578 36 845<br />
Purchase of subsidiaries (54 410) (7 264)<br />
Purchase of fixed assets (15 355) (15 171)<br />
Proceeds from the sale of fixed assets 9 658 14 208<br />
Proceeds from the sale of excess precious-metals inventory 59 795 43 968<br />
Shareholders loans 501 (11 180)<br />
Proceeds from the sale of / (acquisition of) intangible assets (73) (131)<br />
Purchase of precious-metals inventory (1 997) (13 693)<br />
Payment of restructuring expenses (1 241) (10 366)<br />
Cash flows from investing activities (3 122) 371<br />
Change in short-term borrowings 12 032 8 580<br />
Increase 29 525 17 493<br />
Decrease (17 493) (8 913)<br />
Change in long-term borrowings 37 704 –<br />
Increase 37 704 –<br />
Sale of capital contribution warrants to shareholders – 1 640<br />
Cash flows from financing activities 49 736 10 220<br />
Effects of exchange rate changes on cash and cash equivalents 568 (7 407)<br />
Change in cash and cash equivalents 87 760 40 029<br />
Cash and cash equivalents, at beginning of year 106 107 66 078<br />
CASH AND CASH EQUIVAlENTS, AT END oF YEAR 193 867 106 107
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