Consolidated cash flow statement

  Explanations in the notes 

2020

TCHF

2019
TCHF
Adjusted1

  1.1.20 – 31.12.20 1.1.19– 31.12.19
Net profit –70,274 –271,378
Depreciation of fixed assets and amortisation of intangible assets 6) 8)82,911 51,599
Profit from sale of subsidiaries –1,170 139,001
Currency effect on sale of subsidiaries 252 302
Net interest expense 5,494 6,951
Other non-cash adjustments 2,335 4,966
Change in provisions 14)–8,107 33,486
Accounting losses (profits) from sales of fixed assets 5 341
Income from associates and joint ventures –350 –89
Cash flow from operating activities before changes in working capital 11,097 –34,821
As % of net sales revenue 3.62% –7.62%
     
Change in accounts receivables 3)–15,205 2,333
Change in other receivables and accrued income 3) 5)–8,337 22,684
Change in inventories 4)3,899 19,401
Change in trade payables 9)–5,503 –17,577
Change in other liabilities and deferred income 11) 12)2,723 –7,450
Change in net current assets –22,422 19,391
   
Cash flow from operating activities –11,325 –15,430
As % of net sales revenue –3.70% –3.38%
     
Investments in fixed assets –2,785 –8,449
Divestments of fixed assets 25 –91
Investments in intangible assets –793 –186
Investments in/divestment of long-term financial assets 02,909
Net cash flow from the purchase (-) / sale (+) of subsidiaries 3) 27)32,218 37,541
Interest and dividends received 0 11
Cash flow from investing activities 28,665 31,736
     
Free cash flow 34)17,339 16,306
As % of net sales revenue 5.66% 3.57%
 
Change in short-term financial liabilities –7,015 8,309
Change in long-term financial liabilities –7,169 –18,709
Change in minority interests in capital and profit –38 –17
Change in mandatory convertible bond 2 –1,195 644
Change in capital of subsidiaries 0 38
Sale (purchase) own shares net cash flow 0 235
Interest paid –9,501 –17,319
Cash flow from financing activities –24,919 –26,818
     
Currency translation –210 –71
Net change in cash and cash equivalents –7,790 –10,583
     
Cash and cash equivalents at 1 January 20,201 30,784
Cash and cash equivalents at 31 December 12,411 20,201
  1. Previous year's figures adjusted due to the change in the valuation principles for the hybrid bond (see also the notes to the annual financial statements of HOCHDORF Group  "Principles of consolidation" and note 15) / separate presentation of cash and cash equivalents and securities in 2019
  2. Cash drain due to the emissions fee to be paid