Consolidated cash flow statement

  2017
CHF
2016
CHF
  01.01.17 – 30.06.17 01.01.16 – 30.06.16
Net profit incl. minority interests 12,827,322 11,038,903
Depreciation of tangible and intangible assets 5,916,798 5,338,339
Net interest expense 1,790,401 470,131
Other non-cash items –538,037 67,139
Change in long-term provisions 633,848 455,490
Accounting losses (profits) from sales of fixed assets –16,658 4,278
Income from associates and joint ventures –219,360 –180,939
Cash flow from operating activities before changes in net working capital 20,394,313 17,193,341
As % of net sales revenue 6.74 % 6.30 %
     
Change in accounts receivable –23,830,894 –939,301
Change in accounts receivable from related parties –2,659,980 –2,996,201
Change in accounts receivable from associated parties –740,625 0
Change in other current receivables –9,441,468 –3,062,466
Change in other current receivables from related parties –4,861 0
Change in inventories –9,976,894 –19,524,372
Change in accrued income –4,164,792 –2,026,712
Change in trade payables –4,672,584 –7,095,333
Change in other short-term financial liabilities 4,202,386 –625,256
Change in other short-term financial liabilities to related parties –8,038,238 344,299
Change in accrued liabilities and deferred income 2,857,070 1,684,935
Change in net current assets –56,470,880 –34,240,408
   
Cash flow from operating activities –36,076,567 –17,047,067
As % of net sales revenue –11.92 % –6.25 %
     
Investments in tangible assets –30,708,737 –11,432,255
Divestments of tangible assets 27,823 532,704
Investments in intangible assets –198,943 –98,504
Divestments of non-current financial assets 22,029 873
Interest and dividends realized from financial assets 670 8
Cash flow from investing activities –30,857,157 –10,997,174
   
Free cash flow –66,933,723 –28,044,241
As % of net sales revenue –22.12 % –10.28 %
     
Change in short-term financial liabilities –7,955,423 4,579,631
Change in long-term financial liabilities –31,589,574 14,956,036
Additions/disposals of minority interests in capital and profit –40,486 0
Mandatory convertible bond 87,485,000 0
Capital increase –1,420,881 –49,884
Change in capital of subsidiaries 18,750 0
Sale (purchase) of treasury shares net cash flow –1,745,768 –515,690
Interest paid –1,791,071 –470,139
Dividend paid to shareholders –5,336,891 –5,216,023
Cash flow from financing activities 37,623,655 13,283,932
     
Impact of currency translation –56,692 24,964
Net change in cash and cash equivalents –29,366,760 –14,735,345
     
Cash and cash equivalents at 1 January 67,707,898 43,023,224
Cash and cash equivalents at 30 June 38,341,138 28,287,879