Consolidated cash flow statement

 
2018
CHF
Restated
2017
CHF
  01.01.18 – 30.06.18 01.01.17 – 30.06.17
Net profit –2,197,579 13,984,884
Depreciation of fixed assets and amortisation of intangible assets 7,269,124 5,916,798
Impairment of shareholdings 2,849,490 0
Currency effect on the Lithuania sale 3,017,328 0
Net interest expense 325,640 632,839
Other non-cash adjustments –380,803 –538,037
Change in long-term provisions 472,271 633,848
Accounting losses (profits) from sales of fixed assets 101,344 –16,658
Income from associates and joint ventures 298,421 –219,360
Cash flow from operating activities before changes in working capital 11,755,236 20,394,313
As % of net sales revenue 4.17% 6.74%
 
Change in accounts receivables 5,145,952 –23,830,894
Change in accounts receivables from related parties –10,446,434 –2,659,980
Change in accounts receivables from associated parties –1,904,248 –740,625
Change in other short-term receivables –4,390,079 –9,441,468
Change in other short-term receivables from related parties 0 –4,861
Change in inventories –25,770,468 –9,976,894
Change in prepayments 1,352,828 –4,164,792
Change in liabilities from deliveries and services –19,761,874 –4,672,584
Change in other short-term liabilities –236,308 4,202,386
Change in other short-term liabilities to related parties 1) –69,689,751 –8,038,238
Change in deferred income –360,156 1,690,826
Change in net current assets –126,060,538 –57,637,123
 
Cash flow from operating activities –114,305,302 –37,242,810
In % of net sales revenue –40.59% –12.32%
 
Investments in fixed assets –19,298,814 –30,708,737
Divestments of fixed assets 24,261 27,823
Investments in intangible assets –340,055 –198,943
Investments in/divestment of long-term financial assets –378,949 22,029
Net cash flow from the purchase (-) / sale (+) of investments 2) –31,661,208 0
Interest and dividends received 230 670
Cash flow from investing activities –51,654,534 –30,857,157
 
Free cash flow –165,959,836 –68,099,967
In % of net sales revenue –58.94% –22.52%
 
Change in short-term financial liabilities –961,805 –6,789,179
Change in long-term financial liabilities 131,240,610 –31,589,574
Additions/disposals of minority interests in capital and profit 0 –40,486
Mandatory convertible bond 0 87,485,000
Capital increase 0 –1,420,881
Change in capital of subsidiaries 0 18,750
Sale (purchase) of treasury shares net cash flow 3,329,006 –1,745,768
Interest paid –4,382,801 –1,791,071
Dividend payments –5,598,980 –5,336,891
Cash flow from financing activities 123,626,029 38,789,899
 
Currency translation –61,241 –56,701
Net change in cash and cash equivalents –42,395,047 –29,366,769
 
Cash and cash equivalents at 1 January 63,860,406 67,707,898
Cash and cash equivalents at 30 June 21,465,358 38,341,129

1) Purchase price payment Pharmalys Laboratories SA
2) Acquisition of Bimbosan AG and sale of HOCHDORF Baltic Milk UAB