Consolidated Cash Flow Statement

Consolidated Cash Flow Statement1

million CHF

 

Notes2

 

2018

 

32017

 

 

 

 

 

 

 

1

For the year ended 31 December

2

See accompanying notes to the consolidated financial statements

3

Restated to reflect adoption of IFRS 15 (see note 1)

4

Includes direct attributable expenses associated with the rights offering of CHF 99 million

5

Includes dividends of CHF 1 million (2017: CHF 1 million) paid to minority shareholders of a subsidiary

6

Includes exchange rate impact on USD cash balances to finance the Capsugel acquisition (resulting from the CHF proceeds from the capital increases, subsequently converted to USD)

Profit for the period

 

 

 

563

 

709

 

 

 

 

 

 

 

Adjustments for non-cash items:

 

 

 

 

 

 

– Income taxes

 

 

 

146

 

(150)

– Net financing costs

 

 

 

43

 

142

– Share of loss of associates / joint ventures

 

 

 

2

 

0

– Depreciation of property, plant and equipment (excl. impairment)

 

7

 

333

 

285

– Amortization of intangibles

 

6

 

193

 

126

– Reversal of impairment

 

7

 

0

 

(2)

– Impairment losses on property, plant, equipment and intangibles

 

4, 6, 7

 

77

 

21

– Goodwill impairment

 

 

 

85

 

0

– Increase in provisions

 

14

 

61

 

58

– Increase in employee benefit liability

 

 

 

(3)

 

5

– Loss on disposal of property, plant and equipment

 

 

 

8

 

6

– Amortization of other liabilities / assets

 

 

 

(33)

 

(9)

– Share-based payments

 

25

 

29

 

29

– Recycling of accumulated foreign exchange losses

 

5.4

 

0

 

35

– Gain from Guangzhou (CN) land transaction

 

 

 

0

 

(74)

 

 

 

 

 

 

 

Income taxes paid

 

 

 

(143)

 

(102)

Interest paid

 

 

 

(82)

 

(62)

Total before change in net working capital

 

 

 

1,279

 

1,017

 

 

 

 

 

 

 

Increase in inventories

 

 

 

(207)

 

(22)

Increase in trade receivables

 

 

 

(5)

 

(45)

Increase trade payables

 

 

 

77

 

35

(Increase) / decrease other net working capital

 

 

 

106

 

(9)

Use of provisions

 

14

 

(45)

 

(28)

Decrease in other payables, net

 

 

 

(123)

 

(107)

Net cash provided by operating activities

 

 

 

1,082

 

841

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

7

 

(528)

 

(427)

Purchase of intangible assets

 

6

 

(47)

 

(24)

Acquisition of subsidiaries, net of cash acquired

 

5

 

(28)

 

(3,310)

Disposal of subsidiaries, net of cash disposed of

 

 

 

(1)

 

0

Purchase of unconsolidated investments

 

 

 

(11)

 

0

Proceeds from unconsolidated investments

 

 

 

1

 

0

Proceeds from disposal of assets held for sale

 

 

 

0

 

20

Capitalized contract costs

 

 

 

(1)

 

(21)

Proceeds from sale of other assets

 

 

 

2

 

0

Increase in loans and advances

 

 

 

(41)

 

0

Interest received

 

 

 

1

 

10

Dividends received

 

 

 

1

 

4

Net cash used for investing activities

 

 

 

(652)

 

(3,748)

 

 

 

 

 

 

 

Increase of capital

 

26

 

0

 

43,024

Repayment of straight bond

 

15

 

(340)

 

0

Proceeds from German private placements

 

15

 

0

 

1,085

Issue of term loans

 

15

 

0

 

955

Issue of straight bond

 

15

 

0

 

235

Issue of syndicated loan

 

15

 

29

 

225

Repayment of syndicated loan

 

15

 

0

 

(100)

Proceeds from acquisition bridge financing

 

15

 

0

 

1,380

Repayment of acquisition bridge financing

 

15

 

0

 

(1,399)

Repayment of acquired Capsugel debt

 

15

 

0

 

(1,952)

Repayment of US private placement

 

15

 

0

 

(156)

Increase in other debt

 

15

 

152

 

73

Increase in other non-current liabilities

 

 

 

30

 

66

Decrease in other non-current liabilities

 

 

 

(1)

 

(9)

Dividends paid5

 

27

 

(206)

 

(160)

Purchase of treasury shares

 

 

 

(77)

 

(71)

Sale of treasury shares

 

 

 

0

 

3

Net cash provided by / (used for) financing activities

 

 

 

(413)

 

3,199

 

 

 

 

 

 

 

Effect of currency translation on cash

 

 

 

(14)

 

6(87)

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

 

 

3

 

205

Cash and cash equivalents at 1 January

 

 

 

479

 

274

Cash and cash equivalents at 31 December

 

 

 

482

 

479

 

 

 

 

 

 

 

Cash and cash equivalents classified as held for sale

 

5.2

 

(21)

 

0

Cash and cash equivalents at 31 December (as reported)

 

 

 

461

 

479