Consolidated cash flow statements for the years ended December 31, 2007 and 2006

In CHF’000 Notes 2007 2006
Net income for the year attributable to equity holders of the company 66 096 136 044
Adjustments for:
Current and deferred income tax 14 938 11 766
Interest expense and other finance income/(expense), net -228 -11 257
Allocation of the equity conversion component and transaction costs
of convertible bonds		 5 405 5 262
Depreciation, amortization and impairment 49 511 37 955
Change in fair value of financial assets at fair value through profit or loss -187 4 863
Share of result of associates -2 465 -3 231
Dividends received from associated companies 1 229 1 879
Minority interest in net income 1 352 2 486
Non-cash employee benefits expenses 9 439 7 932
Net gain on sale of subsidiary 92 -59 083
Net cash paid and received on subsidiary share based payment -169 -
Other non cash income/expenses 1 710 -424
146 723 134 192
Change in inventories -32 660 -7 179
Change in trade accounts receivable -8 034 -56 693
Change in trade accounts payable -6 483 13 503
Change in other net current working capital headings -20 349 23 163
Interest paid -6 401 -6 347
Interest received 12 969 11 282
Income tax paid -21 323 -14 742
Cash flow from operating activities 64 442 97 179
Purchases of intangible fixed assets -33 878 -21 968
Purchases of tangible fixed assets -56 528 -47 348
Proceeds from sales of tangible and intangible fixed assets 2 625 1 602
Investment in financial assets -12 081 -23 682
Divestment of financial fixed assets and loan reimbursement 34 583 2 567
Disposal of subsidiaries, cash inflow/outflow 36 1 709 36 301
Acquisition of subsidiaries, cash outflow 37 -128 678 -11 114
Cash flow used in investing activities -192 248 -63 642
Change in bank overdrafts, long term loans and other non-current liabilities 2 058 -8 035
Proceeds from employee share purchase program 277 113
Cash received from exercise of stock options 2 703 1 556
Dividends paid to minority interest -85 -1 250
Dividends paid to shareholders -31 258 -15 540
Cash flow used in/from financing activities -26 305 -23 156
Effect of foreign exchange rate changes on cash and cash equivalents -11 756 -1 059
Net increase (decrease) in cash and cash equivalents -165 867 9 322
Cash and cash equivalents at the beginning of the year 444 007 434 685
Cash and cash equivalents at the end of the year 278 140 444 007
Net increase (decrease) in cash and cash equivalents -165 867 9 322

The accompanying notes form an integral part of these consolidated financial statements.