Consolidated cash flow statements (for the years ended December 31, 2008 and 2007)
| In CHF'000 | Notes | 2008 | 2007 |
|---|---|---|---|
| Net income/(loss) for the year | -6 995 | 67 448 | |
| Adjustments for: | |||
| Current and deferred income tax | 903 | 14 938 | |
| Interest expense and other finance income/(expense), net | 4 175 | -228 | |
| Allocation of the equity conversion component and transaction costs of convertible bonds | 5 551 | 5 405 | |
| Depreciation, amortization and impairment | 9 | 73 674 | 49 511 |
| Change in fair value of financial assets at fair value through profit or loss | 2 027 | -187 | |
| Share of result of associates | 17 | -10 413 | -2 465 |
| Dividends received from associated companies | 17 | 8 750 | 1 229 |
| Non-cash employee benefits expense | 6 305 | 9 439 | |
| Net gain on sale of subsidiary | - | 92 | |
| Net cash paid and received on subsidiary share based payment | - | -169 | |
| Other non cash income/expenses | 3 263 | 1 710 | |
| 87 240 | 146 723 | ||
| Change in inventories | -6 994 | -32 660 | |
| Change in trade accounts receivable | -106 148 | -8 034 | |
| Change in trade accounts payable | 45 240 | -6 483 | |
| Change in deferred costs (short and long term portions) | -18 337 | -2 096 | |
| Change in other net current working capital headings | 15 443 | -18 253 | |
| Interest paid | -9 642 | -6 401 | |
| Interest received | 6 509 | 12 969 | |
| Income tax paid | -20 679 | -21 323 | |
| Cash flow from operating activities | -7 368 | 64 442 | |
| Purchases of intangible fixed assets | -28 832 | -33 878 | |
| Purchases of tangible fixed assets | -60 714 | -56 528 | |
| Proceeds from sales of tangible and intangible fixed assets | 1 961 | 2 625 | |
| Investment in financial assets | -7 594 | -12 081 | |
| Divestment of financial fixed assets and loan reimbursement | 22 970 | 34 583 | |
| Disposal of subsidiaries, cash inflow | 37 | - | 1 709 |
| Acquisition of subsidiaries, cash outflow | 38 | -34 786 | -128 678 |
| Disposal of associated companies | 10 494 | - | |
| Acquisition of associated companies | -4 062 | - | |
| Cash flow used in investing activities | -100 563 | -192 248 | |
| Change in bank overdrafts, long term loans and other non-current liabilities | 105 817 | 2 058 | |
| Proceeds from employee share purchase program | 42 | 395 | 277 |
| Increase of capital in a subsidiary by minority interest | 1 168 | - | |
| Cash received from exercise of stock options | 19 | 2 703 | |
| Dividends paid to minority interest | -37 | -85 | |
| Dividends paid to shareholders | 41 | -15 703 | -31 258 |
| Cash flow used in/from financing activities | 91 659 | -26 305 | |
| Effect of foreign exchange rate changes on cash and cash equivalents | -14 049 | -11 756 | |
| Net increase (decrease) in cash and cash equivalents | -30 321 | -165 867 | |
| Cash and cash equivalents at the beginning of the year | 24 | 278 140 | 444 007 |
| Cash and cash equivalents at the end of the year | 24 | 247 819 | 278 140 |
| Net increase (decrease) in cash and cash equivalents | -30 321 | -165 867 |
The accompanying notes form an integral part of these consolidated financial statements.