Consolidated cash flow statements
(for the years ended December 31, 2009 and 2008)
| The accompanying notes form an integral part of these consolidated financial statements. | |||
| In CHF'000 | Notes | 2009 | 2008 |
| Net income/(loss) for the year | 51 091 | -6 995 | |
| Adjustments for: | |||
| Current and deferred income tax | 9 432 | 903 | |
| Interest expense and other finance income/(expense), net | 3 216 | 4 175 | |
| Allocation of the equity conversion component and transaction costs of convertible bond | 5 703 | 5 551 | |
| Depreciation, amortization and impairment | 9 | 64 498 | 73 674 |
| Change in fair value of financial assets at fair value through profit or loss | 231 | 2 027 | |
| Share of result of associates | 17 | -1 275 | -10 413 |
| Dividends received from associated companies | 17 | 780 | 8 750 |
| Non-cash employee benefits expense | 10 756 | 6 305 | |
| Other non cash income/expenses | -9 653 | 3 263 | |
| 134 779 | 87 240 | ||
| Change in inventories | 19 267 | -6 994 | |
| Change in trade accounts receivable | 60 844 | -106 148 | |
| Change in trade accounts payable | -38 387 | 45 240 | |
| Change in deferred costs (short and long term portions) | -58 821 | -18 337 | |
| Change in other net current working capital headings | 26 816 | 15 443 | |
| Interest paid | -7 803 | -9 642 | |
| Interest received | 1 548 | 6 509 | |
| Income tax paid | -3 060 | -20 679 | |
| Cash flow from operating activities | 135 183 | -7 368 | |
| Purchases of intangible fixed assets | -23 395 | -28 832 | |
| Purchases of tangible fixed assets | -27 861 | -60 714 | |
| Proceeds from sales of tangible and intangible fixed assets | 1 438 | 1 961 | |
| Investment in financial assets | -58 710 | -7 594 | |
| Divestment of financial fixed assets and loan reimbursement | 17 198 | 22 970 | |
| Acquisition of subsidiaries, cash outflow | 37 | -132 150 | -34 786 |
| Disposal of associated companies | – | 10 494 | |
| Acquisition of associated companies | -741 | -4 062 | |
| Cash flow used in investing activities | -224 221 | -100 563 | |
| Change in bank overdrafts, long term loans and other non-current liabilities | 62 043 | 105 817 | |
| Proceeds from employee share purchase program | 41 | 148 | 395 |
| Increase of capital in a subsidiary by minority interest | – | 1 168 | |
| Cash received from exercise of stock options | 243 | 19 | |
| Dividends paid to minority interest | -86 | -37 | |
| Dividends paid to shareholders | 40 | -7 921 | -15 703 |
| Cash flow from financing activities | 54 427 | 91 659 | |
| Effect of foreign exchange rate changes on cash and cash equivalents | -3 069 | -14 049 | |
| Net increase / (decrease) in cash and cash equivalents | -37 680 | -30 321 | |
| Cash and cash equivalents at the beginning of the year | 24 | 247 819 | 278 140 |
| Cash and cash equivalents at the end of the year | 24 | 210 139 | 247 819 |
| Net increase / (decrease) in cash and cash equivalents | -37 680 | -30 321 | |
The accompanying notes form an integral part of these consolidated financial statements.