Consolidated statement of cash flows


CHF million	January – June 2021	January – June 2020
Net result	25.5	–54.9
Dividend income	–0.5	–0.6
Interest income	–1.2	–0.8
Interest expenses	11.9	13.2
Income tax expenses	8.7	–2.4
Depreciation, amortization and impairment	60.8	63.0
Share of profit of associated companies	–1.6	–1.0
Loss from disposal of tangible assets, net	0.1	–
Other non-cash income and expenses¹	–0.3	20.1
Change in net working capital	–6.4	–24.8
Change in post-employment benefit assets and liabilities	1.4	0.3
Change in non-current provisions	–1.1	0.9
Change in other non-current assets	0.9	5.6
Change in other non-current liabilities	–0.3	0.8
Dividends received	2.1	1.0
Interest received	1.1	0.7
Interest paid	–11.8	–12.5
Income taxes paid	–12.7	–7.8
Cash flows from operating activities	76.5	0.9
Investments in tangible assets	–10.0	–15.9
Investments in intangible assets	–0.3	–0.3
Investments in financial assets	–0.4	–0.2
Proceeds from disposal of tangible assets	0.5	0.6
Proceeds from disposal of financial assets	0.2	0.5
Proceeds from disposal of subsidiary or business²	0.6	0.4
Cash flows used in investing activities	–9.4	–14.9
Dividends paid to non-controlling interests	–13.0	–5.1
Purchase of treasury shares	–	–1.6
Proceeds from borrowings	5.6	282.8
Repayment of borrowings	–261.7	–114.0
Cash flows (used in)/from financing activities	–269.1	162.0
Currency translation adjustment	4.2	–8.1
Change in cash and cash equivalents	–197.7	140.0
Cash and cash equivalents at beginning of the period	322.0	98.7
Cash and cash equivalents at end of the period	124.2	238.7

¹ In the first half-year 2020, mainly foreign currency revaluation effects.
² Deferred purchase price payments from transactions in previous periods.
The accompanying notes are part of the condensed consolidated semi-annual financial statements.