Consolidated Statements of Cashflows

  Note 2015 2014
    MCHF MCHF
Cash provided by operating activities      
Net income   422.4 498.6
Depreciation and amortization 9/11 133.4 80.2
Financial result, net 24 23.5 1.7
Income tax expenses 25 52.4 76.6
Other non-cash income and expenses   22.6 18.1
Operating cashflow before changes in net working capital and taxes   654.3 675.2
Income taxes paid   -82.6 -64.5
Changes in trade accounts receivable   20.8 -2.6
Changes in inventories   9.7 -35.0
Changes in trade accounts payable   -17.2 0.5
Changes in other positions of net working capital   27.1 1.9
Net cash from/used (-) in operating activities   612.1 575.5
       
Cash from/used (-) in investing activities      
Acquisitions of subsidiaries, net 2 -1,185.4 0.0
Purchase of property, plant & equipment and intangible assets 9/11 -147.3 -104.8
Proceeds from sale of property, plant & equipment and intangible assets   6.3 2.5
Marketable securities, net   0.0 73.1
Interest received   1.3 3.2
Other, net   -0.1 -0.3
Net cash from/used (-) in investing activities   -1,325.2 -26.3
       
Cash from/used (-) in financing activities      
Proceeds from borrowings 2/14 1,985.5 0.0
Repayments of borrowings 2/14 -1,033.6 -4.2
Interest paid   -3.5 0.0
Distribution   -310.7 -282.0
Share buyback program   -159.8 -37.4
Purchase (-) /Sale of treasury shares   -44.5 -4.5
Financing cost paid   -14.5 0.0
Other, net   -1.2 -8.9
Net cash from/used (-) in financing activities   417.7 -337.0
       
Effects of exchange rates on cash and cash equivalents   5.3 -0.6
Net increase/decrease (-) in cash and cash equivalents   -290.1 211.6
       
Cash and cash equivalents at beginning of year   749.7 538.1
Cash and cash equivalents at end of year   459.6 749.7

The accompanying  Notes are an integral part of the consolidated financial statements.

For further cashflow figures see  Note 28