Consolidated Statement of Cash Flows

Consolidated Statement of Cash Flows
CHF million Note 2008 2009
Profit before interest and tax (EBIT)   1,001 1,064
Adjustments for:      
Own work capitalised 1, 8 – 68 – 79
Depreciation, amortisation and impairment 4 280 481
Movements in provisions   – 187 – 120
Gain / loss on sale of non-current assets   – 5 – 4
Non-cash gains and losses on investments in associates and joint ventures credited / charged to energy costs 11 66 78
Non-cash change in other non-current and current payables 20, 21 – 25 – 160
Other non-cash income and expenses   9 14
Share of profit of associates 11 – 96 – 77
Dividends received from associates and financial investments   48 57
Interest paid   – 57 – 97
Interest received   39 2
Other finance costs   – 19 – 15
Other finance income   5 7
Income tax paid   – 120 – 273
Changes in working capital (excl. current financial assets / liabilities)   – 173 158
Net cash flows from operating activities   698 1,036
Property, plant and equipment and intangible assets      
Purchases 8, 9 – 443 – 624
Proceeds from sale   15 27
Subsidiaries      
Acquisitions 28 – 150 – 550
Associates      
Acquisitions 11 – 476 – 20
Proceeds from disposal 11 5 5
Long-term financial investments      
Purchases 12 – 14 – 31
Proceeds from sale / repayments 12 13 7
Change in term deposits   – 181 – 125
Purchases / proceeds from sale of current asset investments   – 4 – 16
Net cash flows used in investing activities   – 1,235 – 1,327
Dividends paid     – 218
Reduction in par value   – 216  
Dividends paid to minority interests   – 7 – 5
Capital contribution from minority interests   45  
Proceeds from borrowings   1,278 2,631
Repayment of borrowings   – 543 – 1,708
Net cash flows from / (used in) financing activities   557 700
Effect of exchange rate changes   – 43 5
Change in cash and cash equivalents   – 23 414
Analysis:      
Cash and cash equivalents at 1 January   973 950
Cash and cash equivalents at 31 December   950 1,364
Change   – 23 414
       

Free cash flow

Free cash flow
CHF million   2008 2009
Net cash flows from operating activities   698 1,036
Capital expenditure on replacement assets   – 181 – 202
Proceeds from sale of property, plant and equipment and intangible assets   15 27
Free cash flow   532 861
       

2008: figures of the former Atel Group excluding EOS and Emosson.