ANNUAL REPORT 2017

Consolidated Statement of Cash Flows

for the 2017 financial year (January 1 to December 31, 2017)

2017

2016

Note

in CHF 1 000

in CHF 1 000

Net income of the Feintool Group

27 743

32 062

Depreciation and amortization

17, 18

36 937

34 646

(Gain)/loss on disposal of property, plant and equipment

6, 7

-26

-204

Increase/(decrease) in provisions and valuation allowances

-1 968

1 076

(Increase)/decrease in deferred taxes

-86

3 203

Other non-cash changes

218

-4 623

Income Taxes

10

12 359

13 171

Cash flows from operating activities before change in net working capital (NWC)

75 177

79 331

Increase/decrease in:

Trade and other receivables

13

-24 708

-665

Inventories

14

-12 552

-85

Prepaid and accrued expenses and income

16, 22

9 822

1 697

Trade and other payables

21

2 788

5 841

Other net working capital (NWC)

427

-5 045

Income taxes paid

10

-12 459

-6 941

Cash flows from operating activities

38 495

74 133

Investments in property, plant and equipment

17

-50 308

-57 838

Disposals of property, plant and equipment

17

1 494

832

Investments in intangible assets

18

-3 547

-3 348

Disposals of intangible assets

18

27

11

Increase in financial assets

-171

-261

Decrease in financial assets

133

1 214

Purchase of consolidated investments net of cash

2

-24 723

Cash flows from investing activities

-77 095

-59 390

Free cash flow

-38 600

14 743

Dividends paid

-8 923

-6 686

Purchase of treasury shares

-785

-508

Sale of treasury shares

831

754

Borrowing of interest-bearing liabilities

12 228

91 166

Repayment of interest-bearing liabilities

-9 390

-37 269

Cash flows from financing activities

-6 039

47 457

Increase/(decrease) in cash and cash equivalents

-40 368

61 201

Cash and cash equivalents at the beginning of the period

92 752

31 550

Translation differences

4 271

-999

Cash and cash equivalents at the end of the period

52 384

92 752

Interest paid

-2 605

-1 780

Interest received

75

108

New finance leasing contracts were concluded for kCHF 10 809 (previous year kCHF 15 519) during the financial year.