ANNUAL REPORT 2018

Consolidated Statement of Cash Flows

for the 2018 financial year (January 1 to December 31, 2018)

2018

2017

Note

in CHF 1 000

in CHF 1 000

Net income of the Feintool Group

30 478

27 743

Depreciation and amortization

17, 18

42 199

36 937

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

6, 7

-472

-26

Increase/(decrease) in provisions and valuation allowances

4 469

-1 968

(Increase)/decrease in deferred taxes

1 676

-86

Other non-cash changes

-871

218

Income taxes

10

13 524

12 359

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

91 003

75 177

Increase/decrease in:

Accounts receivables

13

10 164

-24 708

Inventories and net contract assets

14, 15

-18 790

-12 552

Prepaid and accrued expenses and income

16, 22

-7 694

9 822

Accounts payables

21

-2 066

2 788

Other net working capital (NWC)

5 679

427

Income taxes paid

-12 308

-12 459

Cash flows from operating activities

65 988

38 495

Investments in property, plant and equipment

17

-81 352

-50 308

Disposals of property, plant and equipment

17

2 705

1 494

Investments in intangible assets

18

-3 030

-3 547

Disposals of intangible assets

18

86

27

Increase in financial assets

-171

Decrease in financial assets

139

133

Purchase of consolidated investments net of cash

2

-39 566

-24 723

Cash flows from investing activities

-121 018

-77 095

Free cash flow

-55 030

-38 600

2018

2017

Note

in CHF 1 000

in CHF 1 000

Capital increase

50 835

Transaction costs for capital increase

-838

Dividends paid

-8 924

-8 923

Purchase of treasury shares

-2 062

-785

Sale of treasury shares

992

831

Borrowing of interest-bearing liabilities

74 800

14 472

Repayment of financial lease liabilities

-23 627

-9 967

Repayment of interest-bearing liabilities

-53 941

-1 667

Cash flows from financing activities

37 235

-6 039

Increase/(decrease) in cash and cash equivalents

-21 512

-40 368

Cash and cash equivalents at the beginning of the period

52 384

92 752

Translation differences

-3 717

4 271

Cash and cash equivalents at the end of the period

30 872

52 384

Interest paid

-3 133

-2 605

Interest received

52

75

New finance leasing contracts were concluded for kCHF 16 337 (previous year kCHF 10 809) during the financial year.