Rapport annuel 2018

86 | Galenica financial statements 2018 Finance Consolidated statement of cash flows Consolidated statement of cash flows in thousand CHF 2018 2017 Net profit 147,664 118,866 Income taxes (36,755) 21,046 Depreciation and amortisation 40,991 40,189 (Gain)/loss on disposal of non-current assets (111) (57) (Gain)/loss on disposal of assets held for sale — (5,164) (Gain)/loss on disposal of subsidiaries — (2,890) Increase/(decrease) in provisions and employee benefit liabilities 39,503 1,651 Net financial result 2,116 1,856 Share of profit of associates and joint ventures (6,999) (4,448) Other non-cash items 5,632 4,707 Change in trade and other receivables 18,057 (971) Change in inventories 1,838 (68) Change in trade and other payables (64) (54,146) Change in other net current assets (27,291) 37,614 Interest received 1,018 348 Interest paid (2,345) (1,635) Other financial receipts/(payments) (145) 257 Dividends received 3,731 3,204 Income taxes paid (13,290) (15,960) Cash flow from operating activities 173,550 144,399 Investments in property, plant and equipment (26,962) (28,046) Investments in intangible assets (20,490) (25,986) Investments in associates and joint ventures (2,259) — Investments in financial assets (4,950) (3,018) Proceeds from property, plant and equipment and intangible assets 995 818 Proceeds from financial assets 3,823 3,650 Proceeds from assets held for sale — 39,625 Purchase of subsidiaries (net cash flow) (37,739) (35,758) Sale of subsidiaries (net cash flow) — 3,220 Cash flow from investing activities (87,582) (45,495) Dividends paid (81,145) — Purchase of treasury shares (304) (41,229) Proceeds from sale of treasury shares 2,930 2,104 Proceeds from net financial liabilities to Vifor Pharma Group — 3,865 Repayment of a loan to Vifor Pharma Group — (360,000) Proceeds from financial liabilities 6,182 751,661 Repayment of financial liabilities (4,887) (367,802) Purchase of non-controlling interests (59) (239) Cash flow from financing activities (77,283) (11,640) Effects of exchange rate changes on cash and cash equivalents (2) 4 Increase in cash and cash equivalents 8,683 87,268 Cash and cash equivalents as at 1 January 1) 96,287 9,019 Cash and cash equivalents as at 31 December 1) 104,970 96,287 1) Cash and cash equivalents include cash, sight deposits at financial institutions and time deposits with an original term of three months or less. Cash and cash equivalents are measured at nominal value.