Consolidated cash flow statement

 

2014

 

2013

in CHF million

 

 

Cash flow from operating activities

 

 

Profit before tax

 

463.3

 

461.7

 

 

Reclassifications to investing and financing activities (affecting cash)

 

 

Realised gains and losses on property, equipment and intangible assets

 

– 1.0

 

– 3.7

Realised gains and losses on sale of affiliated and associated companies

 

-

 

– 14.7

Dividends from associates

 

– 0.5

 

– 0.5

 

 

 

Adjustments

 

 

Depreciation / amortisation of property, equipment and intangible assets

 

114.3

 

42.6

Realised gains and losses on financial instruments and investment property

 

– 213.0

 

– 21.5

Unrealised gains and losses on investments in associates

 

– 0.5

 

0.0

Unrealised gains and losses on investment property

 

– 2.5

 

14.6

Unrealised gains and losses on financial instruments

 

– 148.3

 

– 277.2

Share-based payments for employees

 

– 2.3

 

2.0

Foreign currency gains and losses

 

– 34.3

 

– 2.7

Other income and expenses not affecting cash1

 

42.7

 

52.0

 

 

Change in operating assets and liabilities

 

 

Deferred acquisition costs

 

10.6

 

6.2

Reinsurance assets

 

20.0

 

– 17.1

Actuarial reserves

 

823.2

 

1 891.1

Provisions for future policyholder participation

 

– 17.1

 

29.1

Loss reserves

 

3.1

 

31.0

Unearned premium reserve

 

– 131.8

 

– 14.1

Financial liabilities from insurance business

 

– 57.8

 

– 207.5

Changes in other operating assets and liabilities

 

225.5

 

303.7

 

 

Cash flow from investments and investment property

 

 

Purchase of investment property

 

– 296.1

 

– 234.2

Sale of investment property

 

27.6

 

53.1

Purchase of interest-bearing securities

 

– 3 801.2

 

– 3 937.0

Repayment / sale of interest-bearing securities

 

2 818.7

 

2 901.5

Purchase of shares, investment funds and alternative investments

 

– 979.4

 

– 981.9

Sale of shares, investment funds and alternative investments

 

1 084.1

 

782.4

Purchase of structured products

 

– 14.4

 

– 18.2

Sale of structured products

 

0.5

 

0.1

Purchase of derivatives

 

– 9 130.8

 

– 8 894.4

Sale of derivatives

 

9 096.9

 

8 789.6

Origination of mortgages and loans

 

– 377.3

 

– 538.9

Repayment of mortgages and loans

 

326.1

 

356.0

Purchase of money market instruments

 

– 4 094.5

 

– 5 635.3

Repayment of money market instruments

 

4 489.1

 

5 422.5

Cash flow from operating activities (gross)

 

242.9

 

340.3

 

 

Income taxes paid

 

– 61.0

 

– 77.2

Cash flow from operating activities (net)

 

181.9

 

263.1

 

2 014

 

2 013

in CHF million

 

 

Cash flow from investing activities

 

 

Purchase of property and equipment

 

– 22.2

 

– 12.6

Sale of property and equipment

 

1.7

 

1.8

Purchase of intangible assets

 

– 24.1

 

– 21.7

Sale of intangible assets

 

0.1

 

15.9

Purchase of investments in associates

 

– 0.3

 

-

Sale of investments in associates

 

0.1

 

61.2

Purchase of investments in subsidiaries, net of cash and cash equivalents

 

– 603.5

 

– 20.4

Dividends from associates

 

0.5

 

0.5

Cash flow from investing activities (net)

 

– 647.7

 

24.7

 

 

Cash flow from financing activities

 

 

Increase of share capital

 

– 3.8

 

0.0

Sale of treasury shares

 

13.3

 

2.9

Purchase of treasury shares

 

– 8.0

 

– 4.9

Shareholders’ contributions

 

45.0

 

42.0

Purchase of investments in subsidiaries

 

– 42.0

 

– 36.1

Issuance of preferred securities

 

397.0

 

-

Issuance of debt instruments

 

624.1

 

157.5

Repayment of debt

 

– 2.1

 

– 151.7

Dividends paid

 

– 165.6

 

– 160.8

Lease payments under finance lease

 

– 2.4

 

– 2.4

Cash flow from financing activities (net)

 

855.5

 

– 153.5

 

 

Effect of exchange rate differences on cash and cash equivalents

 

– 7.4

 

8.6

 

 

Total change in cash and cash equivalents

 

382.3

 

142.9

 

 

 

 

Cash and cash equivalents

 

 

Cash and cash equivalents as of 1 January

 

1 708.1

 

1 565.2

Change in cash and cash equivalents

 

382.3

 

142.9

 

 

Cash and cash equivalents as of 31 December

 

2 090.4

 

1 708.1

 

 

Composition of cash and cash equivalents

 

 

Cash

 

0.7

 

0.3

Due from banks

 

1 975.0

 

1 695.4

Other cash equivalents with a maturity of less than three months

 

114.7

 

12.4

 

 

Balance as of 31 December

 

2 090.4

 

1 708.1

 

 

Other disclosures on cash flow from operating activities:

 

 

Interest received

 

755.7

 

786.6

Dividends received

 

75.2

 

60.0

Interest paid

 

10.5

 

6.3

1 “Other income and expenses not affecting cash” primarily contains the change to interest-accruing profit participation of owners of contracts with discretionary participation features.