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BKW GROUP CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Cash Flow Statement

CHF millions

Note

2018

2019

Profit / loss before income taxes

248.9

477.5

Adjustment for non-cash transactions

34

183.5

170.0

Change in net working capital (excl. financial assets / liabilities and derivatives)

49.6

– 67.2

Income taxes paid

– 57.4

– 45.7

Other financial expenses / income

– 3.3

– 2.1

Cash flow from operating activities before utilisation of nuclear provisions 1

421.3

532.5

Utilisation of nuclear provisions with a claim to refunds of state funds 1

– 16.7

– 27.3

Utilisation of nuclear provisions with no claim to refunds of state funds 1

– 31.2

– 36.3

Cash flow from operating activities

373.4

468.9

Investments in property, plant and equipment

22

– 228.2

– 222.7

Disposal of property, plant and equipment

29.4

11.4

Acquisition of Group companies

7 / 34

– 121.8

– 244.6

Disposals of Group companies

– 0.9

– 2.6

Investments in associates

21

– 43.2

0.0

Disposals of associates

35.9

33.4

Payments into decommissioning and waste disposal funds 1

– 43.6

– 30.4

Refunds of decommissioning and waste disposal funds 1

0.0

46.6

Investments in other current and non-current financial assets

– 50.9

– 22.2

Disposals of other current and non-current financial assets

171.0

161.6

Investments in intangible assets

23

– 29.3

– 11.7

Disposals of intangible assets

0.5

0.0

Interest received

6.0

3.6

Dividends received

19.9

21.7

Cash flow from investing activities

– 255.2

– 255.9

Sale / purchase of treasury shares

29

– 6.6

– 1.9

Acquisition of non-controlling interests

– 3.3

– 1.7

Sale of non-controlling interests

0.0

0.1

Capital repayment to non-controlling interests

– 0.5

– 0.5

Increase in current and non-current financial liabilities

214.7

227.2

Decrease in current and non-current financial liabilities

– 197.2

– 439.3

Increase in other long-term liabilities

25.1

22.8

Decrease in other long-term liabilities

– 5.0

– 0.4

Interest paid

– 46.2

– 45.0

Dividends paid

– 102.9

– 102.4

Cash flow from financing activities

– 121.9

– 341.1

Translation adjustments on cash and cash equivalents

– 4.4

– 5.8

Net change in cash and cash equivalents

– 8.1

– 133.9

Cash and cash equivalents at start of reporting period

825.5

817.4

Cash and cash equivalents at end of reporting period

34

817.4

683.5

1 New items to allow better evaluation of cash flow associated with the decommissioning and disposal of the Mühleberg Nuclear Power Plant. An adjustment has been made to the previous year’s figures. The new statement is explained in Note 34.

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