Consolidated statement of cash flow
in CHF 1,000 | 2012 | 2011 adjusted 1 |
Cash flow from operating activities |
|
|
Net income | 47,147 | 3,204 |
Sale of non-controlling interests in Group net income | 54 | 2,058 |
Valuation allowances on financial instruments available for sale | 29,445 | 33,636 |
Increase/release in retirement pension provisions | –54,776 | 5,342 |
Increase/release in provisions | 3,049 | 5,777 |
Unrealised gains/losses on trading portfolios | 0 | 20 |
Unrealised gains/losses on financial instruments at fair value | –4,721 | –4,320 |
Unrealised gains/losses on financial instruments at amortised cost | 4,159 | 12,624 |
Deferred income taxes | –615 | –1,328 |
Tax on income paid, interest received less interest paid and dividends received | –97,240 | –73,004 |
Subtotal | –73,498 | –15,991 |
|
|
|
Changes in assets and liabilities in connection with operating business activities, |
|
|
Due from/to banks, net | 553,261 | 438,819 |
Trading portfolios, including replacement values, net | 5,802 | 23,004 |
Interest received from interest-differential business | 100,919 | 103,722 |
Interest received from trading portfolio | –404 | 48 |
Dividends received from trading portfolio | 0 | 2 |
Interest received on financial instruments at fair value | 5,717 | 7,923 |
Dividends received on financial instruments at fair value | 5,372 | 4,761 |
Interest received on financial instruments at amortised cost | 13,143 | 10,963 |
Dividends received on financial instruments, FVTOCI | 1,985 | 805 |
Due from/to customers | 170,225 | –642,738 |
Foreign-exchange impact on intra-group payments | –2,271 | 5,113 |
Accrued receivables, prepaid expenses and other assets | 6,623 | –3,080 |
Accrued liabilities and other liabilities | 17,639 | 5,211 |
Interest paid in connection with interest-differential business | –32,449 | –51,922 |
Taxes on income paid | –340 | –3,298 |
Net cash flow from operating activities | 771,724 | –116,658 |
| ||
in CHF 1,000 | 2012 | 2011 |
Cash flow from investment activities |
|
|
Net reduction/increase in financial instruments at fair value | 41,069 | –317,762 |
Net reduction in financial instruments at amortised cost | 53,544 | 94,420 |
Acquisition of property and equipment and intangible asset | –7,780 | –12,240 |
Cash flow from investment activities | 86,833 | –235,582 |
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|
|
Cash flow from financing activities |
|
|
Net reduction/increase in treasury shares | 1,630 | –35 |
Dividends paid | –8,671 | –20,177 |
Coupon tax on old reserves | –14,033 | 0 |
Issuance of medium-term notes | 32,657 | 68,379 |
Redemption of debenture | –126,700 | –125,300 |
Dividend payments to minority shareholders | –1,045 | –884 |
Net cash flow from financing activities | –116,162 | –78,017 |
|
|
|
Impact of foreign-currency translation (incl. non-controlling interests) | –8,149 | 13,583 |
Net increase/decrease in cash and cash equivalents | 734,246 | –416,674 |
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|
|
Cash and cash equivalents at the beginning of the financial year | 1,168,151 | 1,584,825 |
Cash and cash equivalents at the end of the financial year | 1,902,397 | 1,168,151 |
Net increase/decrease in cash and cash equivalents | 734,246 | –416,674 |
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|
|
Cash and cash equivalents are represented by |
|
|
Cash | 926,961 | 245,381 |
Receivables arising from money-market papers | 0 | 124,938 |
Due from banks – at-sight balances | 975,436 | 797,832 |
Total cash and cash equivalents | 1,902,397 | 1,168,151 |
At-sight balances due from banks bear interest at daily rates or are invested in interest-bearing short-term money-market deposits for between one day and three months, depending upon the liquidity needs of VP Bank Group. Interest rates are based upon equivalent market rates. The fair value of cash and cash equivalents amounts to CHF 1,902.4 million (2011: CHF 1,168.2 million).