Consolidated statement of cash flow
in CHF 1,000 | 2013 | 2012 |
Cash flow from operating activities |
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Group net income from continued operations | 35,725 | 49,020 |
Income from discontinued operations, net of taxes | 2,962 | –1,819 |
Reconciliation to cash flow from operating activities |
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Non-cash-related positions in Group results |
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• Depreciation and amortisation | 27,033 | 29,445 |
• Creation/dissolution of retirement pension provisions | 8,457 | –54,776 |
• Creation/dissolution of other provisions | –4,714 | 3,049 |
• Unrealised gains/losses on financial instruments measured at fair value | –5,702 | –4,721 |
• Unrealised gains/losses on financial instruments measured at amortised cost | 1,140 | 4,159 |
• Deferred income taxes | 568 | –615 |
Net increase / reduction in banking |
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|
• Amounts due from/to banks | 87,933 | 553,261 |
• Trading portfolios incl. replacement values, net | –19,506 | 5,802 |
• Amounts due from/to clients | 508,472 | 170,225 |
• Accrued receivables and other assets | 4,352 | 6,623 |
• Accruals and other liabilities | 70,848 | 14,682 |
Income taxes paid | –1,844 | –340 |
Foreign-currency impact on intragroup payments | –5,528 | –2,271 |
Net cash flow from operating activities | 710,196 | 771,724 |
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Cash flow from investment activities |
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Purchase of financial instruments measured at fair value | –53,394 | –170,393 |
Proceeds from sale of/maturing financial instruments measured at fair value | 137,751 | 211,462 |
Purchase of financial instruments measurement at amortised cost | –367,760 | –44,253 |
Proceeds from sale of/maturing financial instruments measured at amortised cost | 87,907 | 97,797 |
Acquisition of property and equipment and intangible assets | –19,209 | –7,780 |
Acquisition of subsidiary companies | 0 | 0 |
Disposal of subsidiary companies | 800 | 0 |
Net cash flow from investment activities | –213,905 | 86,833 |
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Cash flow from financing activities |
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Purchase of treasury shares | –15,925 | –3,584 |
Proceeds from sale of treasury shares | 18,037 | 5,214 |
Dividend distributions | –14,489 | –8,671 |
Coupon tax on old reserves | 0 | –14,033 |
Redemption/issuance of medium-term bonds | –40,648 | 32,657 |
Redemption/issuance of debentures | 0 | –126,700 |
Dividend payments to non-controlling interests | –1,246 | –1,045 |
Net cash flow from financing activities | –54,271 | –116,162 |
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Foreign-currency translation impact (including non-controlling interests) | –13,842 | –8,149 |
Net increase in cash and cash equivalents | 428,177 | 734,246 |
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Cash and cash equivalents at the beginning of the financial year | 1,902,398 | 1,168,151 |
Cash and cash equivalents at the end of the financial year | 2,330,575 | 1,902,397 |
Net increase in cash and cash equivalents | 428,177 | 734,246 |
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in CHF 1,000 | 2013 | 2012 |
Cash and cash equivalents as of 31/12 are represented by |
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|
Cash | 1,377,407 | 926,961 |
Receivables arising from money-market papers | 23,227 | 0 |
Due from banks – at-sight balances | 929,941 | 975,436 |
Total cash and cash equivalents | 2,330,575 | 1,902,397 |
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Consolidated statement of cash flow (summarised) |
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Cash and cash equivalents at beginning of accounting period | 1,902,398 | 1,168,151 |
Cash flow from operating activities, net of taxes | 710,196 | 771,724 |
Cash flow from investing activities | –213,905 | 86,833 |
Cash flow from financing activities | –54,271 | –116,162 |
Foreign-currency translation impact | –13,842 | –8,149 |
Cash and cash equivalents at end of accounting period | 2,330,575 | 1,902,397 |
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Cash flow from operating activities from interest and dividends |
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Interest paid | –17,225 | –32,449 |
Interest received | 110,379 | 119,374 |
Dividends received | 3,553 | 7,357 |
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 2,330.6 million (2012: CHF 1,902.4 million).