Consolidated statement of cash flow
in CHF 1,000 | Note | 2014 | 2013 |
Cash flow from operating activities |
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Group net income from continued operations |
| 20,025 | 35,725 |
Income from discontinued operations, net of taxes | 0 | 2,962 | |
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 | 29,348 | 27,033 | |
• Creation/dissolution of retirement pension provisions | 29,300 | 8,457 | |
• Creation/dissolution of other provisions | 1,630 | –4,714 | |
• Unrealised gains/losses on financial instruments measured at fair value | –2,530 | –5,702 | |
• Unrealised gains/losses on financial instruments measured at amortised cost | 3,205 | 1,140 | |
• Deferred income taxes | –2,061 | 568 | |
Net increase/reduction in banking |
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• Amounts due from/to banks |
| 1,035,219 | 87,933 |
• Trading portfolios incl. replacement values, net |
| –22,291 | –19,506 |
• Amounts due from/to clients |
| –366,449 | 508,472 |
• Accrued receivables and other assets |
| –73,119 | 4,352 |
• Accruals and other liabilities |
| –5,190 | 70,848 |
Income taxes paid | –703 | –1,844 | |
Foreign-currency impact on intragroup payments |
| 14,415 | –5,528 |
Net cash flow from operating activities |
| 660,799 | 710,196 |
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Cash flow from investment activities |
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Purchase of financial instruments measured at fair value | –145,740 | –53,394 | |
Proceeds from sale of/maturing financial instruments measured at fair value | 69,927 | 137,751 | |
Purchase of financial instruments measurement at amortised cost | –351,622 | –367,760 | |
Proceeds from sale of/maturing financial instruments measured at amortised cost | 138,189 | 87,907 | |
Acquisition of property and equipment and intangible assets | –9,564 | –19,209 | |
Sale of property and equipment and intangible assets | 11 | 0 | |
Acquisition of subsidiary companies | –13,436 | 0 | |
Disposal of subsidiary companies | 50 | 800 | |
Net cash flow from investment activities |
| –312,185 | –213,905 |
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Cash flow from financing activities |
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Purchase of treasury shares | –7,787 | –15,925 | |
Proceeds from sale of treasury shares |
| 3,842 | 18,037 |
Dividend distributions | –20,345 | –14,489 | |
Redemption/issuance of medium-term bonds | –50,413 | –40,648 | |
Dividend payments to non-controlling interests |
| 0 | –1,246 |
Net cash flow from financing activities |
| –74,703 | –54,271 |
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Foreign-currency translation impact |
| 9,981 | –13,842 |
Net increase in cash and cash equivalents |
| 283,892 | 428,177 |
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Cash and cash equivalents at the beginning of the financial year | 2,330,575 | 1,902,397 | |
Cash and cash equivalents at the end of the financial year | 2,614,467 | 2,330,575 | |
Net increase in cash and cash equivalents |
| 283,892 | 428,177 |
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Cash and cash equivalents as of 31/12 are represented by |
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Cash | 1,926,968 | 1,377,407 | |
Receivables arising from money-market papers | 22,027 | 23,227 | |
Due from banks – at-sight balances | 665,472 | 929,941 | |
Total cash and cash equivalents |
| 2,614,467 | 2,330,575 |
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Consolidated statement of cash flow (summarised) |
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Cash and cash equivalents at beginning of accounting period |
| 2,330,575 | 1,902,397 |
Cash flow from operating activities, net of taxes |
| 660,799 | 710,196 |
Cash flow from investing activities |
| –312,185 | –213,905 |
Cash flow from financing activities |
| –74,703 | –54,271 |
Foreign-currency translation impact |
| 9,981 | –13,842 |
Cash and cash equivalents at end of accounting period |
| 2,614,467 | 2,330,575 |
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Cash flow from operating activities from interest and dividends |
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Interest paid |
| –15,880 | –17,225 |
Interest received |
| 96,315 | 110,379 |
Dividends received |
| 2,419 | 3,553 |
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 requirements of VP Bank Group. Interest rates are based upon equivalent market rates. Short-term money-market deposits have an original maturity of a maximum of three months. The fair value of cash and cash equivalents amounts to CHF 2,614.5 million (2013: CHF 2,330.6 million).