Consolidated statement of cash flow
in CHF 1,000 | Note | 2017 | 2016 |
|---|---|---|---|
Cash flow from operating activities |
|
|
|
Group net income |
| 65,770 | 57,986 |
Reconciliation to cash flow from operating activities |
|
|
|
Non-cash-related positions in Group results |
|
|
|
Depreciation of property, equipment and intangible assets | 23,564 | 22,411 | |
Creation/dissolution of retirement pension provisions | –5,966 | 18,863 | |
Creation/dissolution of other provisions | 8,577 | –4,483 | |
Unrealised gains on financial instruments measured at fair value | –8,699 | –1,780 | |
Unrealised gains on financial instruments measured at amortised cost | –16 | –63 | |
Deferred income taxes | –1,823 | –5,764 | |
Net increase/reduction in banking |
|
|
|
Amounts due from/to banks |
| 194,127 | 1,717,763 |
Trading portfolios incl. replacement values, net |
| 4,314 | –2,726 |
Amounts due from/to clients |
| 317,369 | –967,325 |
Accrued receivables and other assets |
| –7,384 | –2,843 |
Accruals and other liabilities |
| 14,163 | 2,655 |
Income taxes paid | –8,419 | –4,190 | |
Foreign-currency impact on intragroup payments |
| –9,130 | 2,088 |
Net cash flow from operating activities |
| 586,447 | 832,592 |
|
|
|
|
Cash flow from investment activities |
|
|
|
Purchase of financial instruments measured at fair value | –8,538 | –8,555 | |
Proceeds from sale of/maturing financial instruments measured at fair value | 96,849 | 122,225 | |
Purchase of financial instruments measurement at amortised cost | –560,907 | –427,665 | |
Proceeds from sale of/maturing financial instruments measured at amortised cost | 241,303 | 275,472 | |
Acquisition of property and equipment and intangible assets | –23,496 | –9,727 | |
Sale of property and equipment and intangible assets | 0 | 15,000 | |
Disposal of associated companies |
| 149 | 0 |
Net cash flow from investment activities |
| –254,640 | –33,250 |
|
|
|
|
Cash flow from financing activities |
|
|
|
Purchase of treasury shares | –829 | –8,022 | |
Proceeds from sale of treasury shares |
| 570 | 512 |
Dividend distributions | –29,190 | –24,297 | |
Issuance of medium-term bonds1 | 113,315 | 89,514 | |
Redemption of medium-term bonds1 | –78,808 | –85,177 | |
Issuance of debentures | 0 | 0 | |
Redemption of debentures | 0 | –149,280 | |
Net cash flow from financing activities |
| 5,058 | –176,750 |
|
|
|
|
Foreign-currency translation impact |
| –5,710 | 6,547 |
Net increase/reduction in cash and cash equivalents |
| 331,155 | 629,139 |
|
|
|
|
Cash and cash equivalents at the beginning of the financial year | 4,044,980 | 3,415,841 | |
Cash and cash equivalents at the end of the financial year | 4,376,135 | 4,044,980 | |
Net increase/reduction in cash and cash equivalents |
| 331,155 | 629,139 |
|
|
|
|
|
|
|
|
in CHF 1,000 | Note | 2017 | 2016 |
Cash and cash equivalents are represented by |
|
|
|
Cash | 3,614,578 | 3,524,512 | |
Receivables arising from money market paper | 20,279 | 15,248 | |
Due from banks – at-sight balances | 741,278 | 505,220 | |
Total cash and cash equivalents |
| 4,376,135 | 4,044,980 |
|
|
|
|
Consolidated statement of cash flow (summarised) |
|
|
|
Cash and cash equivalents at beginning of accounting period |
| 4,044,980 | 3,415,841 |
Cash flow from operating activities, net of taxes |
| 586,447 | 832,592 |
Cash flow from investing activities |
| –254,640 | –33,250 |
Cash flow from financing activities |
| 5,058 | –176,750 |
Foreign-currency translation impact |
| –5,710 | 6,547 |
Cash and cash equivalents at end of accounting period |
| 4,376,135 | 4,044,980 |
|
|
|
|
Cash flow from operating activities from interest and dividends |
|
|
|
Interest paid |
| –35,231 | –9,216 |
Interest received |
| 130,602 | 109,061 |
Dividends received |
| 3,966 | 3,336 |
- Issuance and redemption of medium-term bonds are stated separatelly. The prior-year comparative figures were restated.
Demand deposits due to banks are invested or charged interest at daily rates or in short-term funds between one day and three months, depending on the VP Bank Group's liquidity needs. Interest rates are based on the corresponding market rates. Receivables arising from money-market papers have a maximum initial maturity of three months. The fair value of cash and cash equivalents amounts to CHF 4,376.1 million (previous year: CHF 4,045.0 million).
Reconciliation between cash flow from financing activities an the balance sheet positions | ||||||
in CHF 1,000 | Note | 31.12.2017 | 31.12.2016 | Variance | Variance from | Other |
Medium-term notes | 256,155 | 219,823 | 36,332 | 34,507 | 1,825 | |
Debentures issued | 200,597 | 200,720 | –123 | 0 | –123 | |
Total variance |
|
|
| 36,209 | 34,507 | 1,702 |