Consolidated statement of cash flow
in CHF 1,000 | Note | 2018 | 2017 |
|---|---|---|---|
Cash flow from operating activities |
|
|
|
Group net income |
| 54,717 | 65,770 |
Reconciliation to cash flow from operating activities |
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|
|
Non-cash-related positions in Group results |
|
|
|
Depreciation of property, equipment and intangible assets | 25,117 | 23,564 | |
Creation/dissolution of retirement pension provisions | 18,442 | –5,966 | |
Creation/dissolution of other provisions | –23,966 | 13,902 | |
Unrealised gains on financial instruments measured at fair value | 8,540 | –8,699 | |
Unrealised gains on financial instruments measured at amortised cost | –61 | –16 | |
Deferred income taxes | –567 | –1,823 | |
Net increase/reduction in banking |
|
|
|
Amounts due from/to banks |
| –42,510 | 194,127 |
Trading portfolios incl. replacement values, net |
| –371 | 4,314 |
Amounts due from/to clients |
| –728,913 | 317,369 |
Accrued receivables and other assets |
| –5,299 | –7,384 |
Accruals and other liabilities |
| 18,550 | 14,163 |
Income taxes paid | –6,296 | –8,419 | |
Used provisions |
| –12,898 | –5,325 |
Foreign-currency impact on intragroup payments |
| –1,477 | –9,130 |
Net cash flow from operating activities |
| –696,992 | 586,447 |
|
|
|
|
Cash flow from investment activities |
|
|
|
Purchase of financial instruments measured at fair value | –119,334 | –8,538 | |
Proceeds from sale of/maturing financial instruments measured at fair value | 70,006 | 96,849 | |
Purchase of financial instruments measurement at amortised cost | –655,399 | –560,907 | |
Proceeds from sale of/maturing financial instruments measured at amortised cost | 402,945 | 241,303 | |
Acquisition of property and equipment and intangible assets | –31,041 | –23,496 | |
Sale of property and equipment and intangible assets | 0 | 0 | |
Acquisition of investments |
| –39 | 0 |
Disposal of associated companies |
| 0 | 149 |
Net cash flow from investment activities |
| –332,862 | –254,640 |
|
|
|
|
Cash flow from financing activities |
|
|
|
Purchase of treasury shares | –22,741 | –829 | |
Proceeds from sale of treasury shares |
| 987 | 570 |
Dividend distributions | –33,533 | –29,190 | |
Issuance of medium-term bonds | 51,758 | 113,315 | |
Redemption of medium-term bonds | –66,430 | –78,808 | |
Net cash flow from financing activities |
| –69,959 | 5,058 |
|
|
|
|
Foreign-currency translation impact |
| 2,683 | –5,710 |
Net increase/reduction in cash and cash equivalents |
| –1,097,130 | 331,155 |
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|
|
|
Cash and cash equivalents at the beginning of the financial year | 4,376,135 | 4,044,980 | |
Cash and cash equivalents at the end of the financial year | 3,279,005 | 4,376,135 | |
Net increase/reduction in cash and cash equivalents |
| –1,097,130 | 331,155 |
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|
in CHF 1,000 | Note | 2018 | 2017 |
Cash and cash equivalents are represented by |
|
|
|
Cash | 2,521,276 | 3,614,578 | |
Receivables arising from money market paper | 67,407 | 20,279 | |
Due from banks – at-sight balances | 690,322 | 741,278 | |
Total cash and cash equivalents |
| 3,279,005 | 4,376,135 |
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|
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|
Consolidated statement of cash flow (summarised) |
|
|
|
Cash and cash equivalents at beginning of accounting period |
| 4,376,135 | 4,044,980 |
Cash flow from operating activities, net of taxes |
| –696,992 | 586,447 |
Cash flow from investing activities |
| –332,862 | –254,640 |
Cash flow from financing activities |
| –69,959 | 5,058 |
Foreign-currency translation impact |
| 2,683 | –5,710 |
Cash and cash equivalents at end of accounting period |
| 3,279,005 | 4,376,135 |
|
|
|
|
Cash flow from operating activities from interest and dividends |
|
|
|
Interest paid |
| –49,987 | –35,231 |
Interest received |
| 185,712 | 130,602 |
Dividends received |
| 4,942 | 3,966 |
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 3,279.0 million (previous year: CHF 4,376.1 million).
Reconciliation between cash flow from financing activities an the balance sheet positions: | ||||||
in CHF 1,000 | Note | 31.12.2018 | 31.12.2017 | Variance | Variance from | Other |
|---|---|---|---|---|---|---|
Medium-term notes | 240,616 | 256,155 | –15,539 | –14,672 | –867 | |
Debentures issued | 200,474 | 200,597 | –123 | 0 | –123 | |
Total variance |
|
|
| –15,662 | –14,672 | –990 |