Consolidated statement of cash flow
in CHF 1,000 | Note | 2019 | 2018 |
|---|---|---|---|
Cash flow from operating activities |
|
|
|
Group net income |
| 73,543 | 54,717 |
Reconciliation to cash flow from operating activities |
|
|
|
Non-cash-related positions in Group results |
|
|
|
Depreciation of property, equipment and intangible assets | 29,343 | 25,117 | |
Creation/dissolution of retirement pension provisions | –373 | 18,442 | |
Creation/dissolution of other provisions | –7,316 | –23,966 | |
Unrealised gains on financial instruments measured at fair value | 640 | 8,540 | |
Unrealised gains on financial instruments measured at amortised cost | 7 | –61 | |
Deferred income taxes | 2,257 | –567 | |
Net increase/reduction in banking |
|
|
|
Amounts due from/to banks |
| –30,371 | –42,510 |
Trading portfolios incl. replacement values, net |
| 3,933 | –371 |
Amounts due from/to clients |
| 226,436 | –728,913 |
Accrued receivables and other assets |
| –3,702 | –5,299 |
Accruals and other liabilities |
| 33,835 | 18,550 |
Income taxes paid | –8,014 | –6,296 | |
Used provisions |
| –964 | –12,898 |
Foreign-currency impact on intragroup payments |
| 3,961 | –1,477 |
Net cash flow from operating activities |
| 323,215 | –696,992 |
|
|
|
|
Cash flow from investment activities |
|
|
|
Purchase of financial instruments measured at fair value | –74,179 | –119,334 | |
Proceeds from sale of/maturing financial instruments measured at fair value | 101,907 | 70,006 | |
Purchase of financial instruments measurement at amortised cost | –403,410 | –655,399 | |
Proceeds from sale of/maturing financial instruments measured at amortised cost | 440,348 | 402,945 | |
Acquisition of property and equipment and intangible assets | –32,432 | –31,041 | |
Sale of property and equipment and intangible assets | 60 | 0 | |
Acquisition of investments |
| 0 | –39 |
Net cash flow from investment activities |
| 32,294 | –332,862 |
|
|
|
|
Cash flow from financing activities |
|
|
|
Purchase of treasury shares | –8,594 | –22,741 | |
Proceeds from sale of treasury shares |
| 962 | 987 |
Cash loss due to lease liabilities | –5,907 | 0 | |
Dividend distributions | –33,004 | –33,533 | |
Issuance of medium-term bonds | 32,951 | 51,758 | |
Redemption of medium-term bonds | –95,295 | –66,430 | |
Issuance of debentures | 154,976 | 0 | |
Net cash flow from financing activities |
| 46,089 | –69,959 |
|
|
|
|
Foreign-currency translation impact |
| 8,243 | 2,683 |
Net increase/reduction in cash and cash equivalents |
| 409,841 | –1,097,130 |
|
|
|
|
Cash and cash equivalents at the beginning of the financial year | 3,279,005 | 4,376,135 | |
Cash and cash equivalents at the end of the financial year | 3,688,846 | 3,279,005 | |
Net increase/reduction in cash and cash equivalents |
| 409,841 | –1,097,130 |
|
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|
|
|
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|
in CHF 1,000 | Note | 2019 | 2018 |
Cash and cash equivalents are represented by |
|
|
|
Cash | 2,910,048 | 2,521,276 | |
Receivables arising from money market paper | 122,990 | 67,407 | |
Due from banks – at-sight balances | 655,808 | 690,322 | |
Total cash and cash equivalents |
| 3,688,846 | 3,279,005 |
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|
|
|
Consolidated statement of cash flow (summarised) |
|
|
|
Cash and cash equivalents at beginning of accounting period |
| 3,279,005 | 4,376,135 |
Cash flow from operating activities, net of taxes |
| 323,215 | –696,992 |
Cash flow from investing activities |
| 32,294 | –332,862 |
Cash flow from financing activities |
| 46,089 | –69,959 |
Foreign-currency translation impact |
| 8,243 | 2,683 |
Cash and cash equivalents at end of accounting period |
| 3,688,846 | 3,279,005 |
|
|
|
|
Cash flow from operating activities from interest and dividends |
|
|
|
Interest paid |
| –57,201 | –49,987 |
Interest received |
| 186,354 | 185,712 |
Dividends received |
| 6,369 | 4,942 |
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 3,688.8 million (previous year: CHF 3,279.0 million).
Reconciliation between cash flow from financing activities and the balance sheet positions: | ||||||
in CHF 1,000 | Note | 31.12.2019 | 31.12.2018 | Variance | Variance from | Other |
|---|---|---|---|---|---|---|
Medium-term notes | 177,493 | 240,616 | –63,123 | –62,344 | –779 | |
Debentures issued | 355,327 | 200,474 | 154,853 | 154,976 | –123 | |
Repayment of lease liabilities | 30,852 | 0 | 30,852 | –5,907 | 36,759 | |
Total variance |
|
|
| 122,582 | 86,725 | 35,857 |