Consolidated cash flow statement

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For the years ended 31 December 2019 and 2018, CHF million	Notes	2019	2018

Net profit		172	279
Income taxes	1.5	31	69
Financial result	3.2	25	35
Depreciation and amortization	2.4	139	147
Share of results of associates	3.2	13
Other non-cash income and expenses		26	–11
Increase in provisions, net	2.6.1	38	29
Use of provisions	2.6.1	–25	–27
Changes in
– Inventories		–25	–46
– Trade accounts receivable		70	–55
– Prepayments to creditors		–2	6
– Other receivables and accrued income		–1	–4
– Trade accounts payable		–30	10
– Prepayments from customers		–23	8
– Other liabilities and accrued liabilities and deferred income		–13	36
Interest paid		–18	–21
Income taxes paid		–59	–58
Cash flow from operating activities		318	397

Additions to
– Property, plant, and equipment	2.4	–178	–234
– Intangible assets		–8	–10
– Other financial assets	5.2	–26	–16
Disposals of
– Property, plant, and equipment	2.4	23	7
– Intangible assets		1
– Other financial assets			3
Purchase/disposal of marketable securities		3	–3
Cash flow from acquisitions	4.1.2	–5	–154
Interest received		4	3
Cash flow from investing activities		–186	–404

Free cash flow before acquisitions/divestments		137	147

Free cash flow		132	–7

Purchase of treasury shares		–10	–12
Disposal of treasury shares			3
Dividend payments to shareholders of Georg Fischer Ltd		–103	–94
Dividend payments to non-controlling interests		–11	–7
Inflows from or outflows for shares from non-controlling interests		8	4
Issuance of bonds	3.1.1		200
Repayment of bonds	3.1.1		–150
Issuance of long-term financial liabilities	3.1.1		2
Repayment of long-term financial liabilities	3.1.1	–18	–15
Changes in short-term financial liabilities			4
Cash flow from financing activities		–134	–65

Translation adjustment on cash and cash equivalents		–10	–19
Net cash flow		–12	–91

Cash and cash equivalents at beginning of year		533	624
Cash and cash equivalents at year-end 1		521	533

1 Cash, postal and bank accounts: CHF 514 million (previous year: CHF 504 million), fixed-term deposits: CHF 7 million (previous year: CHF 29 million).