2007 fullYear cash flow statement by hd3hIc57

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									Consolidated cash flow statement
for the year ended 31 December 2007


In millions of CHF                                                                          Notes                        2007                    2006



Operating activities
Profit from continuing operations                                                                                     11,382                    9,775
Less share of results of associates                                                                                   (1,280)                    (963)
Depreciation of property, plant and equipment                                                  11                      2,620                    2,581
Impairment of property, plant and equipment                                                    11                        225                       96
Impairment of goodwill                                                                         12                        251                       38
Depreciation of intangible assets                                                              13                        591                      480
Impairment of intangible assets                                                                13                          6                       —
Increase/(decrease) in provisions and deferred taxes                                                                     162                     (338)
Decrease/(increase) in working capital                                                         22                         82                      348
Other operating cash flows                                                                                              (600)                    (341)
Operating cash flow        (a)                                                                                       13,439                   11,676



Investing activities
Capital expenditure                                                                            11                      (4,971)                  (4,200)
Expenditure on intangible assets                                                               13                        (619)                    (689)
Sale of property, plant and equipment                                                                                     323                       98
Acquisition of businesses                                                                      23                    (11,232)                   (6,469)
Disposal of businesses                                                                         24                         456                      447
Cash flows with associates                                                                                                264                      323
Other investing cash flows                                                                                                 26                      (30)
Investing cash flow                                                                                                  (15,753)                 (10,520)

(a)
      Taxes paid amount to CHF 3072 million (2006: CHF 2811 million). Net interest paid amounts to CHF 788 million (2006: CHF 599 million).
In millions of CHF                                                       2007                2006



Financing activities
Dividend paid to shareholders of the parent                            (4,004)             (3,471)
Purchase of treasury shares                                            (5,455)             (2,788)
Sale of treasury shares                                                   980                 906
Cash flows with minority interests                                       (205)               (191)
Bonds issued                                                            2,023               1,625
Bonds repaid                                                           (2,780)             (2,331)
Increase in other non-current financial liabilities                       348                 134
Decrease in other non-current financial liabilities                        (99)              (289)
Increase/(decrease) in current financial liabilities                    9,851                 (14)
Decrease/(increase) in short-term investments                           3,238               6,393
Other financing cash flows                                                  —                  (4)
Financing cash flow                                                     3,897                 (30)



Translation differences on flows                                          (64)              (360)
Increase/(decrease) in cash and cash equivalents                       1,519                 766



Cash and cash equivalents at beginning of year                5,278               4,658
Effects of exchange rate changes on opening balance            (203)               (146)

Cash and cash equivalents retranslated at beginning of year
                                                                       5,075               4,512



Cash and cash equivalents at end of period                             6,594               5,278



of which
Cash at bank and in hand                                               2,610               2,380
Time deposits        (a)                                               3,039               2,579
Commercial paper           (a)                                           945                 319

(a)
      With original maturity of less than three months

								
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