| in CHF thousands | 2015 | 2014 |
|---|
| Net income for the period | 67 139 | 45 149 |
| Depreciation | 3 309 | 3 598 |
| Revaluation of investment properties (net) | – 50 477 | – 21 314 |
| Result from sale of investment properties | 23 | – 483 |
| Changes in provisions/deferred tax liabilities | 8 318 | 3 296 |
| Other non-cash items | – 1 609 | – 2 368 |
| Cash flow before changes in working capital | 26 703 | 27 878 |
| Change in trade receivables | 275 | – 117 |
| Change in other receivables | – 2 439 | 380 |
| Change in accrued income and prepaid expenses | – 783 | 2 298 |
| Change in inventories | 4 870 | – 3 455 |
| Change in trade payables | – 1 889 | – 4 410 |
| Change in other current liabilities | 2 030 | 2 305 |
| Change in accrued expenses and deferred income | – 5 476 | – 6 886 |
| Cash flow from operating activities | 23 291 | 17 993 |
| Investments in investment properties | – 29 139 | – 81 735 |
| Disposals of investment properties | 23 883 | 1 900 |
| Investments in operating properties | 11 | – 148 |
| Investments in other tangible assets | – 136 | – 585 |
| Prepayments for tangible assets | – 241 | – 367 |
| Investments in intangible assets | – 15 | – 19 |
| Acquisition of subsidiary 1 | – 10 046 | 0 |
| Cash flow from investing activities | – 15 683 | – 80 954 |
| Increase of current financial liabilities | 0 | 45 000 |
| Repayment of current financial liabilities | – 45 000 | 0 |
| Increase in long-term financial liabilities | 75 000 | 25 000 |
| Purchase of treasury shares | 0 | – 14 553 |
| Sale of treasury shares | 2 543 | 15 993 |
| Distribution to shareholders' | – 9 075 | – 8 144 |
| Cash flow from financing activities | 23 468 | 63 296 |
| Change in cash and cash equivalents | 31 076 | 335 |
| Composition of net cash and cash equivalents | | |
| Net cash and cash equivalents at the beginning of reporting period | 24 159 | 23 824 |
| Net cash and cash equivalents at the end of reporting period | 55 235 | 24 159 |
| Change in cash and cash equivalents | 31 076 | 335 |
| In the reporting period, non-cash investments of TCHF 8 795 (previous year: TCHF 9 909) were made. In addition, treasury shares to the value of TCHF 4 679 were acquired through a non-cash exchange in prior period. No non-cash financing was effected. |
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