Consolidated cash flow statement

(CHF 1,000)

 

Notes

 

2017

 

2016

Profit

 

 

 

285,527

 

248,018

Finance result

 

(6)

 

18,324

 

17,429

Share of profit or loss of associates

 

 

 

3,091

 

5,326

Gain on disposal of assets held for sale

 

 

 

–36,293

 

0

Income tax expense

 

(7)

 

69,250

 

66,577

Depreciation/amortisation of

 

 

 

 

 

 

Property, plant and equipment

 

(8)

 

234,195

 

233,976

Investment property

 

(9)

 

352

 

0

Intangible asset from right of formal expropriation

 

(10)

 

3,941

 

4,248

Airport operator projects

 

(10)

 

1,901

 

0

Other intangible assets

 

(10)

 

4,390

 

4,246

Recognition of government subsidies and grants on buildings and engineering structures in the income statement

 

 

 

 

 

 

Property, plant and equipment

 

(8)

 

–1,038

 

–1,016

Gains(–)/losses(+) on disposal of property, plant and equipment (net)

 

 

 

1,551

 

–4,754

Share-based payments

 

 

 

1,212

 

1,250

Increase(–)/decrease(+) in inventories, trade receivables and other receivables and prepaid expenses

 

 

 

–745

 

–9,458

Increase(+)/decrease(–) in current liabilities, excluding current financial liabilities

 

 

 

22,333

 

–2,306

Increase(+)/decrease(–) in employee benefit obligations

 

 

 

5,525

 

6,152

Increase(+)/decrease(–) in provision for formal expropriations plus sound insulation and resident protection

 

(19)

 

–21,882

 

–23,309

Income tax paid

 

 

 

–61,890

 

–74,510

Cash flow from operating activities

 

 

 

529,744

 

471,869

of which related to aircraft noise (Airport of Zurich Noise Fund)

 

 

 

–10,896

 

–12,390

Income from noise charges

 

(20)

 

11,557

 

11,601

Expenses for formal expropriations plus sound insulation and resident protection

 

 

 

–22,453

 

–23,991

 

 

 

 

 

 

 

Investments in property, plant and equipment (projects in progress)

 

 

 

–162,324

 

–135,275

Investments in investment property (incl. advance payments)

 

 

 

–71,252

 

–51,911

Investments in airport operator projects

 

 

 

–41,438

 

0

Proceeds from disposal of property, plant and equipment

 

 

 

141

 

7,531

Acquisition of subsidiaries less cash and cash equivalents acquired

 

 

 

–2,925

 

0

Investments in associates

 

 

 

–5,949

 

–12,835

Proceeds from disposal of assets held for sale

 

 

 

43,653

 

0

Investments in intangible assets

 

 

 

–563

 

0

Investments in financial assets

 

 

 

–1,186

 

0

Investments in financial assets of Airport of Zurich Noise Fund

 

 

 

–127,994

 

–97,346

Investments in fixed-term deposits due > 90 days

 

 

 

–295,000

 

0

Repayment of current financial assets of Airport of Zurich Noise Fund

 

 

 

46,200

 

69,200

Repayment of fixed-term deposits due > 90 days

 

 

 

23,333

 

0

Repayment of fixed-term deposits of Airport Zurich Noise Fund due > 90 days

 

(15)

 

50,000

 

50,000

Interest received

 

 

 

2,982

 

3,154

Cash flow from investing activities

 

 

 

–542,322

 

–167,482

of which related to aircraft noise (Airport of Zurich Noise Fund)

 

 

 

–31,794

 

21,854

Investments in financial assets and fixed-term deposits of Airport of Zurich Noise Fund

 

 

 

–127,994

 

–97,346

Repayment of current financial assets of Airport of Zurich Noise Fund

 

 

 

96,200

 

119,200

 

 

 

 

 

 

 

Repayment of loan

 

(18)

 

–250,000

 

0

Issue of new loan

 

(18)

 

350,731

 

0

Repayment of other financial liabilities

 

(18)

 

–3,433

 

0

Repayment of lease liabilities

 

(18)

 

–1,692

 

–19,196

Acquisition of non-controlling interests

 

 

 

–1,526

 

0

Payment of dividend for the 2016/2015 financial years

 

(17)

 

–196,483

 

–190,473

Purchase of treasury shares

 

 

 

–525

 

–910

Interest paid

 

 

 

–19,366

 

–18,204

Cash flow from financing activities

 

 

 

–122,294

 

–228,783

 

 

 

 

 

 

 

Increase(+)/decrease(–) in cash and cash equivalents

 

 

 

–134,872

 

75,604

Balance at beginning of financial year

 

(15)

 

447,778

 

371,970

Effect of foreign exchange differences on cash and cash equivalents held

 

 

 

1,709

 

204

Balance at end of financial year

 

(15)

 

314,615

 

447,778

of which included in Airport of Zurich Noise Fund

 

(15)

 

20,184

 

58,605