Consolidated cash flow statement

(CHF 1,000)

 

Notes

 

2019

 

2018

Profit

 

 

 

309,145

 

237,841

Finance result

 

(6)

 

14,010

 

23,064

Share of profit or loss of associates

 

 

 

2,548

 

4,329

Income tax expense

 

(7)

 

77,413

 

61,293

Depreciation / amortisation of

 

 

 

 

 

 

Property, plant and equipment (after recognition of government subsidies and grants)

 

(8)

 

214,702

 

228,406

Right-of-use assets

 

(9)

 

6,262

 

0

Investment property

 

(10)

 

120

 

240

Intangible assets

 

(11)

 

17,635

 

15,806

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

 

 

 

928

 

1,407

Share-based payments

 

 

 

1,021

 

1,155

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

 

 

 

–27,552

 

–1,898

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

 

 

 

–3,847

 

2,693

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

 

 

 

3,107

 

4,558

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

 

 

 

–21,269

 

36,676

Income tax paid

 

 

 

–82,486

 

–77,211

Cash flow from operating activities

 

 

 

511,737

 

538,359

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

 

 

 

–8,895

 

–9,301

Income from noise charges

 

(20)

 

12,733

 

11,945

Expenses for formal expropriations plus sound insulation and resident protection

 

(20)

 

–21,628

 

–21,246

 

 

 

 

 

 

 

Investments in property, plant and equipment and projects in progress

 

 

 

–432,890

 

–228,829

Investments in investments property (incl. advance payments)

 

 

 

–104,987

 

–102,781

Investments in airport operator projects

 

 

 

–235,279

 

–51,872

Investments in associates

 

 

 

0

 

–5,487

Investments in intangible assets

 

 

 

–859

 

–153

Investments in financial assets

 

 

 

–28,239

 

–48,218

Investments in fixed-term deposits due > 90 days

 

 

 

–6,500

 

–221,000

Repayment of financial assets

 

 

 

23,360

 

75,800

Repayment of fixed-term deposits due > 90 days

 

 

 

149,167

 

306,000

Proceeds from disposal of property, plant and equipment

 

 

 

126

 

219

Interest received

 

 

 

7,790

 

2,970

Cash flow from investing activities

 

 

 

–628,311

 

–273,351

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

 

 

 

–3,436

 

27,582

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

 

 

 

–26,796

 

–48,218

Repayment of current financial assets and fixed-term deposits Airport of Zurich Noise Fund

 

 

 

23,360

 

75,800

 

 

 

 

 

 

 

Repayment of loan

 

(18)

 

–38,204

 

0

Issue of new loan

 

(18)

 

0

 

40,414

Issue of other financial liabilities

 

(18)

 

151,640

 

0

Repayment of other financial liabilities

 

(18)

 

–3,297

 

–3,922

Repayment of lease liabilities

 

(18)

 

–5,797

 

–1,752

Payment of dividend for the 2018/2017 financial years

 

 

 

–211,835

 

–199,550

Purchase of treasury shares

 

 

 

–1,467

 

–1,065

Interest paid

 

 

 

–24,902

 

–15,345

Cash flow from financing activities

 

 

 

–133,862

 

–181,220

 

 

 

 

 

 

 

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

 

 

 

–250,436

 

83,788

Balance at 1 January

 

(16)

 

395,872

 

314,615

Effect of foreign exchange differences on cash and cash equivalents held

 

 

 

–13,008

 

–2,531

Balance as at reporting date

 

(16)

 

132,428

 

395,872

of which included in Airport of Zurich Noise Fund

 

(16)

 

18,092

 

34,242