Notes to the Consolidated Financial Statements
1. Basic information and principles of the report
2. Changes in Group structure
3. Summary of significant accounting policies
4. Risk assessment and management
5. Management of capital
6. Trade accounts receivable
7. Other current assets and current financial assets
8. Inventories
9. Property, plant and equipment
10. Other non-current assets and non-current financial assets
11. Goodwill and intangible assets
12. Short-term debt
13. Other current liabilities and provisions
14. Long-term debt
15. Financial instruments
16. Retirement benefit plans
17. Participation plans
18. Deferred tax assets and liabilities
19. Other non-current liabilities and provisions
20. Contingencies
21. Capital stock and treasury shares
22. Earnings per share
23. Other operating expenses, net
24. Financial result, net
25. Income tax expenses
26. Operating Leasing
27. Research and development cost
28. Cashflow figures
Net cashflow is calculated as follows:
| 2018 | 20172 | |
|---|---|---|
| MCHF | MCHF | |
| EBITDA1 | 867.8 | 772.0 |
| Changes in net working capital from operating core activities | -19.2 | -7.3 |
| Changes in the other positions of the net working capital | 8.1 | -11.3 |
| Changes in provisions | -11.8 | 19.5 |
| Income taxes paid | -102.7 | -129.7 |
| Other non-cash income and expenses | 5.3 | -2.8 |
| Net cash from/used in (-) operating activities | 747.5 | 640.4 |
1 EBIT + Depreciation + Amortisation
2 The definition of “Net cashflow” and “Free cashflow” was adapted to the definition of the statements of cashflows, and the prior year figures were reclassified in the interests of comparability. |
||
The position «Changes in net working capital from operating core activities» includes the change of trade accounts receivable, trade accounts payable and inventories. The residual positions of the net working capital are shown in the position «Changes in the other positions of the net working capital» if they are not part of «Changes in provisions», «Income taxes paid» or «Interest and other financing cost paid, net».
«Changes in provisions» contains the change of all short and long-term provisions.
The position «Other non-cash income and expenses» mainly contains the correction of non-cash items from the participation programs as well as the reclassification of (gains)/losses from the sale of property, plant and equipment and intangible assets as well as from subsidiaries.
Free cashflow is calculated as follows:
| 2018 | 20172 | |
|---|---|---|
| MCHF | MCHF | |
2 The definition of “Net cashflow” and “Free cashflow” was adapted to the definition of the statements of cashflows, and the prior year figures were reclassified in the interests of comparability. |
||
| Net cash from/used in (-) operating activities | 747.5 | 640.4 |
| Purchase of property, plant and equipment and intangible assets, net | -153.8 | -155.5 |
| Interest and other financing cost paid, net | -12.2 | -9.2 |
| Free cashflow | 581.5 | 475.7 |
«Net cashflow» and «Free cashflow» are no substitute for figures shown in the consolidated income statements and the consolidated statements of cashflows, but they may give an indication of the Group’s capability to generate cash, to pay back debt, to finance acquisitions, to buy back shares and to pay dividends.