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:

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  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.

29. Segment reporting

30. Related party transactions

31. Foreign exchange rates

32. Subsequent events

33. Group companies as at 31 December 2018

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