Consolidated Cash Flow Statement (condensed)

from 1 January to 30 June

CHF 1000 1st Half-Year 2006 1st Half-Year 2007
Net profit 13 535 22 803
Adjustments:    
Taxes 7 377 7 956
Net financial expenses 5 663 7 645
Depreciation 26 302 28 907
Profit on disposal of assets 0 (8)
Other non-cash expenses 534 1 076
Change in long-term provisions (70) (150)
Operating earnings before changes in working capital 53 341 68 229
Change in short-term receivables, advance payments and prepaid expenses (5 545) (2 158)
Change in inventories (18 122) (6 126)
Change in current liabilities excl. financial and tax liabilities (4 382) 196
Operating earnings after changes in working capital 25 292 60 141
Financial income received 527 371
Financial expenses paid (4 430) (6 450)
Taxes paid (20 367) (18 424)
Cash flow from operating activities 1 022 35 638
Net cash provided/(used) by investing activities (31 209) (38 630)
Net cash provided/(used) by financing activities 30 733 30 913
Net increase/(decrease) in cash and cash equivalents 546 27 921
     
Net cash and cash equivalents at the beginning of the period 59 678 41 013
Effect of exchange rate changes (2 151) (10 454)
Net increase/(decrease) in cash and cash equivalents 546 27 921
Net cash and cash equivalents at the end of the period 58 073 58 480