Consolidated statement of cash flows

In CHF million	Note	2018	2017
Net income		1,521	1,568
Income tax expense	6.1	395	392
Result of equity-accounted investees	5.3	(5)	11
Financial income	2.4	(28)	(44)
Financial expense	2.4	186	204
Depreciation, amortisation and impairment losses	3.2–3.4	2,144	2,164
Gain on sale of property, plant and equipment	1.2	(17)	(24)
Loss on disposal of property, plant and equipment		7	2
Expense for share-based payments		1	2
Change in provisions	3.5	(57)	51
Change in defined benefit obligations	4.3	64	36
Change in operating assets and liabilities	3.1	(70)	165
Change in deferred gain from the sale and leaseback of real estate	2.2	(12)	(12)
Interest received		24	26
Dividends received	5.3	18	20
Interest paid	2.2	(157)	(181)
Income taxes paid	6.1	(294)	(289)
Cash flow from operating activities		3,720	4,091
Purchase of property, plant and equipment and intangible assets	3.2, 3.4	(2,404)	(2,378)
Sale of property, plant and equipment and intangible assets		21	30
Acquisition of subsidiaries, net of cash and cash equivalents acquired	5.2	(78)	(63)
Purchase of equity-accounted investees	5.2	(35)	(20)
Proceeds from sale of equity-accounted investees	5.2	–	76
Purchase of other financial assets		(31)	(58)
Proceeds from other financial assets		32	158
Cash flow used in investing activities		(2,495)	(2,255)
Issuance of financial liabilities	2.2	1,451	757
Repayment of financial liabilities	2.2	(1,571)	(1,158)
Dividends paid to equity holders of Swisscom Ltd	2.1	(1,140)	(1,140)
Dividends paid to non-controlling interests		(1)	(8)
Acquisition of non-controlling interests	5.2	–	(99)
Other cash flows from financing activities		(9)	(9)
Cash flow used in financing activities		(1,270)	(1,657)
(Net decrease) net increase in cash and cash equivalents		(45)	179
Cash and cash equivalents at 1 January		525	329
Foreign currency translation adjustments in respect of cash and cash equivalents		(6)	17
Cash and cash equivalents at 31 December		474	525