Consolidated statement of cash flows (condensed and unaudited)

In CHF million	Note	1st half-year 2016	1st half-year 2015
Net income		788	784
Adjustment for non-cash items		1,427	1,343
Change in operating assets and liabilities		(244)	(236)
Income taxes paid		(257)	(257)
Cash flow provided by operating activities		1,714	1,634
Capital expenditure		(1,193)	(1,152)
Acquisition of subsidiaries, net of cash and cash equivalents acquired		(27)	(61)
Proceeds from sale of subsidiaries, net of cash and cash equivalents sold		–	28
Other cash flows from investing activities, net		27	28
Cash flow used in investing activities		(1,193)	(1,157)
Issuance and repayment of financial liabilities, net	4	730	624
Dividends paid to equity holders of Swisscom Ltd	7	(1,140)	(1,140)
Dividends paid to non-controlling interests		(8)	(7)
Other cash flows from financing activities, net		(33)	(37)
Cash flow used in financing activities		(451)	(560)
Net increase (net decrease) in cash and cash equivalents		70	(83)
Cash and cash equivalents at beginning of period		324	302
Foreign currency translation adjustments in respect of cash and cash equivalents		–	1
Cash and cash equivalents at end of period		394	220