Consolidated statement of cash flows (unaudited)

In CHF million	Note	1st half-year 2018	1st half-year 2017
Net income		787	839
Income tax expense		206	263
Result of equity-accounted investees		–	3
Financial income	6	(30)	(11)
Financial expense	6	100	109
Depreciation, amortisation and impairment losses		1,080	1,057
Gain on sale of property, plant and equipment		(4)	(1)
Loss on disposal of property, plant and equipment		3	–
Expense for share-based payments		1	1
Change in provisions		(28)	(22)
Change in defined benefit obligations		30	(24)
Change in operating assets and liabilities	7	(324)	(137)
Change in deferred gain from the sale and leaseback of real estate		(6)	(3)
Interest received		11	11
Interest paid		(28)	(32)
Dividend received		18	15
Income taxes paid		(272)	(235)
Cash flow from operating activities		1,544	1,833
Purchase of property, plant and equipment and intangible assets		(1,069)	(1,057)
Sale of property, plant and equipment and intangible assets		6	2
Acquisition of subsidiaries, net of cash and cash equivalents acquired		(18)	(55)
Purchase of equity-accounted investees		(19)	(8)
Sale of equity-accounted investees		–	1
Purchase of other financial assets		(19)	(22)
Proceeds from other financial assets		17	18
Cash flow used in investing activities		(1,102)	(1,121)
Issuance of financial liabilities	5	738	523
Repayment of financial liabilities	5	(51)	(82)
Dividends paid to equity holders of Swisscom Ltd	4	(1,140)	(1,140)
Dividends paid to non-controlling interests		(1)	(8)
Acquisition of non-controlling interests		–	(12)
Other cash flows from financing activities		(5)	(6)
Cash flow used in financing activities		(459)	(725)
Net decrease in cash and cash equivalents		(17)	(13)
Cash and cash equivalents at 1 January		525	329
Foreign currency translation adjustments in respect of cash and cash equivalents		(2)	2
Cash and cash equivalents at the end of financial period		506	318