Consolidated statement of cash flows (unaudited)

In CHF million	Note	1st half-year 2019	1st half-year 2018
Net income		780	787
Income tax expense		158	206
Result of equity-accounted investees		(2)	–
Financial income	7	(27)	(30)
Financial expense	7	98	100
Depreciation and amortisation of property, plant and equipment and intangible assets		1,111	1,080
Depreciation of right-of-use assets		122	–
Gain on sale of property, plant and equipment		(4)	(4)
Loss on disposal of property, plant and equipment		–	3
Expense for share-based payments		1	1
Change in provisions		(4)	(28)
Change in defined benefit obligations		26	30
Change in operating assets and liabilities	8	(151)	(324)
Change in deferred gain from the sale and leaseback of real estate		(6)	(6)
Interest received		11	11
Interest paid on financial liabilities		(16)	(16)
Interest paid on lease liabilities		(15)	(12)
Dividends received		18	18
Income taxes paid		(293)	(272)
Cash flow from operating activities		1,807	1,544
Purchase of property, plant and equipment and intangible assets		(1,297)	(1,069)
Sale of property, plant and equipment and intangible assets		7	6
Acquisition of subsidiaries, net of cash and cash equivalents acquired	5	(281)	(18)
Purchase of equity-accounted investees		(7)	(19)
Purchase of other financial assets		(8)	(19)
Proceeds from other financial assets		16	17
Cash flow used in investing activities		(1,570)	(1,102)
Issuance of financial liabilities	5	957	738
Repayment of financial liabilities	5	(35)	(37)
Repayment of lease liabilities	5	(132)	(14)
Dividends paid to equity holders of Swisscom Ltd		(1,140)	(1,140)
Dividends paid to non-controlling interests		(1)	(1)
Other cash flows from financing activities		(5)	(5)
Cash flow used in financing activities		(356)	(459)
Net decrease in cash and cash equivalents		(119)	(17)
Cash and cash equivalents at 1 January		474	525
Foreign currency translation adjustments in respect of cash and cash equivalents		(2)	(2)
Cash and cash equivalents at the end of period		353	506