Consolidated statement of cash flows (unaudited)

In CHF million	Note	1st half-year 2020	1st half-year 2019
Net income		736	780
Income tax expense		146	158
Result of equity-accounted investees		(3)	(2)
Financial income	6	(10)	(27)
Financial expense	6	114	98
Depreciation and amortisation of property, plant and equipment and intangible assets		1,078	1,097
Depreciation of right-of-use assets		147	136
Gain on sale of property, plant and equipment		–	(4)
Expense for share-based payments		1	1
Revenue from finance leases		(27)	–
Change in deferred gain from the sale and leaseback of real estate		(6)	(6)
Change in operating assets and liabilities	7	(71)	(151)
Change in provisions		(10)	(4)
Change in defined benefit obligations		29	26
Interest received		9	11
Interest payments on financial liabilities		(20)	(16)
Interest payments on lease liabilities		(22)	(15)
Dividends received		15	18
Income taxes paid		(156)	(293)
Cash flow from operating activities		1,950	1,807
Purchase of property, plant and equipment and intangible assets		(1,069)	(1,297)
Sale of property, plant and equipment and intangible assets		2	7
Acquisition of subsidiaries, net of cash and cash equivalents acquired		(16)	(281)
Expenses for shareholdings accounted for using the equity method		(9)	(7)
Purchase of other financial assets		(18)	(8)
Proceeds from other financial assets		44	16
Cash flow used in investing activities		(1,066)	(1,570)
Issuance of financial liabilities	5	887	957
Repayment of financial liabilities	5	(543)	(35)
Repayment of lease liabilities		(151)	(132)
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		(15)	(5)
Cash flow used in financing activities		(963)	(356)
Net decrease in cash and cash equivalents		(79)	(119)
Cash and cash equivalents at 1 January		328	474
Foreign currency translation adjustments in respect of cash and cash equivalents		(2)	(2)
Cash and cash equivalents at the end of financial period		247	353