Notes to the Consolidated Financial Statements NET DEBT RECONCILIATION Non-cash changes January 1, Cash flow Change in Exchange Other December 2018 scope of differences non-cash 31, 2018 in CHF million consolidation changes Bonds 446.1 (111.6) – (1.4) – 333.1 Long-term borrowings 30.9 – – (1.1) (2.2) 27.6 Financial leasing liabilities 1.6 0.1 – – – 1.7 Other long-term loans 22.3 0.9 – (1.3) – 21.9 Short-term bank borrowings 117.7 43.8 0.3 (10.2) 2.3 153.9 Total liabilities from financing activities 618.6 (66.8) 0.3 (14.0) 0.1 538.2 Non-cash changes January 1, Cash flow Change in Exchange Other December 2017 scope of differences non-cash 31, 2017 in CHF million consolidation changes Bonds 359.5 83.8 – 3.0 (0.2) 446.1 Long-term borrowings 28.4 – – 2.5 – 30.9 Financial leasing liabilities 1.2 0.2 0.1 – 0.1 1.6 Other long-term loans 4.5 1.3 – (0.5) 17.0 22.3 Short-term bank borrowings 86.0 (20.8) 52.2 0.4 (0.1) 117.7 Total liabilities from financing activities 479.6 64.5 52.3 5.4 16.8 618.6 The notes are an integral part of these Group financial statements. 2018 Financial Report | 36