Group Financial Statements CONSOLIDATED CASH FLOW STATEMENT in CHF million Note 22002200 2019 Operating result 772288..22 778822..66 Depreciation and amortization 7/8/9 394.9 374.0 Interest received 2.7 5.2 Interest paid (47.8) (52.4) Income tax paid (121.6) (97.6) (Increase)/decrease in inventories 28 29.0 25.4 (Increase)/decrease in trade receivables 14 32.3 (9.4) (Increase)/decrease in finance lease receivables 14 (80.5) (180.9) Increase/(decrease) in trade payables 24 (6.5) (10.3) Increase/(decrease) in contract liabilities 27 (0.1) 17.2 Change in non-cash items (28.3) 14.6 Change in other net operating assets 31.6 (36.2) Cash flow from operating activities 993333..99 883322..22 Capital expenditure on intangible assets 7 (194.0) (202.6) Capital expenditure on property, plant and equipment 8 (150.7) (209.3) (Increase)/decrease in financial investments (4.5) (11.4) Disposal of property, plant and equipment 6.4 29.8 CCaasshh ffllooww ffrroomm iinnvveessttiinngg aaccttiivviittiieess ((334422..88)) ((339933..55)) Proceeds from long-term borrowings 34.3 26.5 Repayment of long-term borrowings (46.2) (4.5) Payment of lease liabilities 9 (131.8) (136.2) Proceeds from (repayment of) short-term borrowings 26 (75.9) 78.2 Proceeds from issuance of bonds 22 149.9 – Repayment of bonds 22 – (33.5) Increase/(decrease) in liability to shareholder – 0.1 Dividend paid 19 (294.0) (272.4) Cash flow from financing activities ((336633..77)) ((334411..88)) Exchange differences (8.3) (14.0) Total increase/(decrease) in cash and cash equivalents 221199..11 8822..99 Cash and cash equivalents at January 1 1,113.8 1,030.9 Cash and cash equivalents at December 31 11,,333322..99 11,,111133..88 Cash and cash equivalents at December 31 2020 Financial Report | 17