Statement of cash flows 

CHF million Notes 2015 2014 1
Cash flow from operating activities      
Net result from continuing operations   57.9 58.2
Income tax expenses [8] 21.0 18.9
Net financial result [7] 2.3 –0.7
Earnings before interest and taxes (EBIT) [3] 81.2 76.4
Depreciation and amortisation   55.2 61.1
Impairment of other intangible assets [15] 16.5 0.0
Other non-cash expenses   4.1 0.5
Profit from sale of properties [5] –53.2 –10.1
Changes in net working capital      
– Accounts receivable/other receivables   –46.0 –35.1
– Prepaid expenses   –26.0 –20.5
– Accounts payable/accrued expenses   78.2 51.6
– Advance payments by customers   –5.4 6.3
Income taxes paid   –30.5 –38.6
Net cash from operating activities – continuing operations   74.1 91.6
Net cash from/(used in) operating activities – discontinued operations   38.8 –27.6
Net cash from operating activities   112.9 64.0
       
Cash flow from investing activities      
Purchase of tangible fixed assets   –20.1 –21.1
Purchase of other intangible assets   –18.1 –29.0
Disposal of tangible assets and other intangible assets   84.4 13.6
Sales of subsidiaries, net of cash and cash equivalents disposed of [2] –172.7 0.0
Decrease in time deposits   7.7 12.8
Increase in other financial assets   –2.9 –9.3
Interest received   3.1 3.9
Other financial income received   1.5 1.1
Net cash used in investing activities – continuing operations   –117.1 –28.0
Net cash (used in)/from investing activities – discontinued operations   –5.5 3.6
Net cash used in investing activities   –122.6 –24.4
       
Cash flow from financing activities      
Repayment of mortgage   –15.0 0.0
Increase of financial debts   24.7 30.5
Interest paid   –8.5 –4.6
Distributions to non-controlling interests   –0.9 –0.8
Distributions to shareholders of Kuoni Travel Holding Ltd [19] –29.4 –29.0
Net cash used in financing activities – continuing operations   –29.1 –3.9
Net cash used in financing activities – discontinued operations   –2.5 –12.0
Net cash used in financing activities   –31.6 –15.9
       
Effects of exchange rate fluctuations on cash and cash equivalents   –26.9 –29.6
Net decrease in cash and cash equivalents   –68.2 –5.9
       
Cash and cash equivalents at beginning of year   339.3 345.2
       
Cash and cash equivalents at end of year [10] 271.1 339.3

1 Restatement of comparative period figures due to the disposal of all outbound tour operating activities and the inbound business activities in India, see note 2 of the financial report.