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- >Note 28
1. Basic information and principles of the report
2. Changes in Group structure
3. Summary of significant accounting policies
4. Risk assessment and management
5. Management of capital
6. Marketable securities
7. Trade accounts receivable
8. Other current assets and current financial assets
9. Inventories
10. Property, plant and equipment
11. Other non-current assets and non-current financial assets
12. Goodwill and intangible assets
13. Short-term debt
14. Other current provisions and liabilities
15. Long-term debt
16. Derivative financial instruments
17. Retirement benefit plans
18. Participation plans
19. Deferred tax assets and liabilities
20. Other non-current provisions and liabilities
21. Contingencies
22. Capital stock and treasury shares
23. Earnings per share
24. Other operating expenses, net
25. Financial result, net
26. Income tax expenses
27. Research and development expenditures
28. Cashflow figures
Net cashflow is calculated as follows:
| 2014 | 2013 | |
|---|---|---|
| MCHF | MCHF | |
| EBITDA1 | 657.1 | 592.8 |
| Financial result, net | -1.7 | -5.5 |
| Income tax expenses | -76.6 | -69.4 |
| Deferred taxes charged/credited (-) to net income ( Notes 19 and 26) | 4.4 | 5.3 |
| Changes in non-current provisions | 25.8 | 26.5 |
| Changes in other non-current assets and liabilities and other | -0.7 | -1.0 |
| Net cashflow | 608.3 | 548.7 |
| 1 EBIT + Depreciation + Amortization |
“Changes in non-current provisions” mainly includes the changes in provisions for operating risks, accrued pension obligations and non-cash expenses resulting from share participation and option plans charged or credited to net income. “Changes in other non-current assets and liabilities and other” mainly includes the changes in prepaid pension assets booked to net income and gains from the disposal of property, plant and equipment.
Free cashflow is calculated as follows:
| 2014 | 2013 | |
|---|---|---|
| MCHF | MCHF | |
| Net cashflow | 608.3 | 548.7 |
| Purchase of property, plant and equipment and intangible assets, net | -102.3 | -95.2 |
| Changes in net working capital | -35.2 | 2.4 |
| Payments charged to non-current provisions | -10.4 | -11.6 |
| Free cashflow | 460.4 | 444.3 |
As per the Group definition, the term “Free cashflow” does not include cashflows from divestments or acquisitions of subsidiaries, proceeds or repayments of borrowings, the purchase or sale of treasury shares and dividend payments.
“Changes in net working capital” comprises the changes in the aggregate of trade accounts receivable, inventories and other current assets, less the aggregate of trade accounts payable and other current provisions and liabilities.
“Payments charged to non-current provisions” mainly includes outflows resulting from pension and warranty obligations.
“Net cashflow” and “Free cashflow” are no substitute for figures shown in the consolidated income statements and the consolidated statements of cashflows, but they may give an indication of the Group’s capability to generate cash, to pay back debt, to finance acquisitions, to buy back shares and to pay dividends.