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Free cash flow (continuing operations)<br />
Strong free cash flow of 63.3 million CHF generated<br />
CHF million<br />
Net profit<br />
Depreciation and amortization<br />
+/- Reversal of disposal gains<br />
+/- Change in net working capital<br />
+/- Capital expenditure, net<br />
+/- Change in other financial assets<br />
Free cash flow before divestments<br />
+/- Sale LMW shares / divestments<br />
Free cash flow<br />
<strong>Half</strong> year results July <strong>2011</strong><br />
HY1<br />
<strong>2011</strong><br />
91.0<br />
17.2<br />
-44.1<br />
-30.7<br />
-12.2<br />
-0.2<br />
21.0<br />
42.3<br />
63.3<br />
HY1<br />
2010<br />
7.5<br />
20.2<br />
-3.2<br />
-11.9<br />
-2.5<br />
+5.5<br />
15.6<br />
-0.8<br />
14.8<br />
• Strong free cash flow of 63.3 million<br />
CHF (14.8 million CHF)<br />
• Free cash flow before divestments<br />
increased to 21.0 million CHF<br />
(HY1 2010: 15.6 million CHF) despite<br />
higher net working capital and capital<br />
expenditures<br />
• Sale of LMW shares contributed further<br />
42.3 million CHF to free cash flow<br />
21
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