Consolidated cash flow statement

Figures in CHF thousand	Notes	2019	2018	2017	2016

Consolidated earnings		435,977	54,065	217,882	97,969
Write-downs/write-ups on investments	6	–402,438	228,003	–127,509	–32,149
Of which write-downs/write-ups on equity-accounted participations	6	9,172	16,576	–25,975	9,001
Write-downs/write-ups on intangible assets	8	23,007	34,111	38,589	41,657
Write-downs/write-ups on property, plant and equipment	8	9,594	9,822	9,621	8,547
Write-downs/write-ups on receivables		24,188	41,057	28,335	20,127
Change in net technical provisions	11	–25,565	266,488	221,579	16,444
Change in non-technical provisions	12	–10,030	–2,240	6,590	–23,411
Change in provision for investment risk	13	175,000	4,000	51,000	152,000
Loss/gain on disposal of property, plant and equipment	8	3	9	188	–59
Change in deferred charges	9	173,999	20,329	–197,540	18,151
Change in deferred income taxes		39,270	–19,245	–1,748	–57,412
Change in receivables	10	–127,814	–67,824	–63,886	–92,310
Change in deferred credits	9	51,932	–2,392	–39,481	–27,123
Change in liabilities	10	243,483	–2,590	–31,948	–61,222
Cash flow from operating activities		610,606	563,593	111,672	61,210
Investment/divestment of investments	6	–424,138	–193,386	–109,386	–200,085
Investment/divestment of intangible assets	8	–31,203	–33,429	0	–64,498
Investment/divestment of property, plant and equipment	8	–6,809	–9,177	–13,165	–4,662
Cash flow from investment activities		–462,150	–235,992	–122,551	–269,244
Dividends to shareholders		–2,100	–3,500	–2,100	–1,400
Dividends to non-controlling interests		–687	–736	–491	–975
Change in non-controlling interest/third parties		627	702	728	766
Cash flow from financing activities		–2,160	–3,534	108,137	–1,610
Total cash flow = change in cash and cash equivalents		146,296	324,067	97,258	–209,644

Cash and cash equivalents opening amount at 1.1		512,569	188,502	91,244	300,888
Cash and cash equivalents closing amount at 31.12		658,865	512,569	188,502	91,244
Change in cash and cash equivalents ¹		146,296	324,067	97,258	–209,644

1 Cash and cash equivalents This comprises liquidity, liquidity with custodian bank and time deposits.