Consolidated Statement of Cash Flows

For the year ended 31 December

in millions of Swiss francs Note 2010 2009
Income for the period 340 200
Income tax expense 14 97 67
Interest expense 12 82 119
Non-operating income and expense 37 74
Operating income 556 460
Depreciation of property, plant and equipment 21 115 119
Amortisation of intangible assets 22 194 176
Impairment of long-lived assets and joint ventures 21, 22 22 3
Other non-cash items
- share-based payments 10 11
- additional and unused provisions, net 105 71
- other non-cash items 14 (15)
Adjustments for non-cash items 460 365
(Increase) decrease in inventories (152) 126
(Increase) decrease in accounts receivable (37) (7)
(Increase) decrease in other current assets (48) (10)
Increase (decrease) in accounts payable 53 (19)
Increase (decrease) in other current liabilities 71 (32)
(Increase) decrease in working capital (113) 58
Income taxes paid (59) (50)
Other operating cash flows, net a (114) (95)
Cash flows from (for) operating activities 730 738
Increase in long-term debt 99 304
(Decrease) in long-term debt (198) (550)
Increase in short-term debt 1 16
(Decrease) in short-term debt (34) (295)
Interest paid (116) (130)
Dividends paid 26 (188) (71)
Issuance of shares 26 472
Purchase and sale of own equity instruments, net 9 5
Others, net 13 2
Cash flows from (for) financing activities (414) (247)
Acquisition of property, plant and equipment 21 (120) (95)
Acquisition of intangible assets 22 (72) (64)
Proceeds from the disposal of property, plant and equipment 21 15 10
Interest received 3 5
Dividends received -
Purchase and sale of available-for-sale financial assets, net 1 98
Purchase and sale of financial assets at fair value through income statement, net (29)
Purchase and sale of derivative financial instruments, net 11 1
Others, net (35) (38)
Cash flows from (for) investing activities (226) (83)
Net increase (decrease) in cash and cash equivalents 90 408
Net effect of currency translation on cash and cash equivalents (110) (2)
Cash and cash equivalents at the beginning of the period 825 419
Cash and cash equivalents at the end of the period 805 825

The notes to the consolidated financial statements form an integral part of these financial statements.

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