in CHF mn Notes* 2018 2019
Operating activities      
Profit before taxes   892.9 966.6
Depreciation and amortization expenses 15, 16 204.0 332.5
Increase (+)/decrease (–) in provisions/
employee benefit obligations and assets
  -2.2 5.6
Increase (–)/decrease (+) in net working capital   -161.6 88.1
Non–liquidity–related other financial expenses (+)/income (–) as well as cash flow from hedging transactions   35.6 60.5
Other adjustments 25 6.9 23.6
Income taxes paid   -231.6 -263.0
Cash flow from operating activities   744.0 1,213.9
       
Investing activities      
Property, plant, and equipment: capital expenditures 15 -233.4 -179.7
Property, plant, and equipment: disposals 15, 25 7.8 2.9
Intangible assets: capital expenditures 16 -5.2 -12.6
Intangible assets: disposals 16 0.0 1.6
Acquisitions less cash and cash equivalents   -471.2 -1,748.4
Disposals less cash and cash equivalents   0.0  
Deconsolidation   0.0  
Acquisitions (–)/disposals (+) of financial assets   -3.2 5.3
Capital increase at associated companies   0.0  
Cash flow from investing activities   -705.2 -1,930.9
       
Financing activities      
Increase in financial liabilities 20 2,106.7 308.9
Repayment of financial liabilities 20 -2,206.3 -1,299.5
Repayment of lease liabilities 20 0.0 -85.0
Repayment of a bond  20 -150.0 -200.0
Issue of bonds 20 852.4 1,130.0
Issue of a convertible bond 20 1,630.6 1,280.1
Purchase of treasury shares   -2,162.2 -95.9
Sale of treasury shares   62.3 92.3
Dividend payment to shareholders of Sika AG   -281.8 -290.6
Repayment of nominal value      
Dividends related to non-controlling interests   -1.3 -2.8
Purchase of non-controlling interests    0.0 -9.9
Capital increase from non-controlling interests    0.0  
Cash flow from financing activities   -149.6 827.6
       
Exchange differences on cash and cash equivalents   -13.1 -29.5
       
Net change in cash and cash equivalents   -123.9 81.1
Cash and cash equivalents at the beginning of the year 10 1,037.9 914.0
Cash and cash equivalents at the end of the year 10 914.0 995.1
       
Cash flow from operating activities contains:      
Dividends from associated companies   0.5 1.0
Interest received   2.0 3.5
Interest paid   -14.9 -24.3

* See notes in Financial Report