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