Consolidated statement of cash flows

January 1 – December 31

millions of CHF	Notes	2020	2019
Cash and cash equivalents as of January 1		1’035.5	1’095.2

Net income		87.2	157.7
Interest and securities income	12	–4.1	–6.6
Interest expenses	12	25.2	24.9
Income tax expenses	13	34.6	55.1
Depreciation, amortization and impairments	14, 15, 16	177.5	171.5
Income from disposals of tangible and intangible assets	11, 15, 16	–3.0	–0.4
Changes in inventories		29.7	82.8
Changes in advance payments to suppliers		19.2	7.0
Changes in contract assets		4.2	–148.4
Changes in trade accounts receivable		21.3	–22.7
Changes in contract liabilities		–33.8	89.5
Changes in trade accounts payable		–29.6	–8.0
Change in provision for employee benefit plans		44.3	–7.0
Changes in provisions		48.9	–1.6
Changes in other net current assets		–9.7	–6.1
Other non-cash items		42.5	5.2
Interest received		4.2	6.6
Interest paid		–21.0	–21.5
Income tax paid		–68.8	–58.6
Total cash flow from operating activities		368.7	319.6

Purchase of intangible assets	14	–7.5	–6.0
Sale of intangible assets	14	0.1	0.5
Purchase of property, plant and equipment	15	–98.0	–108.9
Sale of property, plant and equipment	15	8.9	8.1
Acquisitions of subsidiaries, net of cash acquired	4	–108.2	–78.5
Acquisitions of associates	17	–6.7	–0.0
Dividends from associates	17	0.0	0.1
Purchase of other non-current financial assets	18	–3.3	–1.1
Sale of other non-current financial assets	18	1.0	0.4
Purchase of current financial assets	18	–370.4	–57.4
Sale of current financial assets	18	122.3	–
Total cash flow from investing activities		–461.8	–242.6

Dividends paid to shareholders of Sulzer Ltd	24	–92.6	–81.2
Dividends paid to non-controlling interests in subsidiaries		–2.6	–1.7
Purchase of treasury shares		–23.1	–11.1
Payments of lease liabilities	16	–39.2	–34.0
Proceeds from non-current borrowings	26	498.9	0.3
Repayments of non-current borrowings	26	–0.0	–0.0
Proceeds from current borrowings	26	72.2	153.8
Repayments of current borrowings	26	–177.1	–149.2
Total cash flow from financing activities		236.5	–123.2

Exchange losses on cash and cash equivalents		–55.7	–13.5

Net change in cash and cash equivalents		87.7	–59.7

Cash and cash equivalents as of December 31	23	1’123.2	1’035.5