Consolidated statement of cash flows

January 1 – December 31

millions of CHF	Notes	2021	2020
Cash and cash equivalents as of January 1		1’123.2	1’035.5

Net income		1’418.9	87.2
Gain on net assets derecognized	7	–1’255.1	–
Interest and securities income		–5.3	–4.1
Interest expenses		26.5	25.2
Income tax expenses		74.4	34.6
Depreciation, amortization and impairments	14, 15, 16	173.0	177.5
Income from disposals of tangible and intangible assets		–2.7	–3.0
Changes in inventories		–20.8	29.7
Changes in advance payments to suppliers		–9.5	19.2
Changes in contract assets		–74.1	4.2
Changes in trade accounts receivable		17.1	21.3
Changes in contract liabilities		15.5	–33.8
Changes in trade accounts payable		–28.0	–29.6
Changes in employee benefit plans		–9.7	–4.8
Changes in provisions		–1.4	48.9
Changes in other net current assets		89.3	39.3
Other non-cash items		9.5	42.5
Interest received		5.2	4.2
Interest paid		–23.3	–21.0
Income tax paid		–83.7	–68.8
Total cash flow from operating activities		315.9	368.7
– thereof discontinued operations		49.0	50.6

Purchase of intangible assets	14	–6.9	–7.5
Sale of intangible assets	14	0.2	0.1
Purchase of property, plant and equipment	15	–79.2	–98.0
Sale of property, plant and equipment	15	8.7	8.9
Acquisitions of subsidiaries, net of cash acquired	4	–123.9	–108.2
Divestitures of subsidiaries, net of cash derecognized		–1.2	–
Spin-off Applicator Systems division	7	–85.9	–
Acquisitions of associates	17	–6.9	–6.7
Dividends from associates	17	0.5	0.0
Purchase of other non-current financial assets	18	–6.0	–3.3
Repayments of other non-current financial assets	18	0.3	1.0
Purchase of current financial assets	18	–0.2	–370.4
Repayments of current financial assets	18	732.7	122.3
Total cash flow from investing activities		432.3	–461.8
– thereof discontinued operations		9.7	4.4

Dividends paid to shareholders of Sulzer Ltd	24	–91.9	–92.6
Dividends paid to non-controlling interests in subsidiaries		–2.1	–2.6
Purchase of treasury shares	24	–21.8	–23.1
Payments of lease liabilities	16	–41.1	–39.2
Acquisition of non-controlling interests	4	–17.3	–
Proceeds from non-current borrowings	26	0.0	498.9
Repayments of non-current borrowings	26	–0.0	–0.0
Proceeds from current borrowings	26	54.8	72.2
Repayments of current borrowings	26	–263.1	–177.1
Total cash flow from financing activities		–382.5	236.5
– thereof discontinued operations		9.7	–42.9

Exchange gains / (losses) on cash and cash equivalents		16.5	–55.7

Net change in cash and cash equivalents		382.2	87.7

Cash and cash equivalents as of December 31	23	1’505.4	1’123.2

For the calculation of free cash flow (FCF), reference is made to the section “Financial review”.

Consolidated statement of changes in equity

Notes to the consolidated financial statements