– Financial reporting – Consolidated statement of cash flows

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”.