– Financial reporting – Consolidated statement of cash flows
Consolidated statement of cash flows
January 1 – December 31
|
millions of CHF |
|
Notes |
|
2022 |
|
2021 |
|
Cash and cash equivalents as of January 1 |
|
|
|
1’505.4 |
|
1’123.2 |
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
28.0 |
|
1’418.9 |
|
Gain on net assets derecognized - Spin-off Applicator Systems division |
|
5 |
|
– |
|
–1’255.1 |
|
Interest and securities income |
|
|
|
–9.7 |
|
–5.3 |
|
Interest expenses |
|
|
|
27.3 |
|
26.5 |
|
Income tax expenses |
|
|
|
79.0 |
|
74.4 |
|
Depreciation, amortization and impairments |
|
15, 16, 17 |
|
159.3 |
|
173.0 |
|
Income from disposals of tangible and intangible assets |
|
|
|
–5.5 |
|
–2.7 |
|
Changes in inventories |
|
|
|
–59.8 |
|
–20.8 |
|
Changes in advance payments to suppliers |
|
|
|
–0.4 |
|
–9.5 |
|
Changes in contract assets |
|
|
|
–60.3 |
|
–74.1 |
|
Changes in trade accounts receivable |
|
|
|
–82.4 |
|
17.1 |
|
Changes in contract liabilities |
|
|
|
86.9 |
|
15.5 |
|
Changes in trade accounts payable |
|
|
|
34.4 |
|
–28.0 |
|
Changes in employee benefit plans |
|
|
|
–7.6 |
|
–9.7 |
|
Changes in provisions |
|
|
|
–14.0 |
|
–1.4 |
|
Changes in other net current assets |
|
|
|
45.4 |
|
89.3 |
|
Other non-cash items |
|
|
|
0.2 |
|
9.5 |
|
Interest received |
|
|
|
9.3 |
|
5.2 |
|
Interest paid |
|
|
|
–24.6 |
|
–23.3 |
|
Income tax paid |
|
|
|
–86.5 |
|
–83.7 |
|
Total cash flow from operating activities |
|
|
|
119.2 |
|
315.9 |
|
– thereof discontinued operations |
|
|
|
– |
|
49.0 |
|
|
|
|
|
|
|
|
|
Purchase of intangible assets |
|
15 |
|
–8.7 |
|
–6.9 |
|
Sale of intangible assets |
|
15 |
|
0.0 |
|
0.2 |
|
Purchase of property, plant and equipment |
|
16 |
|
–61.2 |
|
–79.2 |
|
Sale of property, plant and equipment |
|
16 |
|
9.0 |
|
8.7 |
|
Acquisitions of subsidiaries, net of cash acquired |
|
4 |
|
–4.2 |
|
–123.9 |
|
Divestitures of subsidiaries, net of cash derecognized |
|
4 |
|
3.2 |
|
–1.2 |
|
Spin-off Applicator Systems division |
|
5 |
|
– |
|
–85.9 |
|
Acquisitions of associates |
|
18 |
|
–20.9 |
|
–6.9 |
|
Dividends from associates |
|
18 |
|
0.1 |
|
0.5 |
|
Purchase of other non-current financial assets |
|
19 |
|
–6.7 |
|
–6.0 |
|
Repayments of other non-current financial assets |
|
19 |
|
3.2 |
|
0.3 |
|
Purchase of current financial assets |
|
19 |
|
–2.9 |
|
–0.2 |
|
Repayments of current financial assets |
|
19 |
|
1.2 |
|
732.7 |
|
Total cash flow from investing activities |
|
|
|
–87.8 |
|
432.3 |
|
– thereof discontinued operations |
|
|
|
– |
|
9.7 |
|
|
|
|
|
|
|
|
|
Dividends paid to shareholders of Sulzer Ltd |
|
25 |
|
–80.6 |
|
–91.9 |
|
Dividends paid to non-controlling interests in subsidiaries |
|
|
|
–1.6 |
|
–2.1 |
|
Purchase of treasury shares |
|
25 |
|
–19.5 |
|
–21.8 |
|
Payments of lease liabilities |
|
17 |
|
–32.1 |
|
–41.1 |
|
Divestiture (Acquisition) of non-controlling interests |
|
4 |
|
0.4 |
|
–17.3 |
|
Capital increase non-controlling interests |
|
|
|
0.5 |
|
– |
|
Proceeds from non-current borrowings |
|
27 |
|
169.6 |
|
0.0 |
|
Repayments of non-current borrowings |
|
27 |
|
0.0 |
|
–0.0 |
|
Proceeds from current borrowings |
|
27 |
|
1’054.0 |
|
54.8 |
|
Repayments of current borrowings |
|
27 |
|
–1’376.1 |
|
–263.1 |
|
Total cash flow from financing activities |
|
|
|
–285.4 |
|
–382.5 |
|
– thereof discontinued operations |
|
|
|
– |
|
9.7 |
|
|
|
|
|
|
|
|
|
Exchange gains / (losses) on cash and cash equivalents |
|
|
|
–26.4 |
|
16.5 |
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
|
–280.5 |
|
382.2 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents as of December 31 |
|
24 |
|
1’224.9 |
|
1’505.4 |
|
Cash and cash equivalents classified as held for sale |
|
|
|
–28.6 |
|
– |
|
Cash and cash equivalents as of December 31 as per balance sheet |
|
|
|
1’196.3 |
|
1’505.4 |
For the calculation of free cash flow (FCF), reference is made to the section “Financial review”.