– 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”.