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”.

Consolidated statement of changes in equity

Notes to the consolidated financial statements