Consolidated financial statementsConsolidated statement of cash flows

Consolidated statement of cash flows

January 1 – December 31

millions of CHF	Notes	2023	2022
Cash and cash equivalents as of January 1, as per balance sheet		1’196.3	1’505.4
Cash and cash equivalents classified as held for sale		28.6	–
Cash and cash equivalents as of January 1		1’224.9	1’505.4
Net income		230.5	28.0
Interest and securities income	12	–18.3	–9.7
Interest expenses	12	30.3	27.3
Income tax expenses	13	73.8	79.0
Depreciation, amortization and impairments	14,15,16	108.2	159.3
Income from disposals of tangible and intangible assets , net	11	–0.5	–5.5
Changes in inventories		–17.0	–59.8
Changes in advance payments to suppliers		–19.6	–0.4
Changes in contract assets		–11.4	–60.3
Changes in trade accounts receivable		15.8	–82.4
Changes in contract liabilities		100.9	86.9
Changes in trade accounts payable		–46.1	34.4
Changes in employee benefit plans		–4.1	–7.6
Changes in provisions		–4.7	–14.0
Changes in other net current assets		–22.7	45.4
Other non-cash items		20.4	0.2
Interest received		18.3	9.3
Interest paid		–25.9	–24.6
Income tax paid		–65.6	–86.5
Total cash flow from operating activities		362.2	119.2

Purchase of intangible assets	14	–6.1	–8.7
Proceeds from the sale of intangible assets	14	–	0.0
Purchase of property, plant and equipment	15	–59.5	–61.2
Proceeds from the sale of property, plant and equipment	15	4.6	9.0
Acquisitions of subsidiaries, net of cash acquired	4	–1.3	–4.2
Divestitures and deconsolidation of subsidiaries, net of cash derecognized	5	–26.6	3.2
Acquisitions of associates and joint ventures	17	–17.8	–20.9
Dividends from associates	17	0.2	0.1
Purchase of other non-current financial assets	18	–0.6	–6.7
Repayments of other non-current financial assets	18	0.1	3.2
Purchase of current financial assets	18	–0.7	–2.9
Repayments of current financial assets	18	2.8	1.2
Total cash flow from investing activities		–104.8	–87.8

Dividends paid to shareholders of Sulzer Ltd	24	–80.9	–80.6
Dividends paid to non-controlling interests in subsidiaries		–0.3	–1.6
Purchase of treasury shares	24	–20.9	–19.5
Payments of lease liabilities	16	–28.3	–32.1
Divestiture (Acquisition) of non-controlling interests	4	–19.4	0.4
Capital increase non-controlling interests		–	0.5
Proceeds from non-current borrowings	26	–	169.6
Repayments of non-current borrowings	26	–	–0.0
Proceeds from current borrowings	26	26.0	1’054.0
Repayments of current borrowings	26	–324.9	–1’376.1
Total cash flow from financing activities		–448.6	–285.4

Exchange gains / (losses) on cash and cash equivalents		–59.0	–26.4

Net change in cash and cash equivalents		–250.3	–280.5

Cash and cash equivalents as of December 31	23	974.7	1’224.9
Cash and cash equivalents classified as held for sale		–	–28.6
Cash and cash equivalents as of December 31 as per balance sheet		974.7	1’196.3

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