Consolidated statement of cash flows
January 1 – December 31
|
millions of CHF |
|
|
2024 |
|
2023 |
|
|
Cash and cash equivalents as of January 1, as per balance sheet |
|
|
|
974.7 |
|
1’196.3 |
|
Cash and cash equivalents classified as held for sale |
|
|
|
– |
|
28.6 |
|
Cash and cash equivalents as of January 1 |
|
|
|
974.7 |
|
1’224.9 |
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
265.4 |
|
230.5 |
|
Interest and securities income |
|
|
–19.6 |
|
–18.3 |
|
|
Interest expenses |
|
|
29.3 |
|
30.3 |
|
|
Income tax expenses |
|
|
88.2 |
|
73.8 |
|
|
Depreciation, amortization and impairments |
|
|
120.2 |
|
108.2 |
|
|
Loss / (gain) from disposals of tangible and intangible assets, net |
|
|
–0.3 |
|
–0.5 |
|
|
Changes in inventories |
|
|
|
–7.0 |
|
–17.0 |
|
Changes in advance payments to suppliers |
|
|
|
–5.9 |
|
–19.6 |
|
Changes in contract assets |
|
|
|
–55.6 |
|
–11.4 |
|
Changes in trade accounts receivable |
|
|
|
–124.7 |
|
15.8 |
|
Changes in contract liabilities |
|
|
|
66.6 |
|
100.9 |
|
Changes in trade accounts payable |
|
|
|
14.4 |
|
–46.1 |
|
Changes in employee benefit plans |
|
|
|
–2.1 |
|
–4.1 |
|
Changes in provisions |
|
|
|
–6.3 |
|
–4.7 |
|
Changes in other net current assets |
|
|
|
51.9 |
|
–22.7 |
|
Other non-cash items |
|
|
|
11.4 |
|
20.4 |
|
Interest received |
|
|
|
17.3 |
|
18.3 |
|
Interest paid |
|
|
|
–23.7 |
|
–25.9 |
|
Income tax paid |
|
|
|
–95.6 |
|
–65.6 |
|
Total cash flow from operating activities |
|
|
|
323.8 |
|
362.2 |
|
|
|
|
|
|
|
|
|
Purchase of intangible assets |
|
|
–9.7 |
|
–6.1 |
|
|
Proceeds from the sale of intangible assets |
|
|
0.0 |
|
– |
|
|
Purchase of property, plant and equipment |
|
|
–82.7 |
|
–59.5 |
|
|
Proceeds from the sale of property, plant and equipment |
|
|
3.5 |
|
4.6 |
|
|
Acquisitions of subsidiaries, net of cash acquired |
|
|
–13.1 |
|
–1.3 |
|
|
Divestitures and deconsolidation of subsidiaries, net of cash derecognized |
|
|
– |
|
–26.6 |
|
|
Acquisitions of associates and joint ventures |
|
|
– |
|
–17.8 |
|
|
Dividends from associates |
|
|
0.1 |
|
0.2 |
|
|
Purchase of other non-current financial assets |
|
|
–1.7 |
|
–0.6 |
|
|
Purchase of current financial assets |
|
|
–0.4 |
|
–0.7 |
|
|
Repayments of financial assets |
|
|
5.8 |
|
2.9 |
|
|
Total cash flow from investing activities |
|
|
|
–98.2 |
|
–104.8 |
|
|
|
|
|
|
|
|
|
Dividends paid to shareholders of Sulzer Ltd |
|
|
–86.5 |
|
–80.9 |
|
|
Dividends paid to non-controlling interests in subsidiaries |
|
|
|
–0.3 |
|
–0.3 |
|
Purchase of treasury shares |
|
|
–33.2 |
|
–20.9 |
|
|
Payments of lease liabilities |
|
|
–29.7 |
|
–28.3 |
|
|
Divestiture (Acquisition) of non-controlling interests |
|
|
–0.3 |
|
–19.4 |
|
|
Proceeds from non-current borrowings |
|
|
249.3 |
|
– |
|
|
Proceeds from current borrowings |
|
|
42.3 |
|
26.0 |
|
|
Repayments of current borrowings |
|
|
–293.3 |
|
–324.9 |
|
|
Total cash flow from financing activities |
|
|
|
–151.6 |
|
–448.6 |
|
|
|
|
|
|
|
|
|
Exchange gains / (losses) on cash and cash equivalents |
|
|
|
11.9 |
|
–59.0 |
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
|
85.9 |
|
–250.3 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents as of December 31 |
|
|
1’060.6 |
|
974.7 |
As of December 31, 2024, cash related to an overdue advance payments from a customer in the amount of CHF 30.4 million was held in an agent account and was fully received on January 7, 2025. The amount was not included in cash and cash equivalents as at December 31, 2024.
For the calculation of free cash flow (FCF), reference is made to the section “Financial review”.