Consolidated financial statementsConsolidated statement of cash flows

Consolidated statement of cash flows

January 1 – December 31

millions of CHF	Notes	2025	2024
Cash and cash equivalents as of January 1		1’060.6	974.7

Net income		294.7	265.4
Interest and securities income	10	–11.6	–19.6
Interest expenses	10	29.5	29.3
Income tax expenses	11	92.4	88.2
Depreciation, amortization and impairments	12,13,14	123.1	120.2
Gain from disposals of tangible and intangible assets, net	9	–1.9	–0.3
Changes in inventories		–19.2	–7.0
Changes in advance payments to suppliers		–3.2	–5.9
Changes in contract assets		–115.7	–55.6
Changes in trade accounts receivable		2.3	–124.7
Changes in contract liabilities		3.9	66.6
Changes in trade accounts payable		24.3	14.4
Changes in employee benefit plans		–8.5	–2.1
Changes in provisions		–3.3	–6.3
Changes in other net current assets		–34.8	51.9
Other non-cash items		49.3	11.4
Interest received		10.0	17.3
Interest paid		–23.9	–23.7
Income tax paid		–104.5	–95.6
Total cash flow from operating activities		303.0	323.8

Purchase of intangible assets	12	–3.6	–9.7
Proceeds from the sale of intangible assets	12	1.1	0.0
Purchase of property, plant and equipment	13	–90.0	–82.7
Proceeds from the sale of property, plant and equipment	13	2.1	3.5
Acquisitions of subsidiaries, net of cash acquired	3	–16.9	–13.1
Divestitures of associates and joint ventures	15	6.8	-
Dividends from associates	15	–	0.1
Purchase of other non-current financial assets	16	–1.0	–1.7
Purchase of current financial assets	16	–0.0	–0.4
Repayments of financial assets	16	0.6	5.8
Total cash flow from investing activities		–101.0	–98.2

Dividends paid to shareholders of Sulzer Ltd	22	–264.6	–86.5
Dividends paid to non-controlling interests in subsidiaries		–1.2	–0.3
Purchase of treasury shares	22	–18.9	–33.2
Payments of lease liabilities	14	–33.4	–29.7
Divestiture (Acquisition) of non-controlling interests	3	–	–0.3
Proceeds from non-current borrowings	24	329.2	249.3
Proceeds from current borrowings	24	51.4	42.3
Repayments of current borrowings	24	–352.7	–293.3
Total cash flow from financing activities		–290.1	–151.6

Exchange gains / (losses) on cash and cash equivalents		–45.1	11.9

Net change in cash and cash equivalents		–133.3	85.9

Cash and cash equivalents as of December 31	21	927.3	1’060.6

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