Consolidated statement of cash flows

January 1 – June 30

millions of CHF	Notes	2021	2020
Cash and cash equivalents as of January 1		1’123.2	1’035.5

Net income		86.3	16.8
Interest and securities income	7	–1.7	–2.5
Interest expenses	7	13.1	11.7
Income tax expenses	8	27.9	6.7
Depreciation, amortization and impairments		90.8	87.3
Income from disposals of tangible and intangible assets	6	–1.0	–0.3
Changes in inventories		–38.6	0.4
Changes in advance payments to suppliers		–16.7	8.3
Changes in contract assets		–36.2	–11.6
Changes in trade accounts receivable		52.8	53.6
Changes in contract liabilities		29.8	–20.8
Changes in trade accounts payable		–8.9	–77.0
Change in provision for employee benefit plans		–5.8	–28.8
Changes in provisions		–4.0	35.9
Changes in other net current assets		20.3	13.8
Other non-cash items		–6.3	26.6
Interest received		1.7	2.5
Interest paid		–4.0	–4.5
Income tax paid		–44.3	–26.2
Total cash flow from operating activities		155.1	91.8

Purchase of intangible assets		–4.0	–5.4
Sale of intangible assets		0.0	0.0
Purchase of property, plant and equipment		–38.9	–54.3
Sale of property, plant and equipment		4.9	4.7
Acquisitions of subsidiaries, net of cash acquired	4	–123.9	–6.8
Divestitures of subsidiaries		0.4	–
Acquisitions of associates		–6.9	–5.2
Dividends from associates		0.5	–
Purchase of other non-current financial assets		–5.7	–2.3
Sale of other non-current financial assets		0.2	0.3
Purchase of current financial assets		–0.0	–5.2
Sale of current financial assets		302.5	56.9
Total cash flow from investing activities		129.1	–17.3

Dividends paid to shareholders of Sulzer Ltd	9	–91.9	–92.6
Dividends paid to non-controlling interests in subsidiaries		–2.1	–2.4
Purchase of treasury shares		–14.5	–10.3
Payments of lease liabilities		–20.7	–19.5
Acquisition of non-controlling interests	4	–17.3	–
Proceeds from non-current borrowings	10	0.0	0.1
Repayments of non-current borrowings	10	–2.8	–0.0
Proceeds from current borrowings	10	27.8	43.2
Repayments of current borrowings	10	–28.4	–39.0
Total cash flow from financing activities		–149.7	–120.6

Exchange gains/losses on cash and cash equivalents		34.9	–32.1

Net change in cash and cash equivalents		169.3	–78.2

Cash and cash equivalents as of June 30		1’292.5	957.3

For the calculation of free cash flow (FCF), reference is made to “Financial review”.