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– Financial reporting – Consolidated statement of cash flows

Consolidated statement of cash flows

January 1 – June 30

millions of CHF

 

Notes

 

2022

 

2021

Cash and cash equivalents as of January 1

 

 

 

1’505.4

 

1’123.2

 

 

 

 

 

 

 

Net income

 

 

 

–48.8

 

86.3

Interest and securities income

 

9

 

–3.5

 

–1.7

Interest expenses

 

9

 

13.2

 

13.1

Income tax expenses

 

10

 

30.5

 

27.9

Depreciation, amortization and impairments

 

 

 

95.2

 

90.8

Income from disposals of tangible and intangible assets

 

8

 

–4.7

 

–1.0

Changes in inventories

 

 

 

–41.8

 

–38.6

Changes in advance payments to suppliers

 

 

 

–0.5

 

–16.7

Changes in contract assets

 

 

 

–26.2

 

–36.2

Changes in trade accounts receivable

 

 

 

–28.9

 

52.8

Changes in contract liabilities

 

 

 

64.5

 

29.8

Changes in trade accounts payable

 

 

 

29.4

 

–8.9

Changes in employee benefit plans

 

 

 

–4.1

 

–5.8

Changes in provisions

 

 

 

–8.8

 

–4.0

Changes in other net current assets

 

 

 

–43.2

 

20.3

Other non-cash items

 

 

 

–14.1

 

–6.3

Interest received

 

 

 

3.3

 

1.7

Interest paid

 

 

 

–4.8

 

–4.0

Income tax paid

 

 

 

–54.1

 

–44.3

Total cash flow from operating activities

 

 

 

–47.6

 

155.1

– thereof discontinued operations

 

 

 

 

47.9

 

 

 

 

 

 

 

Purchase of intangible assets

 

 

 

–2.8

 

–4.0

Sale of intangible assets

 

 

 

0.0

 

0.0

Purchase of property, plant and equipment

 

 

 

–34.4

 

–38.9

Sale of property, plant and equipment

 

 

 

6.6

 

4.9

Acquisitions of subsidiaries, net of cash acquired

 

4

 

–4.2

 

–123.9

Divestitures of subsidiaries, net of cash derecognized

 

4

 

3.1

 

0.4

Acquisitions of associates

 

 

 

–0.0

 

–6.9

Dividends from associates

 

 

 

0.1

 

0.5

Purchase of other non-current financial assets

 

 

 

–0.4

 

–5.7

Repayments of other non-current financial assets

 

 

 

2.9

 

0.2

Purchase of current financial assets

 

 

 

–0.0

 

–0.0

Repayments of current financial assets

 

 

 

0.7

 

302.5

Total cash flow from investing activities

 

 

 

–28.3

 

129.1

– thereof discontinued operations

 

 

 

 

16.1

 

 

 

 

 

 

 

Dividends paid to shareholders of Sulzer Ltd

 

11

 

–80.6

 

–91.9

Dividends paid to non-controlling interests in subsidiaries

 

 

 

–1.1

 

–2.1

Purchase of treasury shares

 

 

 

–10.8

 

–14.5

Payments of lease liabilities

 

 

 

–17.1

 

–20.7

Acquisition of non-controlling interests

 

 

 

 

–17.3

Proceeds from non-current borrowings

 

12

 

 

0.0

Repayments of non-current borrowings

 

12

 

 

–2.8

Proceeds from current borrowings

 

12

 

272.3

 

27.8

Repayments of current borrowings

 

12

 

–276.0

 

–28.4

Total cash flow from financing activities

 

 

 

–113.4

 

–149.7

– thereof discontinued operations

 

 

 

 

7.3

 

 

 

 

 

 

 

Exchange gains / (losses) on cash and cash equivalents

 

 

 

26.0

 

34.9

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

 

 

–163.3

 

169.3

 

 

 

 

 

 

 

Cash and cash equivalents as of June 30

 

 

 

1’342.0

 

1’292.5

Cash and cash equivalents classified as held for sale

 

7

 

–41.5

 

Cash and cash equivalents as of June 30 as per balance sheet

 

 

 

1’300.6

 

1’292.5

Due to rounding, numbers presented may not add up to the totals provided.

For the calculation of free cash flow (FCF), please refer to “Financial review”.