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”.

Consolidated statement of changes in equity

Notes to the consolidated financial statements