4Acquisitions and disposals of subsidiaries 

Cash flow from acquisitions of subsidiaries

millions of CHF

 

2022

 

2021

Cash consideration paid

 

 

–138.3

Contingent consideration paid

 

–4.2

 

–0.5

Cash acquired

 

 

15.1

Total cash flow from acquisitions, net of cash acquired

 

–4.2

 

–123.9

Contingent consideration

millions of CHF

 

2022

 

2021

Balance as of January 1

 

5.9

 

6.6

Assumed in a business combination

 

 

1.9

Derecognized as discontinued operations

 

 

–2.2

Payment of contingent consideration

 

–4.2

 

–0.5

Currency translation differences

 

0.2

 

0.1

Total contingent consideration as of June 30 / December 31

 

2.0

 

5.9

– thereof non-current

 

 

1.9

– thereof current

 

2.0

 

4.0

Balance sheet adjustment as of June 30, 2021

In the second half of 2021, the group re-assessed the accounting treatment of the contingent consideration of the Haselmeier acquisition based on facts and circumstances already existing at the acquisition date on October 1, 2020. Consequently, the group adjusted goodwill and other current and accrued liabilities by CHF 2.2 million as of June 30, 2021. 

millions of CHF

 

As reported 2021

 

Measurement period adjustment

 

Adjusted 2021

Goodwill

 

1’020.3

 

2.2

 

1’022.4

Total assets

 

5’603.9

 

2.2

 

5’606.1

 

 

 

 

 

 

 

Other current and accrued liabilities

 

823.5

 

2.2

 

825.7

Total equity and liabilities

 

5’603.9

 

2.2

 

5’606.1

Disposals of subsidiaries

In the first half year 2022, the group sold its 100% shareholding in the Brazilian subsidiary Sulzer Services Brasil, Triunfo. The disposal resulted in a loss of CHF 0.6 million, including a loss of CHF 1.0 million from the reclassification of currency translation differences into the income statement. The deconsolidation of two Polish subsidiaries resulted in a loss of CHF 6.2 million, including a loss of CHF 1.2 million from the reclassification of currency translation differences into the income statement, the investment retained is valued at zero. The losses are recorded in other operating expenses (see note 8). 

millions of CHF

 

2022

 

2021

Cash consideration received

 

7.8

 

0.4

Cash disposed

 

–4.7

 

Total cash flow from divestitures, net of cash derecognized

 

3.1

 

0.4