Consolidated statement of cash flows

January 1 – June 30

millions of CHF	Notes	2023	2022
Cash and cash equivalents as of January 1, as per balance sheet		1’196.3	1’505.4
Cash and cash equivalents classified as held for sale		28.6	–
Cash and cash equivalents as of January 1		1’224.9	1’505.4

Net income		104.3	–48.8
Interest and securities income	8	–10.5	–3.5
Interest expenses	8	16.1	13.2
Income tax expenses	9	33.3	30.5
Depreciation, amortization and impairments		55.0	95.2
Income from disposals of tangible and intangible assets	7	–0.6	–4.7
Changes in inventories		–34.1	–41.8
Changes in advance payments to suppliers		–28.1	–0.5
Changes in contract assets		–32.2	–26.2
Changes in trade accounts receivable		29.3	–28.9
Changes in contract liabilities		79.6	64.5
Changes in trade accounts payable		–16.1	29.4
Changes in employee benefit plans		–0.9	–4.1
Changes in provisions		8.9	–8.8
Changes in other net current assets		–54.2	–43.2
Other non-cash items		10.7	–14.1
Interest received		10.5	3.3
Interest paid		–4.7	–4.8
Income tax paid		–33.1	–54.1
Total cash flow from operating activities		133.3	–47.6

Purchase of intangible assets		–3.5	–2.8
Sale of intangible assets		0.0	0.0
Purchase of property, plant and equipment		–25.7	–34.4
Sale of property, plant and equipment		2.5	6.6
Acquisitions of subsidiaries, net of cash acquired	4	–1.3	–4.2
Divestitures and deconsolidation of subsidiaries, net of cash derecognized	5	–32.0	3.1
Acquisitions of associates	4	–10.1	–0.0
Dividends from associates		0.2	0.1
Purchase of other non-current financial assets		–0.4	–0.4
Repayments of other non-current financial assets		–	2.9
Purchase of current financial assets		–1.6	–0.0
Repayments of current financial assets		3.7	0.7
Total cash flow from investing activities		–68.2	–28.3

Dividends paid to shareholders of Sulzer Ltd	10	–80.9	–80.6
Dividends paid to non-controlling interests in subsidiaries		–0.1	–1.1
Purchase of treasury shares		–9.4	–10.8
Payments of lease liabilities		–14.4	–17.1
Acquisition of non-controlling interests	4	–19.4	–
Proceeds from current borrowings	11	17.5	272.3
Repayments of current borrowings	11	–17.7	–276.0
Total cash flow from financing activities		–124.3	–113.4

Exchange gains / (losses) on cash and cash equivalents		–24.3	26.0

Net change in cash and cash equivalents		–83.5	–163.3

Cash and cash equivalents as of June 30		1’141.4	1’342.0
Cash and cash equivalents classified as held for sale	5	–	–41.5
Cash and cash equivalents as of June 30 as per balance sheet		1’141.4	1’300.6

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