Annual report 2023

Consolidated statement of cash flows

January 1 – December 31

millions of CHF

 

Notes

 

2023

 

2022

 

Cash and cash equivalents as of January 1

 

20

 

313.5

 

209.8

 

 

 

 

 

 

 

 

 

Net income

 

 

 

0.7

 

11.6

 

Loss on net assets derecognized and retained investment

 

15

 

 

15.4

 

Interest income

 

10

 

–1.3

 

–0.7

 

Interest expenses

 

10

 

10.0

 

6.5

 

Income tax expenses

 

11

 

2.2

 

0.6

 

Depreciation, amortization and impairments

 

12, 13, 14

 

58.4

 

51.1

 

(Gains) / losses from disposals of tangible and intangible assets

 

9

 

0.0

 

0.0

 

Changes in inventory

 

 

 

1.2

 

–30.5

 

Changes in advance payments to suppliers

 

 

 

–0.8

 

1.3

 

Changes in contract assets

 

 

 

–0.3

 

–1.0

 

Changes in trade accounts receivable

 

 

 

2.3

 

–37.9

 

Changes in contract liabilities

 

 

 

0.2

 

–0.3

 

Changes in trade accounts payable

 

 

 

–3.3

 

10.0

 

Changes in employee benefit plans

 

 

 

–0.1

 

–5.9

 

Changes in provisions

 

 

 

5.7

 

–1.0

 

Changes in other net current assets

 

 

 

–6.7

 

17.7

 

Other non-cash items

 

 

 

0.7

 

27.1

 

Interest received

 

 

 

1.3

 

0.6

 

Interest paid

 

 

 

–6.3

 

–6.5

 

Income tax paid

 

 

 

–7.9

 

–10.5

 

Total cash flow from operating activities

 

 

 

56.1

 

47.6

 

 

 

 

 

 

 

 

 

Purchase of intangible assets

 

12

 

–6.5

 

–2.2

 

Purchase of property, plant and equipment

 

 

 

–46.4

 

–36.4

 

Sale of property, plant and equipment

 

13

 

0.2

 

1.3

 

Cash consideration for acquisitions, net of cash acquired

 

4

 

–29.4

 

–14.7

 

Deconsolidation of medmix Poland, cash derecognized

 

15

 

 

–2.0

 

Acquisitions of associates

 

2

 

–5.7

 

 

Divestitures of investments in subsidiaries

 

 

 

4.0

 

 

Sale of other non-current financial assets

 

 

 

 

0.1

 

Purchase of current financial assets

 

 

 

 

–3.3

 

Sale of current financial assets

 

 

 

3.3

 

0.2

 

Total cash flow from investing activities

 

 

 

–80.6

 

–57.0

 

 

 

 

 

 

 

 

 

Dividends paid to shareholders

 

21

 

–15.0

 

–15.0

 

Dividends paid to non-controlling interests in subsidiaries

 

 

 

–1.3

 

 

Purchase of treasury shares

 

21

 

–3.1

 

–6.1

 

Payments of lease liabilities

 

14

 

–10.4

 

–8.9

 

Transaction costs related to loans and borrowings

 

 

 

–0.4

 

 

Repayments of non-current borrowings

 

23

 

 

–3.0

 

Proceeds from current borrowings

 

23

 

33.6

 

310.5

 

Repayments of current borrowings

 

23

 

–157.2

 

–161.6

 

Total cash flow from financing activities

 

 

 

–153.8

 

116.1

 

 

 

 

 

 

 

 

 

Exchange gains / (losses) on cash and cash equivalents

 

 

 

–4.6

 

–2.9

 

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

 

 

–182.9

 

103.7

 

 

 

 

 

 

 

 

 

Cash and cash equivalents as of December 31

 

20

 

130.6

 

313.5

 

For the calculation of free cash flow (FCF), reference is made to the section financial review.