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.