Consolidated statement of cash flows

January 1 – December 31

millions of CHF	Notes	2024	2023
Cash and cash equivalents as of January 1	19	130.6	313.5

Net income		–6.4	0.7
Share of (profit) / loss of associates	2	5.7	–
Interest income	10	–1.1	–1.3
Interest expenses	10	12.1	10.0
Income tax expenses / (income)	11	0.0	2.2
Depreciation, amortization and impairments	12,13,14	61.6	58.4
(Gains) / losses from disposals of tangible and intangible assets	9	–0.8	0.0
Changes in inventory		14.9	1.2
Changes in advance payments to suppliers		2.9	–0.8
Changes in contract assets		–1.0	–0.3
Changes in trade accounts receivable		13.4	2.3
Changes in contract liabilities		–2.2	0.2
Changes in trade accounts payable		–7.2	–3.3
Changes in employee benefit plans		2.5	–0.1
Changes in provisions		–1.1	5.7
Changes in other assets and liabilities		12.8	–6.7
Other non-cash items		2.0	0.7
Interest received		0.8	1.3
Interest paid		–12.7	–6.3
Income tax paid		–9.6	–7.9
Total cash flow from operating activities		86.6	56.1

Purchase of intangible assets	12	–10.0	–6.5
Purchase of property, plant and equipment		–38.5	–46.4
Sale of property, plant and equipment	13	1.5	0.2
Cash consideration for acquisitions, net of cash acquired	4	–4.5	–29.4
Acquisitions of associates		–	–5.7
Divestitures of investments in subsidiaries		–	4.0
Sale of current financial assets		–	3.3
Total cash flow from investing activities		–51.5	–80.6

Dividends paid to shareholders	20	–15.0	–15.0
Dividends paid to non-controlling interests in subsidiaries		–	–1.3
Purchase of treasury shares	20	–0.5	–3.1
Payments of lease liabilities	14	–11.9	–10.4
Transaction costs related to loans and borrowings		–	–0.4
Proceeds from current borrowings	22	16.4	33.6
Repayments of current borrowings	22	–37.7	–157.2
Total cash flow from financing activities		–48.6	–153.8

Exchange gains / (losses) on cash and cash equivalents		1.0	–4.6

Net change in cash and cash equivalents		–12.5	–182.9

Cash and cash equivalents as of December 31	19	118.1	130.6

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