Consolidated statement of cash flows

January 1 – December 31

millions of CHF	Notes	2025	2024
Cash and cash equivalents as of January 1	19	118.1	130.6

Net income		7.0	–6.4
Share of (profit) / loss of associates	2	–	5.7
Interest income	10	–1.3	–1.1
Interest expenses	10	10.7	12.1
Income tax expenses / (income)	11	1.9	0.0
Depreciation, amortization and impairments	12,13,14	55.5	61.6
(Gains) / losses from disposals of tangible and intangible assets	9	–0.2	–0.8
Changes in inventory		–2.6	14.9
Changes in advance payments to suppliers		–0.1	2.9
Changes in contract assets		–4.2	–1.0
Changes in trade accounts receivable		–8.0	13.4
Changes in contract liabilities		3.7	–2.2
Changes in trade accounts payable		5.7	–7.2
Changes in employee benefit plans		1.2	2.5
Changes in provisions		1.8	–1.1
Changes in other assets and liabilities		3.8	12.8
Equity-settled share-based payment transactions	29	3.1	4.4
Foreign exchange translation impact on intercompany loans		8.2	–3.7
Other non-cash items		0.9	1.3
Interest received		1.2	0.8
Interest paid		–13.8	–12.7
Income tax paid		–6.7	–9.6
Total cash flow from operating activities		67.8	86.6

Purchase of intangible assets	12	–6.6	–10.0
Purchase of property, plant and equipment		–34.5	–38.5
Sale of property, plant and equipment	13	0.4	1.5
Cash consideration for acquisitions, net of cash acquired	4	–	–4.5
Total cash flow from investing activities		–40.7	–51.5

Dividends paid to shareholders	20	–15.0	–15.0
Dividends paid to non-controlling interests in subsidiaries	20	–5.0	–
Purchase of treasury shares	20	–2.6	–0.5
Payments of lease liabilities	14	–10.7	–11.9
Proceeds from current borrowings	22	23.5	16.4
Repayments of current borrowings	22	–26.7	–37.7
Total cash flow from financing activities		–36.3	–48.6

Exchange gains / (losses) on cash and cash equivalents		–3.4	1.0

Net change in cash and cash equivalents		–12.6	–12.5

Cash and cash equivalents as of December 31	19	105.5	118.1

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