Annual Report 2020

Consolidated Statement of Cash Flows

CHF million

Note

2020

2019

Earnings before tax from continuing operations

123

– 336

Adjustments for:

 

 

Depreciation, amortisation and impairment

4.1 / 4.2 / 5.2

80

401

Gain on sale of non-current assets

– 3

Share of results of partner power plants and other associates

4.3

35

44

Financial result

2.6

55

59

Other non-cash income and expenses

– 52

40

Change in provisions (excl. interest)

4.7

71

47

Change in defined benefit liabilities and other non-current liabilities

 

– 14

– 11

Change in fair value of derivative financial instruments

 

– 67

– 3

Change in net working capital (excl. derivatives, current financial assets / liabilities and current provisions)

– 90

– 247

Other financial income and expenses

– 21

4

Income tax paid

– 3

– 12

Net cash flows from operating activities of continuing operations

 

117

– 17

Net cash flows from operating activities of discontinued operations

 

– 9

– 2

Net cash flows from operating activities

108

– 19

Property, plant and equipment and intangible assets

 

 

Investments

4.1 / 4.2

– 66

– 71

Proceeds from disposals

1

Subsidiaries

 

 

Proceeds from disposals

5.2

25

265

Associates

 

 

Investments

4.3

– 1

 

Proceeds from disposals

 

2

Loans receivable and financial investments

 

 

 

Investments

3.3

– 5

– 2

Change in current and non-current term deposits

48

– 61

Dividends from partner power plants, other associates and financial investments

4.3

22

22

Interest received

 

3

2

Net cash flows from investing activities of continuing operations

 

26

158

Net cash flows from investing activities of discontinued operations

5.2

– 67

– 28

Net cash flows from investing activities

 

– 41

130

Dividends paid to non-controlling interests

 

– 1

– 1

Proceeds from financial liabilities

3.5

13

53

Repayment of financial liabilities

3.5

– 109

– 266

Change in non-controlling interests

 

1

1

Distributions to hybrid investors recognised in equity outside profit and loss

3.7

– 29

– 29

Interest paid

 

– 37

– 46

Net cash flows from financing activities of continuing operations

 

– 162

– 288

Net cash flows from financing activities of discontinued operations

 

 

Net cash flows from financing activities

 

– 162

– 288

Currency translation differences

 

– 6

– 16

Change in cash and cash equivalents

 

– 101

– 193

Reconciliation:

 

 

 

Cash and cash equivalents at 1 January

 

441

634

Of which, cash and cash equivalents

4.6

440

634

Of which, cash and cash equivalents under assets held for sale

5.3

1

 

Cash and cash equivalents at 31 December

 

340

441

Of which, cash and cash equivalents

4.6

340

440

Of which, cash and cash equivalents under assets held for sale

5.3

1

Change

 

– 101

– 193

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