Consolidated Statement of Cash Flows

CHF million

Note

2023

2022

Earnings before tax

1,574

116

Adjustments for:

 

 

Depreciation, amortisation and impairment 1

4.1/4.2

112

97

Gain on sale of non-current assets

– 1

Share of results of partner power plants and other associates

4.3

23

59

Financial result

2.6

97

74

Other non-cash income and expenses 2

22

18

Change in provisions (excl. interest)

4.7

23

– 505

Change in defined benefit assets / liabilities and other non-current liabilities

 

– 16

30

Change in fair value of derivative financial instruments and hedged firm commitments

 

– 957

226

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

– 135

690

Other financial income and expenses

– 38

– 12

Income tax paid

– 87

– 58

Net cash flows from operating activities

618

734

Property, plant and equipment and intangible assets

 

 

Investments

4.1/4.2

– 77

– 82

Proceeds from disposals

1

Subsidiaries

 

 

Proceeds from disposals

5.1

66

34

Associates

 

 

Investments

4.3

– 1

– 24

Loans receivable and financial investments

 

 

 

Investments

3.3

– 3

– 3

Proceeds from disposals / repayments

 

1

1

Change in current and non-current term deposits

– 359

4

Dividends from partner power plants, other associates and financial investments

4.3

23

23

Interest received

 

41

10

Net cash flows from investing activities

 

– 309

– 36

Dividends paid

 

– 93

 

Dividends paid to non-controlling interests

 

– 4

– 1

Proceeds from financial liabilities

3.4

538

2,709

Repayment of financial liabilities

3.4

– 535

– 2,677

Distributions to hybrid investors recognised in equity outside profit or loss

3.6

– 29

– 29

Interest paid

 

– 43

– 43

Net cash flows from financing activities

 

– 166

– 41

Currency translation differences

 

– 57

– 33

Change in cash and cash equivalents

 

86

624

Reconciliation:

 

 

 

Cash and cash equivalents at 1 January

4.6

1,487

863

Of which, cash and cash equivalents

 

1,474

863

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

5.2

13

Cash and cash equivalents at 31 December

4.6

1,573

1,487

Of which, cash and cash equivalents

 

1,573

1,474

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

5.2

13

Change

 

86

624

1 In 2022, including reversals of impairment losses

2 Of which an amount of CHF 28 million relate to loss on business disposal (previous year: CHF -1 million). See note 5.1 for more detail.