Consolidated Statement of Cash Flows
|
CHF million |
2023 |
2022 |
|
|
Earnings before tax |
|
1,574 |
116 |
|
Adjustments for: |
|
|
|
|
Depreciation, amortisation and impairment 1 |
112 |
97 |
|
|
Gain on sale of non-current assets |
|
|
– 1 |
|
Share of results of partner power plants and other associates |
23 |
59 |
|
|
Financial result |
97 |
74 |
|
|
Other non-cash income and expenses 2 |
|
22 |
18 |
|
Change in provisions (excl. interest) |
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 |
– 77 |
– 82 |
|
|
Proceeds from disposals |
|
|
1 |
|
Subsidiaries |
|
|
|
|
Proceeds from disposals |
66 |
34 |
|
|
Associates |
|
|
|
|
Investments |
– 1 |
– 24 |
|
|
Loans receivable and financial investments |
|
|
|
|
Investments |
– 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 |
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 |
538 |
2,709 |
|
|
Repayment of financial liabilities |
– 535 |
– 2,677 |
|
|
Distributions to hybrid investors recognised in equity outside profit or loss |
– 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 |
1,487 |
863 |
|
|
Of which, cash and cash equivalents |
|
1,474 |
863 |
|
Of which, cash and cash equivalents under assets held for sale |
13 |
|
|
|
Cash and cash equivalents at 31 December |
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 |
|
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.