Consolidated Statement of Cash Flows
CHF million | 2024 | 2023 | |
Earnings before tax | 1,176.7 | 1,573.5 | |
Adjustments for: | |||
Depreciation, amortisation and impairment | 114.5 | 112.4 | |
Gain on sale of non-current assets | – 2.9 | ||
Share of results of partner power plants and other associates | 7.4 | 23.3 | |
Financial result | 88.2 | 96.8 | |
Other non-cash income and expenses 1 | – 9.7 | 21.9 | |
Change in provisions (excl. interest) | 3.3 | 23.3 | |
Change in defined benefit assets / liabilities and other non-current liabilities | 0.1 | – 16.2 | |
Change in fair value of derivative financial instruments and hedged firm commitments | 206.3 | – 957.2 | |
Change in net working capital (excl. derivatives, current financial assets / liabilities and current provisions) | – 485.2 | – 134.9 | |
Other financial income and expenses | – 14.4 | – 37.7 | |
Income tax paid | – 53.3 | – 86.9 | |
Net cash flows from operating activities | 1,031.1 | 618.4 | |
Property, plant and equipment and intangible assets | |||
Investments | – 104.0 | – 77.0 | |
Proceeds from disposals | 7.9 | 0.1 | |
Subsidiaries | |||
Acquisitions | – 23.4 | – 0.4 | |
Proceeds from disposals | 65.7 | ||
Associates | |||
Investments | – 0.2 | – 0.5 | |
Proceeds from disposals | – 0.4 | ||
Loans receivable and financial investments | |||
Investments | – 1.2 | – 2.9 | |
Proceeds from disposals / repayments | 0.2 | 0.7 | |
Change in current and non-current term deposits | 254.3 | – 358.5 | |
Dividends from partner power plants, other associates and financial investments | 28.7 | 23.4 | |
Interest received | 33.0 | 40.8 | |
Net cash flows from investing activities | 195.4 | – 309.0 | |
Dividends paid | – 115.9 | – 92.7 | |
Dividends paid to non-controlling interests | – 2.3 | – 3.8 | |
Proceeds from financial liabilities | 31.3 | 538.3 | |
Repayment of financial liabilities | – 431.7 | – 534.5 | |
Repayment of hybrid capital | – 650.0 | ||
Distributions to hybrid investors recognised in equity outside profit or loss | – 40.7 | – 29.5 | |
Interest paid | – 46.5 | – 43.4 | |
Net cash flows from financing activities | – 1,255.7 | – 165.6 | |
Currency translation differences | 17.3 | – 57.8 | |
Change in cash and cash equivalents | – 11.8 | 86.0 | |
Reconciliation: | |||
Cash and cash equivalents at 1 January | 1,572.9 | 1,486.9 | |
Of which, cash and cash equivalents | 1,572.9 | 1,474.4 | |
Of which, cash and cash equivalents under assets held for sale | 12.5 | ||
Cash and cash equivalents at 31 December | 1,561.1 | 1,572.9 | |
Change | – 11.8 | 86.0 |
1In the previous year CHF 27.9 million relate to loss on business disposal. See note 5.2 for more detail.