Consolidated Statement of Cash Flows
CHF million | 2025 | 2024 | |
Earnings before tax | 224.6 | 1,176.7 | |
Adjustments for: | |||
Depreciation, amortisation and impairment | 130.4 | 114.5 | |
Gain on sale of non-current assets | – 3.4 | – 2.9 | |
Share of results of partner power plants and other associates | 12.6 | 7.4 | |
Financial result | 65.7 | 88.2 | |
Other non-cash income and expenses | – 4.8 | – 9.7 | |
Change in provisions (excl. interest) | 17.7 | 3.3 | |
Change in defined benefit assets / liabilities and other non-current liabilities | 1.8 | 0.1 | |
Change in fair value of derivative financial instruments and hedged firm commitments | 269.9 | 206.3 | |
Change in net working capital (excl. derivatives, current financial assets / liabilities and current provisions) | – 55.3 | – 485.2 | |
Other financial income and expenses | – 59.8 | – 14.4 | |
Income tax paid | – 109.0 | – 53.3 | |
Net cash flows from operating activities | 490.3 | 1,031.1 | |
Property, plant and equipment and intangible assets | |||
Investments | – 190.0 | – 104.0 | |
Proceeds from disposals | 6.7 | 7.9 | |
Subsidiaries | |||
Acquisitions | – 23.4 | ||
Associates | |||
Investments | – 0.3 | – 0.2 | |
Loans receivable and financial investments | |||
Investments | – 4.5 | – 1.2 | |
Proceeds from disposals / repayments | 0.2 | ||
Change in current and non-current term deposits | – 136.2 | 254.3 | |
Dividends from partner power plants, other associates and financial investments | 18.3 | 28.7 | |
Interest received | 11.2 | 33.0 | |
Net cash flows from investing activities | – 294.8 | 195.4 | |
Dividends paid | – 162.2 | – 115.9 | |
Dividends paid to non-controlling interests | – 2.6 | – 2.3 | |
Proceeds from financial liabilities | 185.5 | 31.3 | |
Repayment of financial liabilities | – 246.9 | – 431.7 | |
Repayment of hybrid capital | – 650.0 | ||
Distributions to hybrid investors recognised in equity outside profit or loss | – 40.7 | ||
Interest paid | – 29.2 | – 46.5 | |
Net cash flows from financing activities | – 255.5 | – 1,255.7 | |
Currency translation differences | – 5.4 | 17.3 | |
Change in cash and cash equivalents | – 65.3 | – 11.8 | |
Reconciliation: | |||
Cash and cash equivalents at 1 January | 1,561.1 | 1,572.9 | |
Cash and cash equivalents at 31 December | 1,495.8 | 1,561.1 | |
Change | – 65.3 | – 11.8 |