Consolidated cash flow statement

CHF thousand

Note

2022

2021

 

 

 

 

Group earnings

 

45,992

47,093

Income taxes

14

19,336

17,637

Share of earnings from associates and joint ventures

5

–888

3,498

Net financial income

13

16,854

17,114

Depreciation/amortisation, impairment and reversal of impairment of tangible and intangible assets

11/12

51,147

55,111

Gain/loss on the disposals of tangible and intangible assets

 

2,303

1,496

Result from sales of associates and joint ventures

4

-

–1,830

Change in non-current provisions (without interest)

 

–15,352

1,346

 

 

–6,321

-

Other non-cash income and expenses

 

–11,808

–4,324

Dividends from associates and joint ventures

17

254

1,751

Income taxes paid

 

–21,049

–33,322

Other financial cash outflow and inflow

 

6,373

–4,175

Cash flow from operating activities before changes in net working capital

 

86,841

101,395

 

 

 

 

Changes

 

 

 

Inventory

 

–8,324

–24,195

Trade accounts receivable

 

–77,241

–32,142

Other receivables (without income taxes)

 

–26,094

–71,352

Prepaid expenses and accrued income

 

62,493

–184,076

Replacement values of held for trading positions

 

–48,194

6,155

Current provisions

 

–6,223

–1,082

Trade accounts payable

 

37,375

13,261

Other current liabilities (without income taxes)

 

–98,919

129,805

Deferred income and accrued expenses

 

–66,595

181,415

Cash flow from operating activities

 

–144,881

119,184

CHF thousand

Note

2022

2021

 

 

 

 

 

 

 

 

Additions of tangible assets

15

–80,927

–74,147

Subsidies received for power plants

15

12,605

5,615

 

 

6,321

-

Disposals of tangible assets

 

1,207

7,120

Additions of current and non-current financial assets

18/24

–3,850

–64,521

Disposals of current and non-current financial assets

18/24

115,803

108,998

Additions of intangible assets

16

–7,829

–29,734

Additions of group companies

 

-

11

Disposals of group companies (less cash and cash equivalents disposed of)

 

10,321

-

Payments for additions of investments in associates and joint ventures

17

–5,337

-

Payments received from disposals of investments in associates and joint ventures

17

-

9,733

Dividends received from third parties

 

399

262

Interest received

 

–19

12

Cash flow from investing activities

 

48,694

–36,651

 

 

 

 

Increase in financial liabilities

 

204,570

78,079

Repayment of financial liabilities

 

–150,362

–50,487

Dividend payments

 

–34,452

–22,779

Purchase/sale of treasury shares

 

2

9

Purchase of minorities

 

–290

-

Interest paid

 

–9,114

–8,374

Cash flow from financing activities

 

10,354

–3,552

 

 

 

 

Effect of currency translation

 

–1,811

–10,044

Change in cash and cash equivalents

 

–87,644

68,937

Cash and cash equivalents at 1 January

 

370,181

301,244

Cash and cash equivalents at 31 December

26

282,537

370,181

Other non-cash income and expenses include offsetting differences in the elimination of expenses and income in the amount of CHF –8,248 thousand (prior year: CHF –63 thousand). These are due to the fact that the income statements of foreign subsidiaries are translated at an average exchange rate that differs from the transaction rates or the daily exchange rates used in recognising the corresponding income and expenses of the company already reporting in the group currency.

The payment from disposals of fully consolidated companies (less cash and cash equivalents transferred) in the amount of CHF 10,321 thousand in the 2022 financial year relates to the purchase price adjustment received for the sale of Repower Transportnetz AG to Swissgrid AG, which took place back in 2013.

CHF 5,337 thousand was spent in cash for the purchase of the two associated companies Erreci S.r.l. and Erreci Impianti S.r.l. (see Acquisition of associates section).

The prior year payment of CHF 9,733 thousand received from disposals of investments in associates and joint ventures comprises a consideration received by Repower for the sale of its investments in EL.IT.E. S.p.A. and Aerochetto S.r.l. (see the Disposal of associates section)

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