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)

Changes in consolidated shareholder's equity

Principles