Consolidated cash flow statement

CHF thousand	Note	2023	2022
			Restated

Group earnings		299,822	52,874
Income taxes	14	50,555	12,454
Share of earnings from associates and joint ventures	5	–404	–888
Net financial income	13	20,373	16,854
Depreciation/amortisation, impairment and reversal of impairment of tangible and intangible assets	11/12	70,115	51,147
Gain/loss on the disposals of tangible and intangible assets		–6,105	2,303
Change in non-current provisions (without interest)		492	–15,352
Income from insurance benefits on tangible assets		-	–6,321
Other non-cash income and expenses		–12	–844
Dividends from associates and joint ventures	17	1,504	254
Income taxes paid		–1,663	–21,049
Other financial cash outflow and inflow		1,586	6,373
Cash flow from operating activities before changes in net working capital		436,263	97,805

Changes
Inventory		–1,860	–8,324
Trade accounts receivable		56,834	–77,241
Other receivables (without income taxes)		35,570	–26,094
Prepaid expenses and accrued income		63,494	62,493
Replacement values of held for trading positions		–98,176	–48,194
Current provisions		1,007	–6,223
Trade accounts payable		–13,678	37,375
Other current liabilities (without income taxes)		–18,443	–98,919
Deferred income and accrued expenses		–80,020	–66,595
Cash flow from operating activities		380,991	–133,917

CHF thousand	Note	2023	2022
			Restated


Additions of tangible assets	15	–96,976	–80,927
Subsidies received for power plants	15	15,476	12,605
Income from insurance benefits on tangible assets		-	6,321
Disposals of tangible assets		1,346	1,207
Additions of current and non-current financial assets	18/24	–232,142	–3,850
Disposals of current and non-current financial assets	18/24	79,930	115,803
Additions of intangible assets	16	–4,518	–7,829
Disposals of group companies (less cash and cash equivalents disposed of)		-	10,321
Payments for additions of investments in associates and joint ventures	17	–2,467	–5,337
Purchase of minorities		-	–290
Dividends received from third parties		501	399
Interest received		4,941	–19
Cash flow from investing activities		–233,909	48,404

Increase in financial liabilities		121,115	204,570
Repayment of financial liabilities		–130,909	–150,362
Dividend payments to Repower AG shareholders		–36,954	–33,259
Dividend payments to minorities		–777	–1,193
Purchase/sale of treasury shares		–35	2
Interest paid		–14,962	–9,114
Cash flow from financing activities		–62,522	10,644

Effect of currency translation		–6,412	–12,775
Change in cash and cash equivalents		78,148	–87,644
Cash and cash equivalents at 1 January		282,537	370,181
Cash and cash equivalents at 31 December	26	360,685	282,537

Payments from investments in associates and joint ventures include in particular the payment of earn-outs in the amount of CHF 1,539 thousand for the acquisition of Erreci S.r.l. and Erreci Impianti S.r.l. (prior year: cash purchase price CHF 5,337 thousand) (see Changes in scope of consolidation and Change in ownership interests sections).

In 2023, the joint venture Resol Ciminna S.r.l. was established, which essentially had no impact on cash (see Note 17).

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.

Changes in consolidated shareholder's equity

Principles