Consolidated cash flow statement

CHF thousand	Note	2025	2024
			Restated

Group earnings		100,689	138,212
Income taxes	14	17,123	27,782
Share of earnings from associates and joint ventures	5	–1,172	–603
Depreciation/amortisation, impairment and reversal of impairment of tangible and intangible assets	11/12	73,042	60,692
Gain/loss on the disposals of tangible and intangible assets		–3,645	849
Change in non-current provisions (without interest)		2,746	1,167
Income from insurance benefits on tangible assets		–98	–525
Other non-cash income and expenses		1,853	–878
Dividends from associates and joint ventures	17	509	424
Income taxes paid		–21,919	–54,867
Cash flow from operating activities before changes in net working capital		169,128	172,253

Changes
Inventory		11,132	695
Trade accounts receivable		16,243	24,954
Other receivables (without income taxes)		–308	29,324
Prepaid expenses and accrued income		60,772	–35,887
Replacement values of held for trading positions		59,400	31,755
Current provisions		–3,472	5,427
Trade accounts payable		–7,813	–13,006
Other current liabilities (without income taxes)		–13,508	–5,578
Deferred income and accrued expenses		–70,493	–9,663
Cash flow from operating activities		221,081	200,274

CHF thousand	Note	2025	2024
			Restated


Additions of tangible assets	15	–113,111	–70,868
Subsidies received	15	1,034	3,334
Income from insurance benefits on tangible assets		375	525
Disposals of tangible assets		6,193	174
Additions of current and non-current financial assets	18/25	–92,080	–1,524
Disposals of current and non-current financial assets	18/25	30,971	180,095
Additions of intangible assets	16	–4,164	–3,929
Additions of group companies (less cash and cash equivalents acquired)		–2,200	–10,111
Additions from asset acquisition		–1,528	–3,187
Additions from the sale of a business unit		600	-
Payments for additions of investments in associates and joint ventures	17	–8,861	–5,922
Purchase of minorities		–181	–60,507
Sale of minorities		30	-
Cash flow from investing activities		–182,922	28,080

Increase in financial liabilities		113,642	155,407
Repayment of financial liabilities		–125,659	–327,311
Dividend payments to Repower AG shareholders		–48,037	–59,125
Dividend payments to minorities		–1,270	–622
Purchase/sale of treasury shares		–34	–40
Cash flow from financing activities		–61,358	–231,691

Effect of currency translation		–763	5,247
Change in net cash funds		–23,962	1,910
Net cash funds at 1 January		362,595	360,685
Net cash funds at 31 December	27	338,633	362,595