Consolidated cash flow statement

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For the years ended 31 December 2020 and 2019, CHF million	Notes	2020	2019

Net profit		112	172
Income taxes	1.5	31	31
Financial result	3.2	19	25
Depreciation and amortization	2.4	133	139
Share of results of associates	3.2	7	13
Other non-cash income and expenses		19	26
Increase in provisions, net	2.6.1	38	38
Use of provisions	2.6.1	–49	–25
Changes in
– Inventories		64	–25
– Trade accounts receivable		12	70
– Prepayments to creditors		7	–2
– Other receivables and accrued income		–3	–1
– Trade accounts payable		–10	–30
– Prepayments from customers		3	–23
– Other liabilities and accrued liabilities and deferred income		12	–13
Interest paid		–22	–18
Income taxes paid		–31	–59
Cash flow from operating activities		342	318

Additions to
– Property, plant, and equipment	2.4	–137	–178
– Intangible assets		–8	–8
– Other financial assets	5.2	–5	–26
Disposals of
– Property, plant, and equipment	2.4	25	23
– Investments in associates		1
– Intangible assets			1
– Other financial assets	5.2	9
Purchase/disposal of marketable securities		–1	3
Cash flow from acquisitions	4.1.2	–6	–5
Interest received		4	4
Cash flow from investing activities		–118	–186

Free cash flow before acquisitions/divestments		230	137

Free cash flow		224	132

Purchase of treasury shares	3.5	–7	–10
Dividend payments to shareholders of Georg Fischer Ltd		–103	–103
Dividend payments to non-controlling interests		–12	–11
Inflows from or outflows for shares from non-controlling interests		12	8
Issuance of bonds	3.1.1	200
Increase of short term bank loans	3.1.1	435
Repayment of short term bank loans	3.1.1	–435
Changes in other financial liabilities	3.1.1	16	–18
Cash flow from financing activities		106	–134

Translation adjustment on cash and cash equivalents		–17	–10
Net cash flow		313	–12

Cash and cash equivalents at beginning of year		521	533
Cash and cash equivalents at year-end 1		834	521

1 Cash, postal and bank accounts: CHF 526 million (previous year: CHF 514 million), fixed-term deposits: CHF 308 million (previous year: CHF 7 million).