Consolidated cash flow statement

CHF million	Notes	2021	2020

Net profit		200	112
Income taxes	1.6	53	31
Financial result	3.3	23	19
Share of results of associates	3.3	0	7
Depreciation and amortization	2.6	134	133
Other non-cash income and expenses		12	36
Increase in provisions, net	2.9	21	38
Use of provisions	2.9	–32	–49
Profit/loss from disposal of tangible fixed assets		–5	–17
Changes in inventories		–146	64
Changes in trade accounts receivable		–75	12
Changes in prepayments to creditors		–8	7
Changes in other receivables and accrued income		–12	–3
Changes in trade accounts payable		100	–10
Changes in prepayments from customers		36	3
Changes in other liabilities and accrued liabilities and deferred income		49	12
Interest paid		–20	–22
Income taxes paid		–43	–31
Cash flow from operating activities		288	342

Additions to property, plant, and equipment	2.6	–135	–137
Additions to intangible assets		–10	–8
Additions to other financial assets		–3	–5
Disposals of property, plant, and equipment	2.6	8	25
Disposals of investments in associates			1
Disposals of other financial assets		1	9
Purchase/disposal of marketable securities		–1	–1
Cash flow from acquisitions	4.1	–41	–6
Interest received		3	4
Cash flow from investing activities		–178	–118

Free cash flow before acquisitions/divestments		151	230
Free cash flow		110	224

Purchase of treasury shares	3.5	–11	–7
Dividend payments to shareholders of Georg Fischer Ltd		–62	–103
Dividend payments to minority interests		–10	–12
Inflows from or outflows for shares from minority interests		13	12
Issuance of bonds			200
Increase/repayment of short-term financial liabilities		15
Increase/repayment of long-term financial liabilities		34	16
Cash flow from financing activities		–22	106

Translation adjustment on cash and cash equivalents		10	–17
Net cash flow		98	313

Cash and cash equivalents at beginning of year		834	521
Cash and cash equivalents at year-end		932	834