Consolidated statement of cash flows

in thousand CHF	Note	2022	2021
Net profit		165,859	168,183
Income taxes	11	33,767	34,850
Depreciation, amortisation and impairment	14,15,16	100,474	98,430
(Gain)/loss on disposal of non-current assets	6,8	–205	–9,387
(Gain)/loss on disposal of subsidiaries	4	–853	–
Increase/(decrease) in provisions and employee benefit assets and liabilities		2,598	5,272
Net financial result	9	3,685	4,375
Share of profit from associates and joint ventures	17	–4,202	–6,765
Share-based payments	28	7,109	6,719
Interest received		542	542
Interest paid		–5,612	–4,695
Other financial receipts/(payments)		–153	29
Dividends received	17	6,860	2,548
Income taxes paid		–28,118	–18,704
Cash flow from operating activities before working capital changes		281,750	281,397
Change in trade and other receivables		–53,724	–57,900
Change in inventories		–19,531	18,482
Change in trade and other payables		–10,988	47,409
Change in other net current assets		39,366	43,707
Working capital changes		–44,877	51,698
Cash flow from operating activities		236,873	333,095

Investments in property, plant and equipment		–41,061	–41,937
Investments in intangible assets		–29,305	–18,136
Investments in associates and joint ventures	17	–3,833	–
Investments in financial assets		–18,592	–9,999
Proceeds from sale of property, plant and equipment and intangible assets		524	40,258
Proceeds from sale of financial assets		2,264	11,071
Net cash flow from business combinations	4	–38,462	–69,494
Net cash flow from sale of subsidiaries	4	1,913	–
Cash flow from investing activities		–126,552	–88,236

Dividends paid		–104,810	–89,509
Purchase of treasury shares		–539	–373
Proceeds from sale of treasury shares		4,886	4,232
Proceeds from financial liabilities	19	1,607	112,698
Repayment of financial liabilities	19	–25,893	–116,634
Payment of lease liabilities		–52,459	–49,939
Purchase of non-controlling interests		–4,069	–109
Cash flow from financing activities		–181,276	–139,634

Effects of exchange rate changes on cash and cash equivalents		–101	–24
Increase in cash and cash equivalents		–71,055	105,201

Cash and cash equivalents as at 1 January 1)		164,982	59,781
Cash and cash equivalents as at 31 December 1)		93,927	164,982

1) Cash and cash equivalents include cash, sight deposits at financial institutions and time deposits with an original term of three months or less. Cash and cash equivalents are measured at nominal value.