Consolidated statement of cash flows

in thousand CHF	Note	2023	2022 (Restated) 1)
Profit from continuing operations		165,704	157,347
Income taxes	12	29,245	32,267
Depreciation, amortisation and impairment	15,16,17	103,000	99,572
Net gain on disposal of non-current assets	7,9	–670	–205
(Gain)/loss on disposal of subsidiaries	5	–	–853
Increase/(decrease) in provisions and employee benefit assets and liabilities		–5,205	2,594
Net financial result	10	4,186	3,438
Share of profit from associates and joint ventures	18	–6,838	–4,202
Share-based payments	29	4,318	7,109
Interest received		970	755
Interest paid		–9,369	–5,578
Other net financial payments		–230	–149
Dividends received	18	4,410	6,860
Income taxes paid		–36,236	–26,707
Cash flow from operating activities before working capital changes		253,283	272,247
Change in trade and other receivables		–37,817	–33,171
Change in inventories		–53,278	–16,773
Change in trade and other payables		80,845	–17,113
Change in other net current assets		–18,508	37,864
Working capital changes		–28,759	–29,194
Cash flow from discontinued operations		1,186	–6,180
Cash flow from operating activities		225,710	236,873

Investments in property, plant and equipment		–44,541	–40,948
Investments in intangible assets		–31,833	–28,850
Investments in associates and joint ventures	18	–4,491	–3,833
Investments in financial assets		–129,092	–18,592
Proceeds from sale of property, plant and equipment and intangible assets		1,042	524
Proceeds from sale of financial assets		115,309	2,264
Net cash flow from business combinations	5	–28,268	–38,462
Net cash flow from sale of subsidiaries	4,5	–2,142	1,913
Cash flow from discontinued operations		–150	–569
Cash flow from investing activities		–124,167	–126,552

Dividends paid		–110,266	–104,810
Purchase of treasury shares		–11,010	–539
Proceeds from sale of treasury shares		4,947	4,886
Proceeds from financial liabilities	20	377,051	1,607
Repayment of financial liabilities	20	–287,565	–25,893
Payment of lease liabilities		–51,934	–51,822
Purchase of non-controlling interests		–8	–4,069
Cash flow from discontinued operations		–267	–637
Cash flow from financing activities		–79,053	–181,276

Effects of exchange rate changes on cash and cash equivalents		–258	–101
Increase in cash and cash equivalents		22,232	–71,055

Cash and cash equivalents as at 1 January 2)		93,927	164,982
Cash and cash equivalents as at 31 December 2)		116,159	93,927

1) Figures restated (refer to note 4, Discontinued operations)

2) 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.