Consolidated statement of cash flows

in thousand CHF	Note	2024	2023
Profit from continuing operations		183,699	165,704
Income taxes	11	30,898	29,245
Depreciation, amortisation and impairment	15,16,17	109,778	103,000
Net gain on disposal of non-current assets	6,8	–3,302	–670
Increase/(decrease) in provisions and employee benefit assets and liabilities		–966	–5,205
Net financial result	9	–230	4,186
Share of profit from associates and joint ventures	18	–6,209	–6,838
Share-based payments	29	5,963	4,318
Interest received		1,445	970
Interest paid		–10,936	–9,369
Other net financial receipts/(payments)		411	–230
Dividends received	18	7,677	4,410
Income taxes paid		–40,911	–36,236
Cash flow from operating activities before working capital changes		277,317	253,283
Change in trade and other receivables		20,588	–37,817
Change in inventories		–4,192	–53,278
Change in trade and other payables		34,585	80,845
Change in other net current assets		–63,595	–18,508
Working capital changes		–12,613	–28,759
Cash flow from discontinued operations		–	1,186
Cash flow from operating activities		264,703	225,710

Investments in property, plant and equipment		–37,010	–44,541
Investments in intangible assets		–35,353	–31,833
Investments in associates and joint ventures	18	–2,071	–4,491
Investments in financial assets		–65,975	–129,092
Proceeds from sale of property, plant and equipment and intangible assets		4,432	1,042
Proceeds from sale of financial assets		7,955	115,309
Net cash flow from business combinations	4	–23,061	–28,268
Net cash flow from sale of subsidiaries	12	–	–2,142
Cash flow from discontinued operations		–	–150
Cash flow from investing activities		–151,083	–124,167

Dividends paid		–110,173	–110,266
Purchase of treasury shares		–9,703	–11,010
Proceeds from sale of treasury shares		4,107	4,947
Proceeds from financial liabilities	20	309,645	377,051
Repayment of financial liabilities	20	–241,039	–287,565
Payment of lease liabilities		–52,576	–51,934
Purchase of non-controlling interests		–486	–8
Cash flow from discontinued operations		–	–267
Cash flow from financing activities		–100,224	–79,053

Effects of exchange rate changes on cash and cash equivalents		127	–258
Increase in cash and cash equivalents		13,523	22,232

Cash and cash equivalents as at 1 January 1)		116,159	93,927
Cash and cash equivalents as at 31 December 1)		129,682	116,159

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.