Consolidated statement of cash flows

in thousand CHF	Note	2025	2024
Profit from continuing operations		183,883	183,699
Income taxes	11	38,488	30,898
Depreciation, amortisation and impairment	14,15,16	116,403	109,778
Net loss on disposal of non-current assets	6,8	–226	–3,302
Decrease in provisions and employee benefit assets and liabilities		–2,116	–966
Net financial result	9	10,008	–230
Share of profit from associates and joint ventures	17	–5,667	–6,209
Share-based payments	28	7,402	5,963
Interest received		918	1,445
Interest paid		–12,748	–10,936
Other net financial receipts		225	411
Dividends received	17	5,668	7,677
Income taxes paid		–33,699	–40,911
Cash flow from operating activities before working capital changes		308,539	277,317
Change in trade and other receivables		–10,476	20,588
Change in inventories		–15,477	–4,192
Change in trade and other payables		31,722	34,585
Change in other net current assets		–14,543	–63,595
Working capital changes		–8,774	–12,613
Cash flow from operating activities		299,765	264,703

Investments in property, plant and equipment		–27,411	–37,010
Investments in intangible assets		–28,352	–35,353
Investments in associates and joint ventures	17	–2,000	–2,071
Investments in financial assets		–11,272	–65,975
Proceeds from sale of property, plant and equipment and intangible assets		532	4,432
Proceeds from sale of financial assets		10,737	7,955
Proceeds from sale of associates and joint ventures		74	–
Net cash flow from business combinations	4	–275,447	–23,061
Cash flow from investing activities		–333,138	–151,083

Dividends paid		–115,113	–110,173
Purchase of treasury shares		–14,008	–9,703
Proceeds from sale of treasury shares		6,043	4,107
Proceeds from financial liabilities	19	581,415	309,645
Repayment of financial liabilities	19	–385,079	–241,039
Payment of lease liabilities		–54,064	–52,576
Purchase of non-controlling interests		–	–486
Cash flow from financing activities		19,195	–100,224

Effects of exchange rate changes on cash and cash equivalents		4	127
(Decrease)/increase in cash and cash equivalents		–14,175	13,523

Cash and cash equivalents as at 1 January 1)		129,682	116,159
Cash and cash equivalents as at 31 December 1)		115,507	129,682

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.