Consolidated cash flow statement
(CHF million) | 2025 | 2024 | ||||
Consolidated result | 346.5 | 326.7 | ||||
Finance result | 16.1 | 20.1 | ||||
Share of result of associates | 0.0 | 0.0 | ||||
Income taxes | 88.2 | 86.8 | ||||
Depreciation, amortisation and impairment of | ||||||
Property, plant and equipment (after recognition of government subsidies and grants) | 238.4 | 230.6 | ||||
Right-of-use assets | 6.9 | 8.8 | ||||
Investment property | 33.9 | 27.3 | ||||
Intangible assets | 32.3 | 32.8 | ||||
Gains (–)/losses (+) on disposal of property, plant and equipment (net) | 3.5 | 1.1 | ||||
Share-based payments | 1.2 | 1.2 | ||||
Increase (–)/decrease (+) in inventories, trade receivables and other receivables and prepaid expenses | 48.2 | –17.0 | ||||
Increase (+)/decrease (–) in current liabilities, excluding current financial liabilities | –24.3 | 22.4 | ||||
Increase (+)/decrease (–) in employee benefit obligations | 1.3 | 2.4 | ||||
Increase (+)/decrease (–) in provision for formal expropriations plus sound insulation and resident protection | –13.2 | –19.4 | ||||
Increase (+)/decrease (–) in contract liabilities | –8.9 | 1.4 | ||||
Income tax paid | –81.7 | –83.7 | ||||
Cash flow from operating activities | 688.4 | 641.6 | ||||
Investments in property, plant and equipment | –539.1 | –476.4 | ||||
Investments in investments property | –159.6 | –4.7 | ||||
Investments in airport operator projects | –17.8 | –89.8 | ||||
Investments in financial assets | –46.2 | –286.0 | ||||
Investments in fixed-term deposits | –280.0 | –1.5 | ||||
Repayment of financial assets | 39.8 | 264.8 | ||||
Repayment of fixed-term deposits | 59.9 | 239.0 | ||||
Proceeds from disposal of property, plant and equipment | 2.4 | 0.9 | ||||
Interest received | 12.6 | 9.5 | ||||
Cash flow from investing activities | –928.0 | –344.1 | ||||
Repayment of existing debentures | 0.0 | –300.0 | ||||
Issue of new debentures | 150.0 | 0.0 | ||||
Increase of bank liabilities | 139.0 | 270.4 | ||||
Repayment of bank liabilities | –11.2 | –53.0 | ||||
Increase of other financial liabilities | 0.4 | 4.3 | ||||
Repayment of other financial liabilities | –0.5 | –0.6 | ||||
Repayment of lease liabilities | –7.0 | –9.0 | ||||
Repayment of liabilities from concession arrangements | –0.4 | –0.4 | ||||
Purchase of treasury shares | –1.8 | –0.9 | ||||
Dividends paid | –175.0 | –162.7 | ||||
Interest paid | –17.4 | –15.3 | ||||
Cash flow from financing activities | 76.1 | –267.2 | ||||
Increase (+)/decrease (–) in cash and cash equivalents | –163.4 | 30.3 | ||||
Balance at 1 January | 323.2 | 300.4 | ||||
Effect of foreign exchange differences on cash and cash equivalents held | –0.2 | –7.5 | ||||
Balance as at reporting date | 159.6 | 323.2 |
