Cash flow statement

In millions of CHF, excluding balance sheet items held on fiduciary basis	Notes	2025	2024
Net income		91.7	103.8
Financial expenses	12	12.8	19.2
Financial income	11	–3.3	–3.6
Current income taxes	13	18.7	21.7
Depreciation and amortisation	14	168.0	160.9
Change in inventories		–0.4	–1.6
Change in provisions	22	–2.7	–2.0
Change in trade accounts receivable	18	192.1	–191.8
Change in other receivables	19	–8.6	–0.2
Change in prepaid expenses and accrued income	20	37.8	–0.8
Change in volume- and tariff-related timing differences	16, 31	295.1	1,024.0
Change in trade accounts payable		–15.2	6.5
Change in other current liabilities	23	–17.7	13.8
Change in accrued expenses and deferred income	24	70.9	–3.5
Interest received		1.4	2.0
Income taxes paid		–21.7	–22.7
Cash flow from operating activities		818.9	1,125.7
Gross investments in property, plant and equipment	14	–312.5	–287.3
Congestion proceeds received for grid investments	4	156.8	–
Government grants	29	0.9	6.2
Net investments in property, plant and equipment	14	–154.8	–281.1
Investments in intangible assets	14	–44.1	–36.4
Investments in financial assets	19	–325.0	–
Dividends received		0.9	0.7
Cash flow from operating activities		–523.0	–316.8
Change in current financial liabilities		–55.2	–510.0
Repayment of bonds		–350.0	–
Interest paid		–16.5	–25.6
Dividends paid		–51.9	–30.0
Cash flow from financing activities		–473.6	–565.6
Foreign currency translation effect on cash and cash equivalents		0.3	0.4
Change in cash and cash equivalents		–177.4	243.7
Composition
Cash and cash equivalents at beginning of period		354.8	111.1
Cash and cash equivalents at end of period		177.4	354.8
Change in cash and cash equivalents		–177.4	243.7