The Swatch Group AG Cash Flow Statement

Financials in millions CHF. Fiscal year is January - December.

Millions CHF. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	60	193	869	807	765	-51
Depreciation & Amortization	376	370	351	371	400	424
Other Amortization	44	44	39	35	37	39
Loss (Gain) From Sale of Assets	-15	1	-2	-9	2	-16
Asset Writedown & Restructuring Costs	2	2	-	1	1	-
Loss (Gain) From Sale of Investments	-17	4	-12	37	-11	-
Loss (Gain) on Equity Investments	-3	2	1	21	9	10
Stock-Based Compensation	5	7	8	9	9	-
Other Operating Activities	21	-83	153	20	46	-91
Change in Accounts Receivable	39	71	-72	33	-19	124
Change in Inventory	18	-220	-698	-548	-19	370
Change in Accounts Payable	-50	-30	25	-3	27	-12
Change in Other Net Operating Assets	-57	-28	-47	-50	51	22
Operating Cash Flow	423	333	615	724	1,298	819
Operating Cash Flow Growth	-0.24%	-45.85%	-15.05%	-44.22%	58.49%	-33.09%
Capital Expenditures	-455	-503	-730	-339	-251	-208
Sale of Property, Plant & Equipment	11	3	20	5	10	7
Cash Acquisitions	-	-	-2	-	-	-
Sale (Purchase) of Intangibles	-44	-44	-54	-46	-43	-22
Investment in Securities	147	89	4	268	-462	18
Other Investing Activities	-9	-15	-6	-2	19	79
Investing Cash Flow	-350	-470	-768	-114	-727	-126
Short-Term Debt Issued	-	-	-	1	-	20
Total Debt Issued	161	-	-	1	-	20
Short-Term Debt Repaid	-	-3	-	-	-37	-
Long-Term Debt Repaid	-	-	-	-	-1	-
Total Debt Repaid	-3	-3	-	-	-38	-
Net Debt Issued (Repaid)	158	-3	-	1	-38	20
Issuance of Common Stock	29	1	1	1	12	24
Repurchase of Common Stock	-	-50	-	-2	-12	-
Common Dividends Paid	-234	-335	-311	-285	-181	-284
Other Financing Activities	-23	-23	-17	-15	-15	-11
Financing Cash Flow	-70	-410	-327	-300	-234	-251
Foreign Exchange Rate Adjustments	-58	28	-80	-21	10	-50
Net Cash Flow	-55	-519	-560	289	347	392
Free Cash Flow	-32	-170	-115	385	1,047	611
Free Cash Flow Growth	-	-	-	-63.23%	71.36%	-25.94%
Free Cash Flow Margin	-0.50%	-2.52%	-1.46%	5.13%	14.32%	10.92%
Free Cash Flow Per Share	-	-3.29	-2.22	7.42	20.21	11.81
Cash Income Tax Paid	158	202	228	277	256	229
Levered Free Cash Flow	100.38	-250.63	-208.13	199.5	937.63	776.63
Unlevered Free Cash Flow	102.25	-248.75	-205.63	201.38	940.75	778.5
Change in Working Capital	-50	-207	-792	-568	40	504

Source: S&P Global Market Intelligence. Standard template. Financial Sources.