83 Consolidated balance sheet December 31 Non-current assets Goodwill 14 675.1 978.4 Other intangible assets 14 317.4 303.8 Property, plant, and equipment 15 530.7 492.0 Investment in associates 16 2.5 Other financial assets 17 11.9 11.1 Non-current receivables 11.3 13.8 Deferred income tax assets 13 126.8 92.4 Total non-current assets 1 675.7 1 891.5 Consolidated balance sheet Current assets Inventories 18 487.5 436.5 Advance payments to suppliers 79.0 87.4 Trade accounts receivable 20 955.9 877.5 Other accounts receivable and prepaid expenses 21 148.6 153.4 Assets held for sale 05 568.9 Marketable securities 23 106.8 Cash and cash equivalents 22 1 194.7 528.7 Total current assets 2 972.5 2 652.4 Total assets 4 648.2 4 543.9 Equity Share capital 25 0.3 0.3 Reserves 2 435.1 2 334.1 Equity attributable to shareholders of Sulzer Ltd 2 435.4 2 334.4 Non-controlling interest 6.6 6.3 Total equity 2 442.0 2 340.7 Non-current liabilities Long-term borrowings 27 510.3 515.9 Deferred income tax liabilities 13 93.7 101.5 Non-current income tax liabilities 13 2.6 3.8 Non-current provisions 28 352.2 202.2 Other non-current liabilities 30.9 1.9 Total non-current liabilities 989.7 825.3 Current liabilities Short-term borrowings 27 17.7 56.6 Current income tax liabilities 13 32.4 26.8 Current provisions 28 147.7 127.0 Trade accounts payable 383.6 345.6 Advance payments from customers 210.9 271.9 Liabilities held for sale 05 157.7 Other current and accrued liabilities 29 424.2 392.3 Total current liabilities 1 216.5 1 377.9 Total liabilities 2 206.2 2 203.2 Total equity and liabilities 4 648.2 4 543.9
84 Sulzer Annual Report 2014 Consolidated income statement Consolidated income statement Continuing operations Sales 07 3 212.1 3 263.9 Cost of goods sold 2 202.2 2 260.9 Gross profit 1 009.9 1 003.0 Selling and distribution expenses 334.3 334.8 Impairment on goodwill 340.0 Total selling and distribution expenses 674.3 674.3 334.8 334.8 General and administrative expenses 331.0 342.4 Research and development expenses 10 76.2 70.6 Other operating income/expenses 11 13.8 25.6 Restructuring expenses 28 11.2 16.8 Operating income 69.0 264.0 Interest and securities income 12 6.8 5.0 Interest expenses 12 21.2 23.2 Other financial income/(expenses) 12 2.3 3.6 Share of profit/(loss) of associates 16 Income before income tax expenses 85.7 242.2 Income tax expenses 13 71.9 65.9 Net income from continuing operations 157.6 176.3 Discontinued operations Net income from discontinued operations, net of income taxes 05 435.7 59.9 Attributable to shareholders of Sulzer Ltd 275.0 234.4 Attributable to non-controlling interests 3.1 1.8 Earnings per share, attributable to a shareholder of Sulzer Ltd (in CHF) Basic earnings per share 26 8.09 6.89 Diluted earnings per share 26 8.05 6.86 Continuing operations Basic earnings per share continuing operations 26 4.72 5.13 Diluted earnings per share continuing operations 26 4.70 5.11 Discontinued operations Basic earnings per share discontinued operations 26 12.81 1.76 Diluted earnings per share discontinued operations 26 12.75 1.75 Reconciliation of operating income to operating income before restructuring expenses and impairment on goodwill Operating income 69.0 264.0 Restructuring expenses 11.2 16.8 Impairment on goodwill 340.0 Operating income before restructuring expenses and impairment on goodwill 282.2 280.8
85 Consolidated statement of comprehensive income Consolidated statement of comprehensive income Items that may be reclassified subsequently to the income statement Cash flow hedges, net of tax 30 8.0 2.2 Reclassification to the income statement of foreign currency translation difference relating to the disposal of Metco 59.1 Currency translation differences 17.6 67.6 Total of items that may be reclassified subsequently to the income statement 68.7 69.8 Items that will not be reclassified to the income statement Defined benefit cost recognized in other comprehensive income, net of tax 09 137.9 36.7 Total of items that will not be reclassified to the income statement 137.9 36.7 Total other comprehensive income 69.2 33.1 Total comprehensive income for the year 208.9 203.1 Attributable to shareholders of Sulzer Ltd 205.4 202.0 Attributable to non-controlling interests 3.5 1.1
86 Sulzer Annual Report 2014 Consolidated statement of changes in equity millions of CHF Attributable to shareholders of Sulzer Ltd Notes Share capital Retained earnings Treasury stock Cash flow hedge reserve Currency translation adjustment Total Noncontrolling interests Equity as of January 1, 2013 0.3 2 521.8 44.5 4.5 265.5 2 216.6 6.8 2 223.4 Total equity Comprehensive income for the year: Net income 234.4 234.4 1.8 236.2 Cash flow hedges, net of tax 30 2.2 2.2 2.2 Defined benefit cost recognized in other comprehensive income, net of tax 09 36.7 36.7 36.7 Currency translation differences 66.9 66.9 0.7 67.6 Other comprehensive income 36.7 2.2 66.9 32.4 0.7 33.1 Total comprehensive income for the year 271.1 2.2 66.9 202.0 1.1 203.1 Transactions with owners of the Company: Transactions in treasury shares 1.6 17.6 16.0 16.0 Share-based payments 34 9.4 9.4 9.4 Dividend 109.6 109.6 2.2 111.8 Change in scope of consolidation 0.6 0.6 Equity as of December 31, 2013 25 0.3 2 691.1 26.9 2.3 332.4 2 334.4 6.3 2 340.7 Comprehensive income for the year: Net income 275.0 275.0 3.1 278.1 Cash flow hedges, net of tax 30 8.0 8.0 8.0 Defined benefit cost recognized in other comprehensive income, net of tax 09 137.9 137.9 137.9 Currency translation differences 76.3 76.3 0.4 76.7 Other comprehensive income 137.9 8.0 76.3 69.6 0.4 69.2 Total comprehensive income for the year 137.1 8.0 76.3 205.4 3.5 208.9 Transactions with owners of the Company: Transactions in treasury shares 6.3 3.5 2.8 2.8 Share-based payments 34 8.0 8.0 8.0 Dividend 109.6 109.6 2.6 112.2 Change in scope of consolidation 0.6 0.6 Equity as of December 31, 2014 25 0.3 2 720.3 23.4 5.7 256.1 2 435.4 6.6 2 442.0
87 Consolidated statement of cash flows Cash and cash equivalents as of January 1 549.9 507.3 Consolidated statement of cash flows Cash flow from operating activities Interest and securities income 6.9 5.2 Interest expenses 21.6 24.6 Income tax expenses 81.0 86.3 Depreciation/amortization/impairment 463.2 134.5 Income from disposals of subsidiaries; property, plant, and equipment; and financial instruments 423.5 2.6 Changes in inventories 45.2 52.0 Changes in advance payments to suppliers 10.5 14.4 Changes in trade accounts receivable 46.3 4.9 Changes in advance payments from customers 65.1 2.3 Changes in trade accounts payable 20.0 23.0 Changes in provisions 7.7 18.4 Changes in other net current assets 6.4 24.1 Other non-cash items 3.6 8.2 Interest received 6.7 4.8 Interest paid 16.5 17.5 Income tax paid 98.7 118.7 Total cash flow from operating activities 181.2 320.1 Purchase of intangible assets 14 5.6 4.8 Sale of intangible assets 0.2 Purchase of property, plant, and equipment 15 99.0 102.8 Sale of property, plant, and equipment 21.4 6.0 Acquisitions of subsidiaries, net of cash acquired 05 73.0 23.8 Acquisitions of associates 2.3 2.9 Divestitures of subsidiaries 05 870.4 6.1 Purchase of financial assets 0.1 0.1 Sale of financial assets 0.1 Purchase of marketable securities 106.6 1.0 Sale of marketable securities 2.7 Total cash flow from investing activities 605.3 120.2 Dividend 108.9 108.7 Purchase/sale of treasury stock 3.6 4.1 Dividend to non-controlling interests 2.6 2.2 Additions in long-term borrowings 2.1 8.8 Repayment of long-term borrowings 1.9 3.6 Additions in short-term borrowings 6.3 2.9 Repayment of short-term borrowings 52.8 29.8 Total cash flow from financing activities 161.4 136.7 Exchange gains/losses on cash and cash equivalents 19.7 20.6 Net change in cash and cash equivalents 644.8 42.6 Cash and cash equivalents as of December 31 22 1 194.7 549.9 thereof classified as assets held for sale 05 21.2