Half-Year 2022 Financial Performance
Operational Free Cash Flow
Investments in growth and safety of supply
Higher CAPEX reflects
strategic focus on
growth investments
Inventory buildup to
Lonza
Operational Free Cash Flow1
in m CHF
H12022
Change
H12021
EBITDA
934
376
558
Change of net working capital
(492)
(255)
(237)
(NWC)
CAPEX
(841)
(367)
(474)
68
(328)
3962
Operational FCF before acq./div
(331)
(574)
243
NWC as % sales
20.7%
2.4ppts
18.3%
CAPEX as % sales
28.2%
9.6ppts
18.6%
Other
ensure security of supply
'The Operational Free Cash Flow refers to "continuing operations" excluding the Specialty Ingredients business, that was sold on 1 July 2021 and therefore reported as discontinued operations
2Includes non-cash reversal of Gamsenried (CH) environmental remediation provision of CHF 284m in H1 2021
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