Cash flow and investments

Cash flow adjusted and Investments

Million CHF

Jan–Dec 2015

Jan–Dec 2014

±%

Cash flow from operating activities

2,550

3,135

(18.7)

Cash flow from operating activities adjusted

3,334

3,428

(2.7)

Net capital expenditures on property, plant and equipment to maintain productive capacity and to secure competitiveness

(1,148)

(1,051)

(9.2)

Investments in property, plant and equipment for expansion

(1,453)

(1,647)

11.8

Cash flow from operating activities

Adjusted Cash flow from operating activities decreased by 1.6 percent, on a like-for-like basis. In 2015, the adjusted cash flow margin was 11.3 percent (2014: 10.9). The impact from cash effective merger, restructuring and other one-offs on the cash flow from operating activities was CHF 784 million in 2015. Unadjusted, cash flow from operating activities declined by CHF 585 or 18.7 percent to CHF 2,550 million.