Financing activities, investments and liquidity

Cashflow

 

 

 

Million CHF

Jan–Dec
2014

Jan–Dec
2013

±%

Cash flow from operating activities

2,498

2,787

–10.3

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

(738)

(719)

–2.8

Free cash flow

1,760

2,068

–14.9

Investments in property, plant and equipment for expansion

(1,020)

(1,282)

+20.4

Financial divestments net

34

336

–89.8

Dividends paid

(721)

(576)

–25.2

Financing surplus

53

546

–90.3

Cash flow from financing activities (excluding dividends)

(253)

(1,048)

+75.8

Decrease in cash and cash equivalents

(201)

(503)

+60.1

Cash flow from operating activities

In 2014, cash flow from operating activities retracted by CHF 289 million or 10.3 percent to CHF 2,498 million. At constant scope and exchange rates, the cash flow from operating activities decreased by CHF 179 million or 6.4 percent. This setback was mainly the consequence of a lower operating EBITDA, impacted by restructuring and merger cash costs and higher net working capital. In the year under review, the cash flow margin was 13.0 percent (2013: 14.1).