Cash flows
In CHF million | 2020 | 2019 | Change | |||
---|---|---|---|---|---|---|
In CHF millionOperating income before depreciation and amortisation (EBITDA) | 20204,382 | 20194,358 | Change24 | |||
In CHF millionLease expense | 2020(300) | 2019(294) | Change(6) | |||
In CHF millionEBITDA after lease expense (EBITDA AL) | 20204,082 | 20194,064 | Change18 | |||
In CHF millionCapital expenditure | 2020(2,229) | 2019(2,438) | Change209 | |||
In CHF millionOperating free cash flow proxy | 20201,853 | 20191,626 | Change227 | |||
In CHF millionChange in net working capital | 2020140 | 201983 | Change57 | |||
In CHF millionChange in defined benefit obligations | 202065 | 201948 | Change17 | |||
In CHF millionNet interest payments on financial assets and liabilities | 2020(69) | 2019(63) | Change(6) | |||
In CHF millionIncome taxes paid | 2020(309) | 2019(371) | Change62 | |||
In CHF millionOther operating cash flow | 202026 | 201922 | Change4 | |||
In CHF millionFree cash flow | 20201,706 | 20191,345 | Change361 | |||
In CHF millionDividends paid to equity holders of Swisscom Ltd | 2020(1,140) | 2019(1,140) | Change– | |||
In CHF millionNet expenditures for company acquisitions and disposals | 2020(29) | 2019(53) | Change24 | |||
In CHF millionForeign currency translation adjustments | 20208 | 2019107 | Change(99) | |||
In CHF millionOther changes | 2020(5) | 2019(8) | Change3 | |||
In CHF millionDecrease in net debt | 2020540 | 2019251 | Change289 |
The operating free cash flow proxy increased by CHF 227 million year-on-year to CHF 1,853 million, mainly due to lower capital expenditure. Capital expenditure in the previous year included CHF 196 million for mobile radio frequencies in Switzerland. Excluding this expenditure, the operating free cash flow proxy increased by CHF 31 million or 1.7% as a result of higher operating income before depreciation and amortisation (EBITDA).
Free cash flow increased by CHF 361 million year-on-year to CHF 1,706 million. Adjusted for the expenditure for mobile radio frequencies, free cash flow increased by CHF 165 million. The increase was attributable in part to lower income tax payments of CHF 309 million (prior year: CHF 371 million). Net working capital fell by CHF 140 million compared with the end of 2019 (prior year: decrease of CHF 83 million). In 2020, an unchanged dividend per share of CHF 22 was paid. This corresponds to a total dividend payment of CHF 1,140 million. Overall, net debt decreased by CHF 540 million to CHF 6,218 million.

Capital expenditure
In CHF million, except where indicated | 2020 | 2019 | Change | |||
---|---|---|---|---|---|---|
In CHF million, except where indicatedFixed access and infrastructure | 2020439 | 2019456 | Change–3.7% | |||
In CHF million, except where indicatedExpansion of the fibre-optic network | 2020519 | 2019494 | Change5.1% | |||
In CHF million, except where indicatedMobile network | 2020306 | 2019272 | Change12.5% | |||
In CHF million, except where indicatedMobile frequencies | 2020– | 2019196 | Change | |||
In CHF million, except where indicatedCustomer driven | 202076 | 201981 | Change–6.2% | |||
In CHF million, except where indicatedProjects and others | 2020259 | 2019262 | Change–1.1% | |||
In CHF million, except where indicatedSwisscom Switzerland | 20201,599 | 20191,761 | Change–9.2% | |||
In CHF million, except where indicatedFastweb | 2020629 | 2019667 | Change–5.7% | |||
In CHF million, except where indicatedOther Operating Segments | 202044 | 201947 | Change–6.4% | |||
In CHF million, except where indicatedGroup Headquarters and eliminations | 2020(43) | 2019(37) | Change16.2% | |||
In CHF million, except where indicatedTotal capital expenditure | 20202,229 | 20192,438 | Change–8.6% | |||
In CHF million, except where indicatedThereof Switzerland | 20201,596 | 20191,770 | Change–9.8% | |||
In CHF million, except where indicatedThereof foreign countries | 2020633 | 2019668 | Change–5.2% | |||
In CHF million, except where indicated | 2020 | 2019 | Change | |||
In CHF million, except where indicatedCapital expenditure as % of net revenue | 202020.1 | 201921.3 | Change |
Capital expenditure fell by CHF 209 million or 8.6% year-on-year to CHF 2,229 million, corresponding to 20.1% of net revenue (prior year: 21.3%). The figure for the previous year includes expenditure of CHF 196 million for mobile radio frequencies in Switzerland. Adjusted for this expenditure, capital expenditure was almost unchanged compared with the previous year. Switzerland accounted for CHF 1,596 million or 72% of the investments. Compared with the previous year, they increased by CHF 22 million or 1.4%, excluding mobile radio frequencies.
Capital expenditure incurred by Swisscom Switzerland increased by CHF 162 million or 9.2% year-on-year to CHF 1,599 million, corresponding to 19.3% of net revenue (prior year: 20.5%). The figure for the previous year includes expenditure of CHF 196 million for mobile radio frequencies. Capital expenditure on mobile network expansion and the expansion of fibre-optic broadband in the fixed network increased.
Fastweb reduced its capital expenditure by CHF 38 million or 5.7% to CHF 629 million. In local currency, capital expenditure decreased by EUR 12 million or 2.0% to EUR 587 million. The volume of capital expenditure remained at a high level overall, driven by the further expansion of the ultra-fast broadband networks. The ratio of capital expenditure to net revenue fell as a result to 25.5% (prior year: 27.0%).