Cash flows
| In CHF million | 31.03.2021 | 31.03.2020 | Change | |||
|---|---|---|---|---|---|---|
| Operating income before depreciation and amortisation (EBITDA) | 1,124 | 1,111 | 13 | |||
| Lease expense | (75) | (75) | – | |||
| EBITDA after lease expense (EBITDA AL) | 1,049 | 1,036 | 13 | |||
| Capital expenditure | (540) | (516) | (24) | |||
| Operating free cash flow proxy | 509 | 520 | (11) | |||
| Change in net working capital | (21) | (205) | 184 | |||
| Change in defined benefit obligations | 12 | 14 | (2) | |||
| Net interest payments on financial assets and liabilities | (13) | (5) | (8) | |||
| Income taxes paid | (198) | (119) | (79) | |||
| Other operating cash flows | (19) | (16) | (3) | |||
| Free cash flow | 270 | 189 | 81 | |||
| Net proceeds (net expenditures) for company acquisitions and disposals | 115 | (8) | 123 | |||
| Other changes | (16) | 25 | (41) | |||
| Decrease in net debt | 369 | 206 | 163 |
Operating free cash flow proxy declined by 2.1% or CHF 11 million to CHF 509 million, primarily due to higher capital expenditure at Fastweb. Free cash flow increased year on year by CHF 81 million to CHF 270 million, fuelled largely by the improvement in net working capital. Networking capital grew slightly by CHF 21 million compared with the end of 2020 (prior year: increase of CHF 205 million). This was partially offset by higher income tax payments. Tax payments were deferred in the first quarter of 2020. In the first quarter of 2021, net cash inflows from acquisitions and disposals included the proceeds of CHF 126 million from the sale of the participation in Belgacom International Carrier Services.