Cash flows
In CHF million |
1.1.–30.9. 2022 |
1.1.–30.9. 2021 |
Change |
|||
|---|---|---|---|---|---|---|
| Operating income before depreciation and amortisation (EBITDA) | 3,341 | 3,465 | (124) | |||
| Lease expense | (219) | (226) | 7 | |||
| EBITDA after lease expense (EBITDA AL) | 3,122 | 3,239 | (117) | |||
| Capital expenditure | (1,601) | (1,605) | 4 | |||
| Operating free cash flow proxy | 1,521 | 1,634 | (113) | |||
| Change in net working capital | (167) | (89) | (78) | |||
| Change in defined benefit obligations | 41 | (22) | 63 | |||
| Net interest payments on financial assets and liabilities | (47) | (56) | 9 | |||
| Income taxes paid | (352) | (283) | (69) | |||
| Other operating cash flow | (16) | (8) | (8) | |||
| Free cash flow | 980 | 1,176 | (196) | |||
| (Net expenditures) net proceeds from company acquisitions and disposals | (65) | 109 | (174) | |||
| Dividends paid to equity holders of Swisscom Ltd | (1,140) | (1,140) | – | |||
| Other changes | 227 | 63 | 164 | |||
| Decrease in net debt | 2 | 208 | (206) |
The operating free cash flow proxy fell by 6.9% or CHF 113 million year-on-year to CHF 1,521 million. This was mainly due to the lower operating income before depreciation and amortisation (EBITDA). Free cash flow declined by 16.7% or CHF 196 million year-on-year to CHF 980 million as a result of the lower operating free cash flow proxy and higher income taxes paid. The increase in income taxes paid is due to corrective payments for past financial years. Net working capital grew by CHF 167 million compared with the end of 2021 (prior year: CHF 89 million). Net working capital rose primarily as a result of a payment of CHF 100 million from litigation concluded in the prior year. In 2021, net cash inflows from acquisitions and disposals included the sale price of CHF 126 million from the sale of the participation in Belgacom International Carrier Services. In the second quarter of 2022, an unchanged dividend per share of CHF 22 was paid, representing a total dividend payment of CHF 1,140 million.