Cash flows
| In CHF million | 2023 | 2022 | Change | |||
|---|---|---|---|---|---|---|
| Operating income before depreciation and amortisation (EBITDA) | 4,622 | 4,406 | 216 | |||
| Lease expense | (288) | (286) | (2) | |||
| EBITDA after lease expense (EBITDAaL) | 4,334 | 4,120 | 214 | |||
| Capital expenditure | (2,292) | (2,309) | 17 | |||
| Operating free cash flow proxy | 2,042 | 1,811 | 231 | |||
| Change in net working capital | (133) | (64) | (69) | |||
| Change in defined benefit obligations | (31) | 49 | (80) | |||
| Net interest payments on financial assets and liabilities | (77) | (60) | (17) | |||
| Income taxes paid | (313) | (378) | 65 | |||
| Other operating cash flow | (8) | (9) | 1 | |||
| Free cash flow | 1,480 | 1,349 | 131 | |||
| Dividends paid to equity holders of Swisscom Ltd | (1,140) | (1,140) | – | |||
| Net expenditures for company acquisitions and disposals | (63) | (69) | 6 | |||
| Other changes 1 | 26 | 192 | (166) | |||
| Decrease in net debt | 303 | 332 | (29) | |||
|
1 Includes foreign currency effects, fair value adjustments and non-cash changes in net debt positions.
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The operating free cash flow proxy rose by CHF 231 million year-on-year to CHF 2,042 million, mainly due to the improved operating income before depreciation and amortisation (EBITDA). Free cash flow rose by CHF 131 million, mainly due to the lower income taxes paid. The free cash flow of CHF 1,480 million financed the dividend totalling CHF 1,140 million, the business acquisitions and the reduction of net debt.