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1st Interim Report 2023
1st Interim Report 2023
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1st Interim Report 2023
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Table of contents for the 1st Interim Report 2023 report

1st Interim Report 2023
KPIsFinancial review
SummarySegment resultsDepreciation and amortisation, non operating resultsCash flowsNet asset positionOutlook
Consolidated interim financial statements
Consolidated statement of comprehensive income (unaudited)Consolidated balance sheet (unaudited)Consolidated statement of cash flows (unaudited)Consolidated statement of changes in equity (unaudited)
Notes to the interim financial statements
About this report1 Accounting policies2 Segment information3 Operating costs4 Dividends5 Financial liabilities6 Financial result7 Net current operating assets8 Provisions and contingent liabilities
Alternative performance measures
Reconciliation of alternative performance measures
Further Information
Share informationQuarterly review 2022 and 2023Forward looking statements
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Cash flows

In CHF million   31.03.2023   31.03.2022   Change
Operating income before depreciation and amortisation (EBITDA)   1,164   1,137   27
Lease expense   (73)   (72)   (1)
EBITDA after lease expense (EBITDAaL)   1,091   1,065   26
Capital expenditure   (545)   (522)   (23)
Operating free cash flow proxy   546   543   3
Change in net working capital   (244)   (264)   20
Change in defined benefit obligations   (8)   16   (24)
Net interest payments on financial assets and liabilities   (12)   (11)   (1)
Income taxes paid   (65)   (189)   124
Other operating cash flows   (8)   (32)   24
Free cash flow   209   63   146
Net expenditures for company acquisitions and disposals   –   (63)   63
Other changes 1   (6)   26   (32)
Decrease in net debt   203   26   177
1 Includes foreign currency effects, fair value adjustments and non-cash
changes in net debt positions.

The operating free cash flow proxy of CHF 546 million is at the same level as the previous year (+0.6%). Free cash flow increased by CHF 146 million to CHF 209 million mainly due to lower income tax payments. The decrease in income tax payments is due to the different payment due dates during the year. No expenses were incurred for company acquisitions and disposals in the first quarter of 2023. The first quarter of 2022 mainly includes the expenses for the acquisition of companies of the MTF Group.