Cash flows
In CHF million |
1.01.–30.09. 2023 |
1.01.–30.09. 2022 |
Change |
|||
|---|---|---|---|---|---|---|
| Operating income before depreciation and amortisation (EBITDA) | 3,477 | 3,341 | 136 | |||
| Lease expense | (217) | (219) | 2 | |||
| EBITDA after lease expense (EBITDAaL) | 3,260 | 3,122 | 138 | |||
| Capital expenditure | (1,630) | (1,601) | (29) | |||
| Operating free cash flow proxy | 1,630 | 1,521 | 109 | |||
| Change in net working capital | (242) | (167) | (75) | |||
| Change in defined benefit obligations | (25) | 41 | (66) | |||
| Net interest payments on financial assets and liabilities | (56) | (47) | (9) | |||
| Income taxes paid | (271) | (352) | 81 | |||
| Other operating cash flow | 1 | (16) | 17 | |||
| Free cash flow | 1,037 | 980 | 57 | |||
| Net expenditures for company acquisitions and disposals | (60) | (65) | 5 | |||
| Dividends paid to equity holders of Swisscom Ltd | (1,140) | (1,140) | – | |||
| Other changes 1 | 30 | 227 | (197) | |||
| (Increase) Decrease in net debt | (133) | 2 | (135) | |||
|
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 109 million to CHF 1,630 million. The better operating income before depreciation and amortisation (EBITDA) was partly offset by the higher volume of investment. Free cash flow increased by CHF 57 million to CHF 1,037 million mainly due to lower income tax payments. The decrease in income tax payments is due to the different payment due dates. A total net amount of EUR 60 million was incurred for company acquisitions and disposals in the first nine months of 2023 (prior year: CHF 65 million). In the second quarter of 2023, an unchanged dividend per share of CHF 22 was paid, representing a total dividend payment of CHF 1,140 million.