Cash flows
| In CHF million | 2024 | 2023 | Change | |||
|---|---|---|---|---|---|---|
| Operating income before depreciation and amortisation (EBITDA) | 4,355 | 4,622 | (267) | |||
| Lease expense | (291) | (288) | (3) | |||
| EBITDA after lease expense (EBITDAaL) | 4,064 | 4,334 | (270) | |||
| Capital expenditure | (2,312) | (2,292) | (20) | |||
| Operating free cash flow | 1,752 | 2,042 | (290) | |||
| Change in net working capital | 13 | (133) | 146 | |||
| Change in defined benefit obligations | (5) | (31) | 26 | |||
| Net interest payments on financial assets and liabilities | (10) | (77) | 67 | |||
| Income taxes paid | (297) | (313) | 16 | |||
| Other operating cash flow | (16) | (8) | (8) | |||
| Free cash flow | 1,437 | 1,480 | (43) | |||
| Dividends paid to equity holders of Swisscom Ltd | (1,140) | (1,140) | – | |||
| Net expenditures for company acquisitions and disposals | (12) | (63) | 51 | |||
| Proceeds from sale of FiberCop | 423 | – | 423 | |||
| Other changes 1 | (165) | 26 | (191) | |||
| Decrease in net debt before Vodafone Italia transaction | 543 | 303 | 248 | |||
| Purchase price | (7,420) | – | (7,420) | |||
| Lease liabilities | (1,697) | – | (1,697) | |||
| Other net debt | 48 | – | 48 | |||
| Vodafone Italia transaction | (9,069) | – | (9,069) | |||
| (Increase) decrease in net debt | (8,526) | 303 | (8,821) | |||
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1 Includes foreign currency effects, fair value adjustments and non-cash changes in net debt positions.
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Operating free cash flow fell by CHF 290 million to CHF 1,752 (–14.2%) million due to lower EBITDA and higher capital expenditure. Net working capital fell by CHF 13 million compared with the end of 2023 (prior year: increase of CHF 133 million). This includes the additions to provisions, which were recorded in EBITDA in connection with the acquisition of Vodafone Italia. Various payment maturities for interest income and expenses resulted in lower net interest paid. As a result, free cash flow fell by CHF 43 million to CHF 1,437 million. The free cash flow financed the dividend totalling CHF 1,140 million. In 2024, Fastweb sold its 4.5% share in FiberCop for a purchase price of EUR 439 million (CHF 423 million). At the end of 2024, the acquisition of Vodafone Italia was completed. The purchase price was EUR 7.9 billion (CHF 7.4 billion). Lease liabilities of CHF 1.7 billion were assumed with the acquisition.