Cash flows
| In CHF million | 31.03.2024 | 31.03.2023 | Change | |||
|---|---|---|---|---|---|---|
| Operating income before depreciation and amortisation (EBITDA) | 1,155 | 1,164 | (9) | |||
| Lease expense | (72) | (73) | 1 | |||
| EBITDA after lease expense (EBITDAaL) | 1,083 | 1,091 | (8) | |||
| Capital expenditure | (594) | (545) | (49) | |||
| Operating free cash flow | 489 | 546 | (57) | |||
| Change in net working capital | (226) | (244) | 18 | |||
| Change in defined benefit obligations | (2) | (8) | 6 | |||
| Net interest payments on financial assets and liabilities | (10) | (12) | 2 | |||
| Income taxes paid | (30) | (65) | 35 | |||
| Other operating cash flows | (23) | (8) | (15) | |||
| Free cash flow | 198 | 209 | (11) | |||
| Net expenditures for company acquisitions and disposals | (9) | – | (9) | |||
| Other changes 1 | (59) | (6) | (53) | |||
| Decrease in net debt | 130 | 203 | (73) | |||
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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 57 million to CHF 489 million due to higher capital expenditure and lower EBITDA. This was largely offset by improved development in net working capital and lower income taxes paid. As a result, free cash flow fell by CHF 11 million to CHF 198 million. The CHF 35 million drop in income taxes paid to CHF 30 million was attributable to different payment due dates.