Cash flows

In CHF million   2015   2014   Change
Operating income before depreciation and amortisation (EBITDA)   4,098   4,413   (315)
Capital expenditure in property, plant and equipment and other intangible assets   (2,409)   (2,436)   27
Change in net working capital and other cash flows from operating activities   155   (117)   272
Operating free cash flow   1,844   1,860   (16)
Net interest paid   (188)   (235)   47
Income taxes paid   (350)   (386)   36
Free cash flow   1,306   1,239   67
Net cash flow from acquisition of PubliGroupe 1   101   (385)   486
Net expenditures for others companies purchase and sales   (66)   (20)   (46)
Other cash flows from investing activities, net   (36)   167   (203)
Issuance and repayment of financial liabilities, net   (132)   (265)   133
Dividends paid to equity holders of Swisscom Ltd   (1,140)   (1,140)  
Other cash flows   (5)   (19)   14
Net increase (Net decrease) in cash and cash equivalents   28   (423)   451
1 2015: Proceeds from sale of real estate and participations of CHF 109 million less remaining non-controlling interests of CHF 8 million. 2014: Acquisition cost of CHF 474 million less remaining non-controlling interests of CHF 8 million, acquired cash and cash equivalents of CHF 16 million and proceeds of CHF 65 million from sale of securities and media participations.

Free cash flow increased by CHF 67 million or 5.4% compared with the previous year to CHF 1,306 million. The lower net interest paid as well as lower income taxes paid more than offset the decline in operating free cash flow. The decrease in operating free cash flow by CHF 16 million or 0.9% to CHF 1,844 million stems primarily from lower gains on the sale of real estate. Operating income before depreciation and amortisation (EBITDA) and the change in net working capital include the recognition of a provision of CHF 186 million for the Competition Commission proceedings on broadband services and the recognition of provisions of CHF 70 million for headcount reduction. At CHF 2,409 million, capital expenditure was down slightly on the 2014 level. Capital expenditure at Fastweb fell, driven by the lower EUR exchange rate, while capital expenditure in Switzerland was higher, due to the expansion and upgrading of the broadband network.

In September 2014, Swisscom acquired PubliGroupe Ltd for CHF 474 million. The price paid was CHF 458 million less the acquired cash and cash equivalents. By the end of 2015, sales of Publi­Groupe real estate and investments in the amount of CHF 174 million had been realised. In 2015, Swisscom issued two debenture bonds with a total nominal amount of CHF 400 million: CHF 250 million with a coupon of 0.25% and maturity date in 2023, and CHF 150 million with a coupon of 1.00%, maturing in 2035. In addition, in 2015 Swisscom took out a fixed-rate bank loan for EUR 200 million with a term of five years and issued a debenture bond on the Eurobond market for EUR 500 million with a coupon of 1.75% and maturity date in 2025. Swisscom paid an ordinary dividend of CHF 22 per share in 2015, which corresponds to an overall payout of CHF 1,140 million.