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Cash flows

In CHF million   2016   2015   Change
Operating income before depreciation and amortisation (EBITDA)   4,293   4,098   195
Capital expenditure in property, plant and equipment and other intangible assets   (2,416)   (2,409)   (7)
Change in net working capital and other cash flows from operating activities   (86)   155   (241)
Operating free cash flow   1,791   1,844   (53)
Net interest paid   (157)   (188)   31
Income taxes paid   (328)   (350)   22
Free cash flow   1,306   1,306  
Net expenditures for company acquisitions and disposals   47   (64)   111
Other cash flows from investing activities, net   (87)   63   (150)
Issuance and repayment of financial liabilities, net   (101)   (132)   31
Dividends paid to equity holders of Swisscom Ltd   (1,140)   (1,140)  
Other cash flows   (18)   (5)   (13)
Net increase in cash and cash equivalents   7   28   (21)
WSGE_DP_GR_ge_opfcf

At CHF 1,306 million, free cash flow remained at the previous-year level. Operating free cash flow was down by CHF 53 million or 2.9% year-on-year to CHF 1,791 million. Operating income before depreciation and amortisation (EBITDA) and the change in net working capital of the prior year includes the recognition of a provision of CHF 186 million for the ongoing Competition Commission proceedings on broadband services. Swisscom does not consider the sanction justified and has lodged an appeal with the Federal Court. Swisscom paid the penalty of CHF 186 million, as no suspensive effect was granted. Excluding this payment, operating free cash flow would have risen by CHF 133 million or 7.2% versus the previous year. Capital expenditure increased year-on-year by CHF 7 million or 0.3% to CHF 2,416 million. The high level of capital expenditure is attributable to the ongoing expansion of broadband networks in Switzerland and Italy. In 2016 Swisscom issued three debenture bonds with a total nominal amount of CHF 700 million with coupons of between 0.125% and 0.375% and maturities of 11 to 16 years. The funds raised were used to repay outstanding debts. In addition, a private placement for CHF 150 million that fell due in 2016 was extended by a further 15 years at a fixed interest rate of 0.56%. Swisscom paid a dividend of CHF 22 per share in 2016, which corresponds to an overall payout of CHF 1,140 million.