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1st Interim Report 2017
1st Interim Report 2017
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1st Interim Report 2017
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Table of contents for the 1st Interim Report 2017 report

1st Interim Report 2017
Facts & figuresGroup financial review
SummarySegment resultsDepreciation and amortisation, non operating resultsCash flowsBalance sheetOutlook
Consolidated interim financial statements
Consolidated income statement (condensed and unaudited)Consolidated statement of comprehensive income (unaudited)Consolidated balance sheet (condensed and unaudited)Consolidated statement of cash flows (condensed and unaudited)Consolidated statement of changes in equity (unaudited)
Notes to the interim financial statements
1 Accounting policies2 Segment information3 Financial income and financial expense4 Financial liabilities5 Provisions6 Contingent liabilities and contingent assets7 Dividend payment8 Financial instruments9 Related parties10 Events after the balance sheet date
Further information
Share informationQuarterly review 2016 and 2017
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Cash flows

In CHF million   31.3.2017   31.3.2016   Change
Operating income before depreciation and amortisation (EBITDA)   1,073   1,081   (8)
Capital expenditure   (529)   (596)   67
Proceeds from sale of property, plant and equipment and other intangible assets   2   11   (9)
Change in defined benefit obligations   17   15   2
Change in net working capital and other cash flow from operating activities   (100)   (327)   227
Operating free cash flow   463   184   279
Net interest paid   (12)   (9)   (3)
Income taxes paid   (184)   (107)   (77)
Free cash flow   267   68   199
Other cash flows from investing activities, net   (54)   (3)   (51)
Issuance and repayment of financial liabilities, net   (206)   (88)   (118)
Other cash flows from financing activities   (5)   (6)   1
Net increase (net decrease) in cash and cash equivalents   2   (29)   31

Free cash flow increased year-on-year by CHF 199 million to CHF 267 million, mainly due to higher operating free cash flow. Operating free cash flow rose by CHF 279 million to CHF 463 million. This increase was mainly due to the payment of the Competition Commission penalty as part of the ongoing proceedings regarding broadband services in the prior year. Swisscom does not consider the sanction justified and has lodged an appeal with the Federal Court. Swisscom paid the penalty of CHF 186 million in the first quarter of 2016, as no suspensive effect was granted. Excluding this payment, operating free cash flow rose by CHF 93 million versus the previous year, driven primarily by lower capital expenditure. Capital expenditure decreased by CHF 67 million or 11.2% to CHF 529 million compared to the previous year, chiefly as a result of delayed investments at Swisscom Switzerland.