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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.