Cash flows

In CHF million	31.3.2018	31.3.2017	Change
Operating income before depreciation and amortisation (EBITDA)	1,058	1,073	(15)
Capital expenditure in property, plant and equipment and intangible assets	(501)	(529)	28
Proceeds from sale of tangible and intangible assets	2	2	–
Change in defined benefit obligations	15	17	(2)
Change in net working capital and other cash flows from operating activities	(215)	(100)	(115)
Operating free cash flow	359	463	(104)
Net interest paid	(7)	(11)	4
Income taxes paid	(164)	(184)	20
Free cash flow	188	268	(80)
Net expenditures for company acquisitions and disposals	(3)	(43)	40
Other cash flows from investing activities, net	6	(11)	17
Issuance and repayment of financial liabilities, net	108	(206)	314
Other cash flows from financing activities	(6)	(6)	–
Net increase in cash and cash equivalents	293	2	291

Free cash flow declined year-on-year by CHF 80 million to CHF 188 million, due to lower operating free cash flow. Operating free cash flow declined by CHF 104 million to CHF 359 million, fuelled by the decline in net working capital. Net working capital increased by CHF 215 million compared to the end of 2017 (prior year: increase of CHF 100 million), mainly as a result of higher accruals for prepaid expenses for the financial year 2018. Capital expenditure decreased year-on-year by CHF 28 million or 5.3% to CHF 501 million, chiefly as a result of delayed investments at Swisscom Switzerland.

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Cash flows