Cash flows
| In CHF million | 31.03.2020 | 31.03.2019 | Change | |||
|---|---|---|---|---|---|---|
| In CHF millionOperating income before depreciation and amortisation (EBITDA) | 31.03.20201,111 | 31.03.20191,119 | Change(8) | |||
| In CHF millionLease expense | 31.03.2020(75) | 31.03.2019(68) | Change(7) | |||
| In CHF millionEBITDA after lease expense (EBITDA AL) | 31.03.20201,036 | 31.03.20191,051 | Change(15) | |||
| In CHF millionCapital expenditure | 31.03.2020(516) | 31.03.2019(518) | Change2 | |||
| In CHF millionOperating free cash flow proxy | 31.03.2020520 | 31.03.2019533 | Change(13) | |||
| In CHF millionChange in net working capital | 31.03.2020(205) | 31.03.2019(41) | Change(164) | |||
| In CHF millionChange in defined benefit obligations | 31.03.202014 | 31.03.201912 | Change2 | |||
| In CHF millionNet interest payments on financial assets and liabilities | 31.03.2020(5) | 31.03.2019(3) | Change(2) | |||
| In CHF millionIncome taxes paid | 31.03.2020(119) | 31.03.2019(242) | Change123 | |||
| In CHF millionOther operating cash flows | 31.03.2020(16) | 31.03.2019(15) | Change(1) | |||
| In CHF millionFree cash flow | 31.03.2020189 | 31.03.2019244 | Change(55) | |||
| In CHF millionNet expenditures for company acquisitions and disposals | 31.03.2020(8) | 31.03.2019(246) | Change238 | |||
| In CHF millionOther cash flows from investing activities, net | 31.03.20201 | 31.03.201914 | Change(13) | |||
| In CHF millionIssuance of financial liabilities | 31.03.20201,574 | 31.03.2019222 | Change1,352 | |||
| In CHF millionRepayment of financial liabilities | 31.03.2020(562) | 31.03.2019(310) | Change(252) | |||
| In CHF millionOther cash flows from financing activities | 31.03.2020(33) | 31.03.2019(6) | Change(27) | |||
| In CHF millionNet increase (net decrease) in cash and cash equivalents | 31.03.20201,161 | 31.03.2019(82) | Change1,243 |
Operating free cash flow proxy declined by CHF 13 million to CHF 520 million, owing mainly to lower EBITDA after lease expense (EBITDA AL). At CHF 516 million, capital expenditure was practically unchanged from the previous year’s level.
Free cash flow declined year-on-year by CHF 55 million to CHF 189 million. The decrease was mainly attributable to the change in net working capital. Net working capital grew by CHF 205 million compared with the end of 2019 (prior year: increase of CHF 41 million). Deferred income tax payments partially offset this effect.
In the first quarter of 2020, Swisscom took on short-term bank loans from unconfirmed credit lines to secure liquidity. Swisscom also has two confirmed lines of credit totalling CHF 2.0 billion, which had not been used as at 31 March 2020. Net expenditure for company acquisitions and disposals in the previous year includes the purchase price of CHF 240 million paid to Tamedia for the acquisition of the outstanding share of 31% in Swisscom Directories Ltd.