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Cash flows


In CHF million
  1st half-year
2021
  1st half-year
2020
 
Change
Operating income before depreciation and amortisation (EBITDA)   2,317   2,208   109
Lease expense   (151)   (150)   (1)
EBITDA after lease expense (EBITDA AL)   2,166   2,058   108
Capital expenditure   (1,083)   (1,075)   (8)
Operating free cash flow proxy   1,083   983   100
Change in net working capital   (131)   (87)   (44)
Change in net defined benefit liabilities   (36)   29   (65)
Net interest payments on financial assets and liabilities   (16)   (11)   (5)
Income taxes paid   (229)   (156)   (73)
Other operating cash flow   (25)   3   (28)
Free cash flow   646   761   (115)
Net proceeds (net expenditures) for company acquisitions and disposals   108   (25)   133
Other cash flows from investing activities, net   (11)   (47)   36
Dividends paid to equity holders of Swisscom Ltd   (1,140)   (1,140)  
Other changes   (11)   38   (49)
Decrease in net debt   (408)   (413)   5

The operating free cash flow proxy increased by 10.2% or CHF 100 million to CHF 1,083 million due to the higher operating income before depreciation and amortisation (EBITDA). Free cash flow decreased by 15.1% or CHF 115 million to CHF 646 million compared to the prior year. The decrease is mainly due to higher income taxes paid, which increased by CHF 73 million to CHF 229 million compared to the previous year. Tax payments were deferred in the first half of 2020. The change in the net defined benefit liabilities includes a one-off adjustment of CHF 60 million as a result of a plan amendment in the first half of 2021 with an offsetting impact on EBITDA. In the first half of 2021, net cash inflows from acquisitions and disposals included the net proceeds of CHF 126 million from the sale of the participation in Belgacom International Carrier Services. In the second quarter of 2021, an unchanged dividend per share of CHF 22 was paid, representing a total dividend payment of CHF 1,140 million.