Cash flows
| In CHF million | 2022 | 2021 | Change | |||
|---|---|---|---|---|---|---|
| Operating income before depreciation and amortisation (EBITDA) | 4,406 | 4,478 | (72) | |||
| Lease expense | (286) | (301) | 15 | |||
| EBITDA after lease expense (EBITDA AL) | 4,120 | 4,177 | (57) | |||
| Capital expenditure | (2,309) | (2,286) | (23) | |||
| Operating free cash flow proxy | 1,811 | 1,891 | (80) | |||
| Change in net working capital | (64) | (19) | (45) | |||
| Change in defined benefit obligations | 49 | (9) | 58 | |||
| Net interest payments on financial assets and liabilities | (60) | (67) | 7 | |||
| Income taxes paid | (378) | (279) | (99) | |||
| Other operating cash flow | (9) | (4) | (5) | |||
| Free cash flow | 1,349 | 1,513 | (164) | |||
| Dividends paid to equity holders of Swisscom Ltd | (1,140) | (1,140) | – | |||
| (Acquisition) disposal of companies | (69) | 105 | (174) | |||
| Other changes 1 | 192 | 22 | 170 | |||
| Decrease in net debt | 332 | 500 | (168) | |||
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1 Includes foreign currency effects, fair value adjustments and non-cash changes in net debt positions.
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The operating free cash flow proxy decreased by CHF 80 million year-on-year, mainly due to lower EBITDA. The lower operating free cash flow proxy and higher income tax payments led to a decrease in free cash flow of CHF 164 million. The free cash flow of CHF 1,349 million was used to finance the dividend of CHF 1,140 million, the business acquisitions and a reduction of net debt.