Cash flows
| In CHF million | 31.03.2023 | 31.03.2022 | Change | |||
|---|---|---|---|---|---|---|
| Operating income before depreciation and amortisation (EBITDA) | 1,164 | 1,137 | 27 | |||
| Lease expense | (73) | (72) | (1) | |||
| EBITDA after lease expense (EBITDAaL) | 1,091 | 1,065 | 26 | |||
| Capital expenditure | (545) | (522) | (23) | |||
| Operating free cash flow proxy | 546 | 543 | 3 | |||
| Change in net working capital | (244) | (264) | 20 | |||
| Change in defined benefit obligations | (8) | 16 | (24) | |||
| Net interest payments on financial assets and liabilities | (12) | (11) | (1) | |||
| Income taxes paid | (65) | (189) | 124 | |||
| Other operating cash flows | (8) | (32) | 24 | |||
| Free cash flow | 209 | 63 | 146 | |||
| Net expenditures for company acquisitions and disposals | – | (63) | 63 | |||
| Other changes 1 | (6) | 26 | (32) | |||
| Decrease in net debt | 203 | 26 | 177 | |||
|
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 of CHF 546 million is at the same level as the previous year (+0.6%). Free cash flow increased by CHF 146 million to CHF 209 million mainly due to lower income tax payments. The decrease in income tax payments is due to the different payment due dates during the year. No expenses were incurred for company acquisitions and disposals in the first quarter of 2023. The first quarter of 2022 mainly includes the expenses for the acquisition of companies of the MTF Group.