Cash flows

In CHF million	1st half-year 2023	1st half-year 2022	Change
Operating income before depreciation and amortisation (EBITDA)	2,303	2,191	112
Lease expense	(143)	(146)	3
EBITDA after lease expense (EBITDAaL)	2,160	2,045	115
Capital expenditure	(1,113)	(1,053)	(60)
Operating free cash flow proxy	1,047	992	55
Change in net working capital	(346)	(354)	8
Change in net defined benefit liabilities	(17)	33	(50)
Net interest payments on financial assets and liabilities	(23)	(17)	(6)
Income taxes paid	(201)	(344)	143
Other operating cash flows	2	(17)	19
Free cash flow	462	293	169
Net expenditures for company acquisitions and disposals	(56)	(65)	9
Dividends paid to equity holders of Swisscom Ltd	(1,140)	(1,140)	–
Other changes¹	–	80	(80)
Decrease in net debt	(734)	(832)	98
¹ Includes foreign currency effects, fair value adjustments and non-cash changes in net debt positions.

The operating free cash flow proxy rose by CHF 55 million to CHF 1,047 million. The better operating income before depreciation and amortisation (EBITDA) was partly offset by the higher volume of investment. Free cash flow increased by CHF 169 million to CHF 462 million mainly due to lower income tax payments. The decrease in income tax payments is due to the different timing of due dates. A total net amount of EUR 56 million was incurred for company acquisitions and disposals in the first half of 2023 (prior year: CHF 65 million). In the second quarter of 2023, an unchanged dividend per share of CHF 22 was paid, representing a total dividend payment of CHF 1,140 million.