Cash flows
| In CHF million | 31.03.2024 | 31.03.2023 | Change | |||
|---|---|---|---|---|---|---|
| In CHF millionOperating income before depreciation and amortisation (EBITDA) | 31.03.20241,155 | 31.03.20231,164 | Change(9) | |||
| In CHF millionLease expense | 31.03.2024(72) | 31.03.2023(73) | Change1 | |||
| In CHF millionEBITDA after lease expense (EBITDAaL) | 31.03.20241,083 | 31.03.20231,091 | Change(8) | |||
| In CHF millionCapital expenditure | 31.03.2024(594) | 31.03.2023(545) | Change(49) | |||
| In CHF millionOperating free cash flow | 31.03.2024489 | 31.03.2023546 | Change(57) | |||
| In CHF millionChange in net working capital | 31.03.2024(226) | 31.03.2023(244) | Change18 | |||
| In CHF millionChange in defined benefit obligations | 31.03.2024(2) | 31.03.2023(8) | Change6 | |||
| In CHF millionNet interest payments on financial assets and liabilities | 31.03.2024(10) | 31.03.2023(12) | Change2 | |||
| In CHF millionIncome taxes paid | 31.03.2024(30) | 31.03.2023(65) | Change35 | |||
| In CHF millionOther operating cash flows | 31.03.2024(23) | 31.03.2023(8) | Change(15) | |||
| In CHF millionFree cash flow | 31.03.2024198 | 31.03.2023209 | Change(11) | |||
| In CHF millionNet expenditures for company acquisitions and disposals | 31.03.2024(9) | 31.03.2023– | Change(9) | |||
| In CHF millionOther changes 1 | 31.03.2024(59) | 31.03.2023(6) | Change(53) | |||
| In CHF millionDecrease in net debt | 31.03.2024130 | 31.03.2023203 | Change(73) | |||
| In CHF million
1 Includes foreign currency effects, fair value adjustments and non-cash changes in net debt positions.
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Operating free cash flow fell by CHF 57 million to CHF 489 million due to higher capital expenditure and lower EBITDA. This was largely offset by improved development in net working capital and lower income taxes paid. As a result, free cash flow fell by CHF 11 million to CHF 198 million. The CHF 35 million drop in income taxes paid to CHF 30 million was attributable to different payment due dates.