Cash flows
In CHF million |
1st half-year 2024 |
1st half-year 2023 |
Change |
|||
|---|---|---|---|---|---|---|
| Operating income before depreciation and amortisation (EBITDA) | 2,279 | 2,303 | (24) | |||
| Lease expense | (145) | (143) | (2) | |||
| EBITDA after lease expense (EBITDAaL) | 2,134 | 2,160 | (26) | |||
| Capital expenditure | (1,157) | (1,113) | (44) | |||
| Operating free cash flow | 977 | 1,047 | (70) | |||
| Change in net working capital | (386) | (346) | (40) | |||
| Change in net defined benefit liabilities | (6) | (17) | 11 | |||
| Net interest payments on financial assets and liabilities | (9) | (23) | 14 | |||
| Income taxes paid | (189) | (201) | 12 | |||
| Other operating cash flows | (34) | 2 | (36) | |||
| Free cash flow | 353 | 462 | (109) | |||
| Net expenditures for company acquisitions and disposals | (10) | (56) | 46 | |||
| Dividends paid to equity holders of Swisscom Ltd | (1,140) | (1,140) | – | |||
| Other changes 1 | (51) | – | (51) | |||
| Increase in net debt | (848) | (734) | (114) | |||
|
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 70 million to CHF 977 million due to higher capital expenditure and lower EBITDA. Net working capital grew by CHF 386 million compared with the end of 2023 (prior year: increase of CHF 346 million). As a result, free cash flow fell by CHF 109 million to CHF 353 million. An unchanged dividend per share of CHF 22 was paid in the second quarter of 2024, representing a total dividend payment of CHF 1,140 million.