Cash flows
| In CHF million, except where indicated | Q1 2025 | Q1 2024 | Change | |||
|---|---|---|---|---|---|---|
| Operating free cash flow, reported | 498 | 489 | 9 | |||
| Change in net working capital | 54 | (226) | 280 | |||
| Change in defined benefit obligations | 5 | (2) | 7 | |||
| Net interest payments on financial assets and liabilities | (5) | (10) | 5 | |||
| Income taxes paid | (46) | (30) | (16) | |||
| Other operating cash flows | (35) | (23) | (12) | |||
| Free cash flow | 471 | 198 | 273 | |||
| Net expenditures for company acquisitions and disposals | (8) | (9) | 1 | |||
| Other changes 1 | (16) | (59) | 43 | |||
| Decrease in net debt | 447 | 130 | 317 | |||
|
1 Includes foreign currency effects, fair value adjustments and non-cash changes in net debt positions.
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Operating free cash flow rose by CHF 9 million to CHF 498 million (+1.8%). Free cash flow grew by CHF 273 million to CHF 471 million due to an improvement in net working capital. Net working capital improved mainly as a result of a decrease in trade receivables and an increase in trade payables. In the previous year, exceptional effects (prepayments for maintenance contracts and licences and increase in inventory) as well as an increase in trade receivables and a decrease in trade payables deteriorated the net working capital.