Free Cash Flow Audited

The following is a summary of the free cash flow, using Lonza’s definition. It includes earnings before interest, taxes and depreciation (EBITDA) and subtracts / adds the increase / decrease of operating net working capital, subtracts capital expenditures, acquisitions and adds disposal of fixed assets and subsidiaries as well as adding changes of other long-term operating assets / liabilities. This key measure is the same as reported monthly to the Executive Committee.

million CHF 2017 2016
EBITDA 1,153 848
Change of operating net working capital (41) 78
Capital expenditures in tangible and intangible assets (451) (366)
Disposal of tangible and intangible assets 8 10
Change of other assets and liabilities 24 68
Gain from Guangzhou (CN) land transaction 1 (74) 0
Free cash flow (before acquisitions / disposals) 619 638
Acquisition of subsidiaries (3,310) (230)
Free cash flow (2,691) 408