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Depreciation and amortisation, non-operating results
In CHF million, except where indicated |
3rd quarter 2016 |
3rd quarter 2015 |
Change |
1.1.– 30.9.2016 |
1.1.– 30.9.2015 |
Change |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating income before depreciation and amortisation (EBITDA) | 1,080 | 966 | 11.8% | 3,307 | 3,099 | 6.7% | ||||||
| Depreciation, amortisation and impairment losses | (524) | (517) | 1.4% | (1,616) | (1,545) | 4.6% | ||||||
| Operating income (EBIT) | 556 | 449 | 23.8% | 1,691 | 1,554 | 8.8% | ||||||
| Net interest expense | (31) | (51) | –39.2% | (112) | (147) | –23.8% | ||||||
| Other financial income and expense, net | (5) | (6) | –16.7% | (69) | (47) | 46.8% | ||||||
| Share of results of associates | 1 | 5 | –80.0% | 1 | 18 | –94.4% | ||||||
| Income before income taxes | 521 | 397 | 31.2% | 1,511 | 1,378 | 9.7% | ||||||
| Income tax expense | (112) | (123) | –8.9% | (314) | (320) | –1.9% | ||||||
| Net income | 409 | 274 | 49.3% | 1,197 | 1,058 | 13.1% | ||||||
| Share of net income attributable to equity holders of Swisscom Ltd | 410 | 274 | 49.6% | 1,199 | 1,058 | 13.3% | ||||||
| Share of net income attributable to non-controlling interests | (1) | – | 100.0% | (2) | – | 100.0% | ||||||
| Earnings per share (in CHF) | 7.92 | 5.29 | 49.6% | 23.15 | 20.42 | 13.3% |
Swisscom’s depreciation and amortisation increased by CHF 71 million or 4.6% to CHF 1,616 million year-on-year, mainly reflecting an increase in depreciation and amortisation at Swisscom Switzerland because of the high level of capital expenditure. Intangible assets resulting from company acquisitions were capitalised for purchase price allocation purposes. Depreciation and amortisation for the first nine months of 2016 includes scheduled amortisation relating to company takeovers amounting to CHF 85 million (prior year: CHF 90 million).
Net interest expense was CHF 35 million lower at CHF 112 million as a result of the lower average interest costs for financial debt. At CHF 69 million, other net financial expense rose by CHF 22 million compared to the previous year. The net financial expense in the first nine months of 2016 includes negative effects of CHF 39 million arising from the fair value adjustment of interest rate swaps (prior year: CHF 10 million) and foreign exchange gains of CHF 2 million (prior year: foreign exchange losses of CHF 34 million). The first nine months of the prior year also include gains from the sale of subsidiaries in the amount of CHF 19 million.
Income tax expense amounted to CHF 314 million (prior year: CHF 320 million), corresponding to an effective income tax rate of 20.8% (prior year: 23.2%). Excluding non-recurring items, the long-term expectation continues to be that the income tax rate will remain at a level of around 21%.
Swisscom’s net income rose by CHF 139 million or 13.1% to CHF 1,197 million. The increase in EBITDA was partly offset by higher depreciation and amortisation. Earnings per share is calculated based on net income attributable to equity holders of Swisscom Ltd and average number of shares outstanding. Earnings per share rose from CHF 20.42 to CHF 23.15.