In CHF million, except where indicated   1.1.–30.9.2016   1.1.–30.9.2015   Change
Net revenue   8,643   8,651   –0.1%
Operating income before depreciation and amortisation (EBITDA)   3,307   3,099   6.7%
EBITDA as % of net revenue   38.3   35.8    
Operating income (EBIT)   1,691   1,554   8.8%
Net income   1,197   1,058   13.1%
Earnings per share (in CHF)   23.15   20.42   13.3%
Capital expenditure   1,768   1,737   1.8%
Operating free cash flow   1,404   1,429   –1.7%
Net debt at end of period   8,310   8,320   –0.1%
Full-time equivalent employees at end of period   21,292   21,603   –1.4%

In the first nine months of 2016, Swisscom posted a slight decline in net revenue of CHF 8 million or 0.1% to CHF 8,643 million. Revenue in the Swiss core business decreased by CHF 46 million or 0.7% to CHF 6,973 million. While revenue from telecommunications services fell by CHF 99 million or 1.9% as a result of strong price pressure and increasing market saturation, revenue in the solutions business with corporate customers increased by CHF 38 million or 4.9%. The number of revenue-generating units (RGU) in the Swiss core business remained more or less at the previous year’s level at 12.5 million as a result of market saturation. Towards the end of 2015, however, the number of RGUs fell by 47,000. As a result of customer growth, the revenue of the Italian subsidiary, Fastweb, was EUR 32 million or 2.5% higher at EUR 1,318 million. The number of subscribers to Fastweb’s broadband business grew year-on-year by 123,000 or 5.7% to 2.3 million (+94,000 at the end of 2015).

Swisscom’s operating income before depreciation and amortisation (EBITDA) increased by CHF 208 million or 6.7% to CHF 3,307 million due to non-recurring items. In the previous year, a provision was recognised in the Competition Commission proceedings regarding broadband services, reducing EBITDA by CHF 186 million. In the second quarter of 2016, Fastweb received compensation in the amount of EUR 55 million as a result of an out-of-court settlement following a legal dispute. Adjusted for non-recurring items and on the basis of constant exchange rates, EBITDA fell by CHF 55 million or 1.7%. The adjusted EBITDA in the Swiss core business declined by CHF 102 million or 3.5%, while at Fastweb it rose by EUR 30 million or 7.4%. Net income increased year-on-year by CHF 139 million or 13.1% to CHF 1,197 million. The increase in EBITDA was partly offset by higher depreciation and amortisation.

Swisscom’s capital expenditure rose year-on-year by CHF 31 million or 1.8% to CHF 1,768 million; capital expenditure in Switzerland remained high at CHF 1,292 million (–0.8%). At the end of September 2016, around 2.4 million lines in Switzerland featured the latest fibre-optic technology. In total, Swisscom has connected around 3.4 million homes and offices with ultra-fast broadband (with speeds of more than 50 Mbps). At Fastweb, capital expenditure increased by EUR 27 million or 6.7% to EUR 430 million due to the continuing expansion of the broadband network.

Operating free cash flow declined by CHF 25 million or 1.7% to CHF 1,404 million. Net debt was virtually unchanged year-on-year at CHF 8,310 million (–0.1%).

Swisscom headcount decreased year-on-year by 311 FTEs or 1.4% to 21,292 FTEs. Excluding company acquisitions and due to efficiency measures, the number of staff fell by 350 FTEs, a decrease of 1.6%. In the Swiss core business, the adjusted number of FTEs fell by 470 or 2.7% year-on-year (–493 or –2.9% in by the end of 2015).

The financial outlook for 2016 remains unchanged. Swisscom expects net revenue of more than CHF 11.6 bil­lion, EBITDA of around CHF 4.25 bil­lion and capital expenditure of around CHF 2.4 bil­lion. If the targets are met, Swisscom will propose to the Annual General Meeting of Shareholders payment of an unchanged dividend of CHF 22 per share for the 2016 financial year.