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Depreciation and amortisation, non-operating results

In CHF million, except where indicated   2017   2016   Change
Operating income before depreciation and amortisation (EBITDA)   4,295   4,293   0.0%
Depreciation, amortisation and impairment losses   (2,164)   (2,145)   0.9%
Operating income (EBIT)   2,131   2,148   –0.8%
Net interest expense   (149)   (155)   –3.9%
Other financial result   (11)      
Share of results of associates   (11)   (3)    
Income before income taxes   1,960   1,990   –1.5%
Income tax expense   (392)   (386)   1.6%
Net income   1,568   1,604   –2.2%
Share of net income attributable to equity holders of Swisscom Ltd   1,570   1,604   –2.1%
Share of net income attributable to non-controlling interests   (2)      
             
Earnings per share (in CHF)   30.31   30.97   –2.1%

Depreciation and amortisation increased year-on-year by CHF 19 million or 0.9% to CHF 2,164 million; at constant exchange rates this represents a rise of 0.3%. The amortisation of intangible assets related to business combinations declined, amounting to CHF 50 million (prior year: CHF 104 million). Net interest expense declined by CHF 6 million to CHF 149 million as a result of lower average interest costs. Income tax expense was CHF 392 million (prior year: CHF 386 million), corresponding to an effective income tax rate of 20.0% (prior year: 19.4%).

Net income fell by CHF 36 million or 2.2% to CHF 1,568 million. Earnings per share is calculated based on the share of net income attributable to equity holders of Swisscom Ltd and the average number of shares outstanding. Earnings per share fell from CHF 30.97 to CHF 30.31.