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Financial outlook


In CHF million, except where indicated
 
2017
reported
 
2017
pro-forma
  2018
Change
w/o IFRS 15
  2018
Impact
IFRS 15
 
2018
outlook 2
                     
Net revenue
Swisscom Group   11,662   11,662   < 0   (10)   ~ CHF 11.6 bn
Swisscom without Fastweb           < 0       ~ CHF 9.2 bn
Fastweb           > 0       > EUR 2.0 bn
                     
Operating income before depreciation and amortisation (EBITDA)
Swisscom Group   4,295   4,254 1   < 0   (50)   ~ CHF 4.2 bn
Swisscom without Fastweb           < 0       ~ CHF 3.4 bn
Fastweb           > 0       ~ EUR 0.7 bn
                     
Capital expenditure
Swisscom Group   2,378   2,378   < 0     < CHF 2.4 bn
Swisscom without Fastweb           < 0       > CHF 1.6 bn
Fastweb           > 0       ~ EUR 0.6 bn
1 Adjustment of CHF 41 million: Fastweb litigation income of CHF 102 million less termination benefits of CHF 61 million.
2 Echange rate CHF/EUR of 1.16 (CHF/EUR of 1.11 for financial year 2017).

For 2018, Swisscom anticipates net revenue of around CHF 11.6 bil­lion, EBITDA of around CHF 4.2 bil­lion and capital expenditure of less than CHF 2.4 bil­lion. Due to strong competition and price pressure, Swisscom’s revenue without Fastweb is expected to decline; however, this should be partially offset by a rise in Fastweb’s revenue. EBITDA for Swisscom, excluding Fastweb, is expected to be lower year-on-year. The expected reduction in EBITDA is attributable to price pressure and continued declines in the number of fixed-line telephony connections. EBITDA will be positively affected by cost savings. Fastweb’s EBITDA is expected to be higher. From 2018 onwards, a new accounting standard for recognising revenue (IFRS 15) is to be applied, which is likely to have a negative effect on EBITDA of around CHF 50 million. By contrast, at the current euro exchange rate, the currency translation of Fastweb should positively affect revenue and EBITDA. Capital expenditure is expected to be slightly lower in Switzerland and slightly higher at Fastweb. Subject to achieving its targets, Swisscom will propose payment of an unchanged, attractive dividend of CHF 22 per share for the 2018 financial year at the 2019 Annual General Meeting.