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Depreciation and amortisation, non-operating results

In CHF million, except where indicated   2018   2017   Change
Operating income before depreciation and amortisation (EBITDA)   4,213   4,295   –1.9%
Depreciation, amortisation and impairment losses   (2,144)   (2,164)   –0.9%
Operating income (EBIT)   2,069   2,131   –2.9%
Net interest expense   (128)   (149)   –14.1%
Other financial result   (30)   (11)   172.7%
Result of equity-accounted investees   5   (11)    
Income before income taxes   1,916   1,960   –2.2%
Income tax expense   (395)   (392)   0.8%
Net income   1,521   1,568   –3.0%
Share of net income attributable to equity holders of Swisscom Ltd   1,527   1,570   –2.7%
Share of net income attributable to non-controlling interests   (6)   (2)   200.0%
             
Earnings per share (in CHF)   29.48   30.31   –2.7%

Depreciation and amortisation fell by CHF 20 million or 0.9% year-on-year to CHF 2,144 million. The amortisation of intangible assets related to business combinations declined, amounting to CHF 37 million (prior year: CHF 50 million). Net interest expense declined by CHF 21 million to CHF 128 million as a result of lower average interest costs. Income tax expense was CHF 395 million (prior year: CHF 392 million), corresponding to an effective income tax rate of 20.6% (prior year: 20.0%).

Net income fell by CHF 47 million or 3.0% to CHF 1,521 million, primarily due to the non-recurring items described in the summary. Earnings per share fell accordingly from CHF 30.31 to CHF 29.48.