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2nd Interim Report 2018
2nd Interim Report 2018
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2nd Interim Report 2018
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Depreciation and amortisation, non-operating results


In CHF million, except where indicated		   2. quarter
2018		   2. quarter
2017		  
Change		   1st half-year
2018		   1st half-year
2017		  
Change
Operating income before depreciation and amortisation (EBITDA)   1,085   1,187   –8.6%   2,143   2,260   –5.2%
Depreciation, amortisation and impairment losses   (540)   (534)   1.1%   (1,080)   (1,057)   2.2%
Operating income (EBIT)   545   653   –16.5%   1,063   1,203   –11.6%
Net interest expense   (35)   (37)   –5.4%   (70)   (73)   –4.1%
Other financial result   6   (12)       –   (25)   –100.0%
Result of equity-accounted investees   2   (2)       –   (3)   –100.0%
Income before income taxes   518   602   –14.0%   993   1,102   –9.9%
Income tax expense   (110)   (136)   –19.1%   (206)   (263)   –21.7%
Net income   408   466   –12.4%   787   839   –6.2%
Share of net income attributable to equity holders of Swisscom Ltd   409   467   –12.4%   790   840   –6.0%
Share of net income attributable to non-controlling interests   (1)   (1)       (3)   (1)    
                         
Earnings per share (in CHF)   7.90   9.02   –12.4%   15.25   16.22   –6.0%

Depreciation and amortisation increased year-on-year by CHF 23 million or 2.2% to CHF 1,080 million, remaining virtually unchanged at constant exchange rates (+0.1%). Net interest expense was CHF 3 million lower at CHF 70 million as a result of the lower average interest costs for financial debt. The other financial result remained at break-even, with exchange losses impacting financial results in the previous year. Income tax expense was CHF 206 million (prior year: CHF 263 million), corresponding to an effective income tax rate of 20.7% (prior year: 23.9%). The decrease in the effective income tax rate is primarily attributable to the effects of prior periods in 2017. Net income posted by Swisscom fell year-on-year by CHF 52 million or 6.2% to CHF 787 million, primarily due to special effects. 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 16.22 to CHF 15.25.