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De­pre­ci­a­tion and amor­ti­sa­tion, non-operating results

In CHF million, except where indicated   2019   2018   Change
Operating income before de­pre­ci­a­tion and amor­ti­sa­tion (EBITDA)   4,358   4,213   3.4%
De­pre­ci­a­tion and amor­ti­sa­tion of property, plant and equipment and intangible assets   (2,166)   (2,144)   1.0%
De­pre­ci­a­tion of right-of-use assets   (282)      
Operating income (EBIT)   1,910   2,069   –7.7%
Net interest expense for financial assets and liabilities   (62)   (104)   –40.4%
Interest expense on lease liabilities   (42)   (24)   75.0%
Other financial result   (54)   (30)   80.0%
Result of equity-accounted investees   (28)   5    
Income before income taxes   1,724   1,916   –10.0%
Income tax expense   (55)   (395)   –86.1%
Net income   1,669   1,521   9.7%
Share of net income attributable to equity holders of Swisscom Ltd   1,672   1,527   9.5%
Share of net income attributable to non-controlling interests   (3)   (6)   –50.0%
             
Earnings per share (in CHF)   32.28   29.48   9.5%

Due to the ap­pli­ca­tion of IFRS 16 Leases as of 1 January 2019, right-of-use assets are recog­nised and depreciated. In 2019, the de­pre­ci­a­tion of right-of-use assets amounted to CHF 282 million. The de­pre­ci­a­tion and amor­ti­sa­tion of property, plant and equipment and intangible assets increased by CHF 22 million or 1.0% year-on-year to CHF 2,166 million, mainly reflecting an increase in de­pre­ci­a­tion and amor­ti­sa­tion at Swisscom Switzer­land and at Fastweb. Net interest expense excluding lease fell from CHF 104 million to CHF 62 million as a result of lower average interest costs. Negative effects of CHF 23 million from the change in the fair value of interest rate swaps and foreign exchange losses of CHF 12 million impacted the other financial result in 2019. Income tax expense amounted to CHF 55 million (prior year: CHF 395 million) as a result of the positive tax effects related to the adoption of the Swiss tax reform. Swisscom’s net income increased by CHF 148 million or 9.7% to CHF 1,669 million, and earnings per share rose accordingly from CHF 29.48 to CHF 32.28.