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Financial outlook


In CHF million, except where indicated
  2019
reported
  Change Swisscom
without Fastweb
  Change
Fastweb
  2020
outlook 1
                 
Net revenue
Swisscom Group   11,453   < 0   > 0   ~ CHF 11.1 bn
Swisscom w/o Fastweb               ~ CHF 8.7 bn
Fastweb               ~ EUR 2.3 bn
                 
Operating income before de­pre­ci­a­tion and amor­ti­sa­tion (EBITDA)
Swisscom Group   4,358   < 0   > 0   ~ CHF 4.3 bn 2
Swisscom w/o Fastweb               ~ CHF 3.5 bn
Fastweb               ~ EUR 0.8 bn
                 
Capital ex­pen­di­ture
Swisscom Group   2,438 3       ~ CHF 2.3 bn
Swisscom w/o Fastweb               ~ CHF 1.6 bn
Fastweb               ~ EUR 0.6 bn
1 Exchange rate CHF/EUR 1.07 (2019: CHF/EUR 1.11).
2 2020 outlook for EBITDA after lease expense ~ CHF 4.0 bn.
3 Incl. ex­pen­di­ture of CHF 196 mn for mobile radio fre­quen­cies in Switzer­land.

For 2020, Swisscom expects net revenue of around CHF 11.1 bil­lion, EBITDA of around CHF 4.3 bil­lion and capital ex­pen­di­ture of around CHF 2.3 bil­lion. Due to strong competition and price pressure and the ongoing decline in the number of fixed-line tele­phone con­nec­tions, Swisscom expects revenue to be lower without Fastweb. Fastweb’s revenue is expected to increase slightly from 2019. For Swisscom, excluding Fastweb, the decline in revenue cannot be fully compensated by cost savings. In contrast, an increase in EBITDA is anticipated for Fastweb on a like-for-like basis. Capital ex­pen­di­ture in Switzer­land, excluding costs for acquiring ad­di­tional mobile radio fre­quen­cies at auction, will be slightly less than in the previous year. Capital ex­pen­di­ture at Fastweb is expected to be lower. Subject to achieving its targets, Swisscom will propose payment of an unchanged, attractive dividend of CHF 22 per share for the 2020 financial year at the 2021 Annual General Meeting.