|In CHF million, except where indicated||2019||2018||Change|
|Operating income before depreciation and amortisation (EBITDA) 1||4,358||4,213||3.4%|
|EBITDA as % of net revenue||38.1||36.0|
|Operating income (EBIT)||1,910||2,069||–7.7%|
|Earnings per share (in CHF)||32.28||29.48||9.5%|
|Operating free cash flow proxy||1,626||1,809||–10.1%|
|Net debt incl. lease liabilities 1||8,785||7,393||18.8%|
|Equity ratio 1||36.6||36.3|
|Full-time equivalent employees at end of year||19,317||19,845||–2.7%|
1 Swisscom has been applying IFRS 16 “Leases” since 1 January 2019. The prior year’s figures have not been adjusted. As a consequence of the first-time
application of IFRS 16, additional lease liabilities and right-of-use assets of
CHF 1,238 million were reported with effect from 1 January 2019. As a result, the equity ratio fell to 34.4% as at 1 January 2019. EBITDA of the previous year includes expenses of CHF 207 million from operating leasing in accordance with IAS 17.
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. 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.