The financial outlook for 2019 remains unchanged. Swisscom expects net revenue of around CHF 11.4 billion, EBITDA of more than CHF 4.3 billion and capital expenditure of around CHF 2.3 billion (excluding costs of CHF 196 million for mobile communication frequencies in Switzerland) for 2019. For Swisscom (excluding Fastweb), lower revenue is expected due to heightened competition and price pressure coupled with the ongoing decline in the number of fixed-line telephone connections. Fastweb’s revenue is expected to increase slightly from 2018. The outlook for EBITDA in 2019 reflects the effect of the new accounting standard for leases (IFRS 16) applicable from 2019 onwards. The application of IFRS 16 has increased reported EBITDA by around CHF 200 million. On a like-for-like basis and excluding the effects of IFRS 16, Group EBITDA will be lower in 2019 than in 2018. 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. Fastweb’s capital expenditure is expected to be lower, because the EUR 64 million spent on mobile radio frequencies in 2018 will no longer apply. Subject to achieving its targets, Swisscom will propose payment of an unchanged, attractive dividend of CHF 22 per share for the 2019 financial year at the 2020 Annual General Meeting.