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Quarterly review 2018 and 2019


In CHF million, except where indicated
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2018
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2019
                                         
Income statement
Net revenue   2,885   2,920   2,884   3,025   11,714   2,860   2,803           5,663
Direct costs   (704)   (692)   (723)   (835)   (2,954)   (683)   (656)           (1,339)
Personnel expense   (723)   (714)   (661)   (717)   (2,815)   (724)   (687)           (1,411)
Other operating expense   (503)   (540)   (519)   (631)   (2,193)   (448)   (500)           (948)
Capitalised self-constructed assets and other income   103   111   107   140   461   114   161           275
Operating income (EBITDA)   1,058   1,085   1,088   982   4,213   1,119   1,121           2,240
Depreciation and amortisation   (540)   (540)   (530)   (534)   (2,144)   (554)   (557)           (1,111)
Depreciation of right-of-use assets             (60)   (62)           (122)
Operating income (EBIT)   518   545   558   448   2,069   505   502           1,007
Net interest expense on financial assets and liabilities   (29)   (29)   (27)   (19)   (104)   (15)   (16)           (31)
Interest expense on lease liabilities   (6)   (6)   (6)   (6)   (24)   (8)   (7)           (15)
Other financial result   (6)   6   (3)   (27)   (30)   3   (28)           (25)
Equity-accounted investees   (2)   2   3   2   5   2             2
Income before income taxes   475   518   525   398   1,916   487   451           938
Income tax expense   (96)   (110)   (99)   (90)   (395)   (104)   (54)           (158)
Net income   379   408   426   308   1,521   383   397           780
Attributable to equity holders of Swisscom Ltd   381   409   427   310   1,527   385   397           782
Attributable to non-controlling interests   (2)   (1)   (1)   (2)   (6)   (2)             (2)
                                         
Earnings per share (in CHF)   7.36   7.90   8.24   5.98   29.48   7.43   7.66           15.10
                                       
                                         
Net revenue
Swisscom Switzerland   2,204   2,191   2,188   2,223   8,806   2,163   2,093           4,256
Fastweb   574   606   577   669   2,426   581   602           1,183
Other Operating Segments   198   228   230   253   909   225   237           462
Group Headquarters     1     1   2              
Intersegment elimination   (91)   (106)   (111)   (121)   (429)   (109)   (129)           (238)
Total net revenue   2,885   2,920   2,884   3,025   11,714   2,860   2,803           5,663
         
                                         
Operating income before depreciation and amortisation (EBITDA)
Swisscom Switzerland   935   933   919   789   3,576   929   909           1,838
Fastweb   172   199   204   228   803   177   206           383
Other Operating Segments   41   51   56   49   197   50   48           98
Group Headquarters   (21)   (31)   (19)   (5)   (76)   (18)   (21)           (39)
Reconciliation pension cost   (15)   (14)   (17)   (14)   (60)   (14)   (15)           (29)
Reconciliation lease expense (IAS 17)   (52)   (47)   (51)   (57)   (207)              
Intersegment elimination   (2)   (6)   (4)   (8)   (20)   (5)   (6)           (11)
Total EBITDA   1,058   1,085   1,088   982   4,213   1,119   1,121           2,240
         
                                         
Capital expenditure in property, plant and equipment and intangible assets
Swisscom Switzerland   311   400   391   518   1,620   353   601           954
Fastweb   185   162   154   256   757   161   174           335
Other Operating Segments   8   11   12   15   46   8   11           19
Intersegment elimination   (3)   (5)   (5)   (6)   (19)   (4)   (7)           (11)
Total capital expenditure   501   568   552   783   2,404   518   779           1,297
    1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2018
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2019
                                         
Operating free cash flow proxy
Operating income (EBITDA)   1,058   1,085   1,088   982   4,213   1,119   1,121           2,240
Capital expenditure in property, plant and equipment and intangible assets   (501)   (568)   (552)   (783)   (2,404)   (518)   (779)           (1,297)
Lease expense (IFRS 16)             (68)   (69)           (137)
Operating free cash flow proxy   557   517   536   199   1,809   533   273           806
                                       
                                         
Net debt
Net debt excluding lease liabilities   6,835   7,696   7,187   7,009   7,009   6,736   7,787           7,787
Lease liabilities   459   450   455   384   384   1,719   1,755           1,755
Net debt   7,294   8,146   7,642   7,393   7,393   8,455   9,542           9,542
                                       
                                         
Full-time equivalent employees at end of period
Swisscom Switzerland   15,014   14,562   14,522   14,448   14,448   14,340   14,236           14,236
Fastweb   2,510   2,483   2,470   2,484   2,484   2,458   2,451           2,451
Other Operating Segments   2,540   2,588   2,615   2,679   2,679   2,699   2,663           2,663
Group Headquarters   262   262   243   234   234   222   214           214
Total headcount   20,326   19,895   19,850   19,845   19,845   19,719   19,564           19,564
                                       
                                         
Information by geographical region in CHF million or full-time equivalents
Net revenue in Switzerland   2,308   2,310   2,305   2,351   9,274   2,277   2,197           4,474
Net revenue in other countries   577   610   579   674   2,440   583   606           1,189
Total net revenue   2,885   2,920   2,884   3,025   11,714   2,860   2,803           5,663
                                         
EBITDA in Switzerland   889   891   887   752   3,419   939   913           1,852
EBITDA in other countries   169   194   201   230   794   180   208           388
Total EBITDA   1,058   1,085   1,088   982   4,213   1,119   1,121           2,240
                                         
Capital expenditure in Switzerland   315   406   398   526   1,645   357   604           961
Capital expenditure in other countries   186   162   154   257   759   161   175           336
Total capital expenditure   501   568   552   783   2,404   518   779           1,297
                                         
Full-time equivalent employees in Switzerland   17,611   17,203   17,165   17,147   17,147   17,035   16,871           16,871
Full-time equivalent employees in other countries   2,715   2,692   2,685   2,698   2,698   2,684   2,693           2,693
Total headcount   20,326   19,895   19,850   19,845   19,845   19,719   19,564           19,564
                                       
                                         
Fastweb, in EUR million
Residential Customers   257   264   264   265   1,050   269   273           542
Enterprise Customers   180   188   190   222   780   202   214           416
Wholesale   53   66   49   99   267   42   45           87
Revenue from external customers   490   518   503   586   2,097   513   532           1,045
Segment result (EBITDA)   148   170   178   200   696   157   182           339
Margin as % of net revenue   30.1   32.8   35.2   34.0   33.1   30.5   34.0           32.3
                                         
Capital expenditure in property, plant and equipment and intangible assets   159   138   135   225   657   143   154           297
Broadband access lines in thousand   2,483   2,500   2,518   2,547   2,547   2,575   2,600           2,600
Mobile access lines in thousand   1,185   1,280   1,324   1,432   1,432   1,517   1,629           1,629

In CHF million, except where indicated
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2018
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2019
                                         
Swisscom Swizterland Revenue and results
Residential Customers   655   659   662   642   2,618   630   619           1,249
Enterprise Customers   113   118   114   106   451   102   102           204
Revenue wireless   768   777   776   748   3,069   732   721           1,453
Residential Customers   643   645   642   643   2,573   638   637           1,275
Enterprise Customers   131   134   128   127   520   120   117           237
Revenue fixed-line   774   779   770   770   3,093   758   754           1,512
Other revenue Enterprise Customers   16   15   14   15   60   16   14           30
Total revenue telecoms services   1,558   1,571   1,560   1,533   6,222   1,506   1,489           2,995
Solution business   264   249   245   269   1,027   251   248           499
Merchandise   173   166   173   207   719   196   169           365
Wholesale   141   145   148   132   566   158   162           320
Revenue other   50   42   45   64   201   32   7           39
Total revenue from external customers   2,186   2,173   2,171   2,205   8,735   2,143   2,075           4,218
                                         
Residential Customers   1,456   1,448   1,457   1,482   5,843   1,413   1,364           2,777
Enterprise Customers   584   575   561   586   2,306   566   543           1,109
Wholesale   141   145   148   132   566   158   162           320
IT, Network & Infrastructure   5   5   5   5   20   6   6           12
Total revenue from external customers   2,186   2,173   2,171   2,205   8,735   2,143   2,075           4,218
                                         
Segment result before depreciation and amortisation (EBITDA)                                        
Residential Customers   902   882   874   805   3,463   884   866           1,750
Enterprise Customers   208   203   206   187   804   181   174           355
Wholesale   109   114   119   105   447   130   132           262
IT, Network & Infrastructure   (284)   (266)   (281)   (307)   (1,138)   (265)   (263)           (528)
Intersegment elimination       1   (1)     (1)             (1)
Segment result (EBITDA)   935   933   919   789   3,576   929   909           1,838
Margin as % of net revenue   42.4   42.6   42.0   35.5   40.6   42.9   43.4           43.2
                                       
                                         
Operational data in thousand
Access lines
Residential Customers   1,779   1,730   1,684   1,641   1,641   1,601   1,564           1,564
Enterprise Customers   198   176   162   147   147   136   119           119
Fixed telephony access lines   1,977   1,906   1,846   1,788   1,788   1,737   1,683           1,683
                                         
Residential Customers   1,988   1,991   1,993   1,998   1,998   1,995   1,992           1,992
Enterprise Customers   37   37   37   35   35   35   32           32
Broadband access lines retail   2,025   2,028   2,030   2,033   2,033   2,030   2,024           2,024
                                         
Residential Customers   1,492   1,501   1,510   1,519   1,519   1,523   1,529           1,529
Swisscom TV access lines   1,492   1,501   1,510   1,519   1,519   1,523   1,529           1,529
                                         
Postpaid Residential Customers   3,381   3,379   3,385   3,382   3,382   3,435   3,468           3,468
Postpaid Enterprise Customers   1,265   1,270   1,283   1,294   1,294   1,272   1,254           1,254
Mobile access lines Postpaid   4,646   4,649   4,668   4,676   4,676   4,707   4,722           4,722
Prepaid Residential Customers   1,805   1,785   1,741   1,694   1,694   1,671   1,646           1,646
Mobile access lines   6,451   6,434   6,409   6,370   6,370   6,378   6,368           6,368
                                         
RGU Residential Customers   10,445   10,386   10,313   10,234   10,234   10,225   10,199           10,199
RGU Enterprise Customers   1,500   1,483   1,482   1,476   1,476   1,443   1,405           1,405
Revenue generating units (RGU)   11,945   11,869   11,795   11,710   11,710   11,668   11,604           11,604
                                         
Broadband access lines wholesale   449   462   472   481   481   492   502           502
Unbundled fixed access lines   100   95   91   87   87   83   79           79