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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   2,793       8,456
Direct costs   (704)   (692)   (723)   (835)   (2,954)   (683)   (656)   (684)       (2,023)
Personnel expense   (723)   (714)   (661)   (717)   (2,815)   (724)   (687)   (653)       (2,064)
Other operating expense   (503)   (540)   (519)   (631)   (2,193)   (448)   (500)   (459)       (1,407)
Capitalised self-constructed assets and other income   103   111   107   140   461   114   161   123       398
Operating income (EBITDA)   1,058   1,085   1,088   982   4,213   1,119   1,121   1,120       3,360
Depreciation and amortisation   (540)   (540)   (530)   (534)   (2,144)   (554)   (557)   (538)       (1,649)
Depreciation of right-of-use assets             (60)   (62)   (60)       (182)
Operating income (EBIT)   518   545   558   448   2,069   505   502   522       1,529
Net interest expense on financial assets and liabilities   (29)   (29)   (27)   (19)   (104)   (15)   (16)   (13)       (44)
Interest expenses on lease liabilities   (6)   (6)   (6)   (6)   (24)   (8)   (7)   (9)       (24)
Other financial result   (6)   6   (3)   (27)   (30)   3   (28)   (26)       (51)
Equity-accounted investees   (2)   2   3   2   5   2     (1)       1
Income before income taxes   475   518   525   398   1,916   487   451   473       1,411
Income tax expense   (96)   (110)   (99)   (90)   (395)   (104)   (54)   (72)       (230)
Net income   379   408   426   308   1,521   383   397   401       1,181
Attributable to equity holders of Swisscom Ltd   381   409   427   310   1,527   385   397   401       1,183
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   7.74       22.84
                                       
                                         
Net revenue
Swisscom Switzerland   2,204   2,191   2,188   2,223   8,806   2,163   2,093   2,111       6,367
Fastweb   574   606   577   669   2,426   581   602   587       1,770
Other Operating Segments   198   228   230   253   909   225   237   225       687
Group Headquarters     1     1   2            
Intersegment elimination   (91)   (106)   (111)   (121)   (429)   (109)   (129)   (130)       (368)
Total net revenue   2,885   2,920   2,884   3,025   11,714   2,860   2,803   2,793       8,456
         
                                         
Operating income before depreciation and amortisation (EBITDA)
Swisscom Switzerland   935   933   919   789   3,576   929   909   907       2,745
Fastweb   172   199   204   228   803   177   206   208       591
Other Operating Segments   41   51   56   49   197   50   48   46       144
Group Headquarters   (21)   (31)   (19)   (5)   (76)   (18)   (21)   (20)       (59)
Reconciliation pension cost   (15)   (14)   (17)   (14)   (60)   (14)   (15)   (15)       (44)
Reconciliation lease expense (IAS 17)   (52)   (47)   (51)   (57)   (207)            
Intersegment elimination   (2)   (6)   (4)   (8)   (20)   (5)   (6)   (6)       (17)
Total EBITDA   1,058   1,085   1,088   982   4,213   1,119   1,121   1,120       3,360
         
                                         
Capital expenditure in property, plant and equipment and intangible assets
Swisscom Switzerland   311   400   391   518   1,620   353   601   370       1,324
Fastweb   185   162   154   256   757   161   174   160       495
Other Operating Segments   8   11   12   15   46   8   11   13       32
Intersegment elimination   (3)   (5)   (5)   (6)   (19)   (4)   (7)   (7)       (18)
Total capital expenditure   501   568   552   783   2,404   518   779   536       1,833
    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   1,120       3,360
Capital expenditure in property, plant and equipment and intangible assets   (501)   (568)   (552)   (783)   (2,404)   (518)   (779)   (536)       (1,833)
Lease expense (IFRS 16)             (68)   (69)   (69)       (206)
Operating free cash flow proxy   557   517   536   199   1,809   533   273   515       1,321
                                       
                                         
Net debt
Net debt excluding lease liabilities   6,835   7,696   7,187   7,009   7,009   6,736   7,787   7,182       7,182
Lease liabilities   459   450   454   384   384   1,719   1,755   1,751       1,751
Net debt   7,294   8,146   7,641   7,393   7,393   8,455   9,542   8,933       8,933
                                       
                                         
Full-time equivalent employees at end of year
Swisscom Switzerland   15,014   14,562   14,522   14,448   14,448   14,340   14,236   14,095       14,095
Fastweb   2,510   2,483   2,470   2,484   2,484   2,458   2,451   2,467       2,467
Other Operating Segments   2,540   2,588   2,615   2,679   2,679   2,699   2,663   2,724       2,724
Group Headquarters   262   262   243   234   234   222   214   214       214
Total headcount   20,326   19,895   19,850   19,845   19,845   19,719   19,564   19,500       19,500
                                       
                                         
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   2,203       6,677
Net revenue in other countries   577   610   579   674   2,440   583   606   590       1,779
Total net revenue   2,885   2,920   2,884   3,025   11,714   2,860   2,803   2,793       8,456
                                         
EBITDA Switzerland   889   891   887   752   3,419   939   913   907       2,759
EBITDA other countries   169   194   201   230   794   180   208   213       601
Total EBITDA   1,058   1,085   1,088   982   4,213   1,119   1,121   1,120       3,360
                                         
Capital expenditure in Switzerland   315   406   398   526   1,645   357   604   377       1,338
Capital expenditure in other countries   186   162   154   257   759   161   175   159       495
Total capital expenditure   501   568   552   783   2,404   518   779   536       1,833
                                         
Full-time equivalent employees in Switzerland   17,611   17,203   17,165   17,147   17,147   17,035   16,871   16,788       16,788
Full-time equivalent employees in other countries   2,715   2,692   2,685   2,698   2,698   2,684   2,693   2,712       2,712
Total headcount   20,326   19,895   19,850   19,845   19,845   19,719   19,564   19,500       19,500
                                       
                                         
Fastweb, in EUR million
Residential Customers   257   264   264   265   1,050   269   273   277       819
Enterprise Customers   180   188   190   222   780   202   214   211       627
Wholesale   53   66   49   99   267   42   45   45       132
Revenue from external customers   490   518   503   586   2,097   513   532   533       1,578
Segment result (EBITDA)   148   170   178   200   696   157   182   190       529
Margin as % of net revenue   30.1   32.8   35.2   34.0   33.1   30.5   34.0   35.5       33.4
                                         
Capital expenditure in property, plant and equipment and intangible assets   159   138   135   225   657   143   154   146       443
Broadband access lines in thousand   2,483   2,500   2,518   2,547   2,547   2,575   2,600   2,610       2,610
Mobile access lines in thousand   1,185   1,280   1,324   1,432   1,432   1,517   1,629   1,742       1,742

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 Switzerland Revenue and results
Residential Customers   655   659   662   642   2,618   630   619   622       1,871
Enterprise Customers   113   118   114   106   451   102   102   100       304
Revenue wireless   768   777   776   748   3,069   732   721   722       2,175
Residential Customers   643   645   642   643   2,573   638   637   628       1,903
Enterprise Customers   131   134   128   127   520   120   117   112       349
Revenue fixed-line   774   779   770   770   3,093   758   754   740       2,252
Other revenue Enterprise Customers   16   15   14   15   60   16   14   15       45
Total revenue telecoms services   1,558   1,571   1,560   1,533   6,222   1,506   1,489   1,477       4,472
Solution business   264   249   245   269   1,027   251   248   251       750
Merchandise   173   166   173   207   719   196   169   182       547
Wholesale   141   145   148   132   566   158   162   169       489
Revenue other   50   42   45   64   201   32   7   12       51
Total revenue from external customers   2,186   2,173   2,171   2,205   8,735   2,143   2,075   2,091       6,309
                                         
Residential Customers   1,456   1,448   1,457   1,482   5,843   1,413   1,364   1,382       4,159
Enterprise Customers   584   575   561   586   2,306   566   543   534       1,643
Wholesale   141   145   148   132   566   158   162   169       489
IT, Network & Infrastructure   5   5   5   5   20   6   6   6       18
Total revenue from external customers   2,186   2,173   2,171   2,205   8,735   2,143   2,075   2,091       6,309
                                         
Segment result before depreciation and amortisation (EBITDA)                                        
Residential Customers   902   882   874   805   3,463   884   866   843       2,593
Enterprise Customers   208   203   206   187   804   181   174   177       532
Wholesale   109   114   119   105   447   130   132   141       403
IT, Network & Infrastructure   (284)   (266)   (281)   (307)   (1,138)   (265)   (263)   (255)       (783)
Intersegment elimination       1   (1)     (1)     1      
Segment result (EBITDA)   935   933   919   789   3,576   929   909   907       2,745
Margin as % of net revenue   42.4   42.6   42.0   35.5   40.6   42.9   43.4   43.0       43.1
                                       
                                         
Operational data in thousand
Access lines
Residential Customers   1,779   1,730   1,684   1,641   1,641   1,601   1,564   1,537       1,537
Enterprise Customers   198   176   162   147   147   136   119   106       106
Fixed telephony access lines   1,977   1,906   1,846   1,788   1,788   1,737   1,683   1,643       1,643
                                         
Residential Customers   1,988   1,991   1,993   1,998   1,998   1,995   1,992   1,996       1,996
Enterprise Customers   37   37   37   35   35   35   32   31       31
Broadband access lines retail   2,025   2,028   2,030   2,033   2,033   2,030   2,024   2,027       2,027
                                         
Residential Customers   1,492   1,501   1,510   1,519   1,519   1,523   1,529   1,540       1,540
Swisscom TV access lines   1,492   1,501   1,510   1,519   1,519   1,523   1,529   1,540       1,540
                                         
Postpaid Residential Customers   3,381   3,379   3,385   3,382   3,382   3,435   3,468   3,504       3,504
Postpaid Enterprise Customers   1,265   1,270   1,283   1,294   1,294   1,272   1,254   1,249       1,249
Mobile access lines Postpaid   4,646   4,649   4,668   4,676   4,676   4,707   4,722   4,753       4,753
Prepaid Residential Customers   1,805   1,785   1,741   1,694   1,694   1,671   1,646   1,605       1,605
Mobile access lines   6,451   6,434   6,409   6,370   6,370   6,378   6,368   6,358       6,358
                                         
RGU Residential Customers   10,445   10,386   10,313   10,234   10,234   10,225   10,199   10,182       10,182
RGU Enterprise Customers   1,500   1,483   1,482   1,476   1,476   1,443   1,405   1,386       1,386
Revenue generating units (RGU)   11,945   11,869   11,795   11,710   11,710   11,668   11,604   11,568       11,568
                                         
Broadband access lines wholesale   449   462   472   481   481   492   502   509       509
Unbundled fixed access lines   100   95   91   87   87   83   79   75       75