- 3rd Interim Report 2022
- 2nd Interim Report 2022
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- Annual Report 2021
- 3rd Interim Report 2021
- 2nd Interim Report 2021
- 1st Interim Report 2021
- Annual Report 2020
- 3rd Interim Report 2020
- 2nd Interim Report 2020
- 1st Interim Report 2020
- Annual Report 2019
- 3rd Interim Report 2019
- 2nd Interim Report 2019
- 1st Interim Report 2019
- Annual Report 2018
- 3rd Interim Report 2018
- 2nd Interim Report 2018
- 1st Interim Report 2018
- Annual Report 2017
- 3rd Interim Report 2017
- 2nd Interim Report 2017
- 1st Interim Report 2017
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Depreciation and amortisation, non-operating results
In CHF million, except where indicated | 2020 | 2019 | Change | |||
---|---|---|---|---|---|---|
Operating income before depreciation and amortisation (EBITDA) | 4,382 | 4,358 | 0.6% | |||
Depreciation and amortisation of property, plant and equipment and intangible assets | (2,149) | (2,166) | –0.8% | |||
Depreciation of right-of-use assets | (286) | (282) | 1.4% | |||
Operating income (EBIT) | 1,947 | 1,910 | 1.9% | |||
Net interest expense on financial assets and liabilities | (69) | (62) | 11.3% | |||
Interest expense on lease liabilities | (45) | (42) | 7.1% | |||
Other financial result | (38) | (54) | –29.6% | |||
Result of equity-accounted investees | 4 | (28) | ||||
Income before income taxes | 1,799 | 1,724 | 4.4% | |||
Income tax expense | (271) | (55) | 392.7% | |||
Net income | 1,528 | 1,669 | –8.4% | |||
Attributable to equity holders of Swisscom Ltd | 1,530 | 1,672 | –8.5% | |||
Attributable to non-controlling interests | (2) | (3) | –33.3% | |||
Earnings per share (in CHF) | 29.54 | 32.28 | –8.5% |
Swisscom’s net income fell by CHF 141 million or 8.4% to CHF 1,528 million, largely due to the higher income tax expense. Earnings per share decreased accordingly from CHF 32.28 to CHF 29.54. Profit before income taxes rose by 4.4%. The depreciation and amortisation of property, plant and equipment and intangible assets decreased by CHF 17 million or 0.8% year-on-year to CHF 2,149 million, mainly reflecting lower depreciation and amortisation at Swisscom Switzerland and Other Operating Segments. The higher depreciation at Fastweb in local currency was offset by the currency effect. Higher interest expense was offset by an improvement in the other financial result. The other financial result includes one-off income of CHF 31 million from valuation differences for financial assets that were exchanged. The significantly lower tax expense in the previous year was attributable to positive tax effects related to the Swiss tax reform. Income tax expense was CHF 271 million (prior year: CHF 55 million), corresponding to an effective income tax rate of 15.1%. This figure included positive tax effects of CHF 29 million resulting from the revaluation of deferred income tax items in connection with the Swiss tax reform (prior year: CHF 269 million). Swisscom anticipates a future effective consolidated tax rate of 19.0%.