Depreciation and amortisation, non-operating results
| In CHF million, except where indicated | 2020 | 2019 | Change | |||
|---|---|---|---|---|---|---|
| In CHF million, except where indicatedOperating income before depreciation and amortisation (EBITDA) | 20204,382 | 20194,358 | Change0.6% | |||
| In CHF million, except where indicatedDepreciation and amortisation of property, plant and equipment and intangible assets | 2020(2,149) | 2019(2,166) | Change–0.8% | |||
| In CHF million, except where indicatedDepreciation of right-of-use assets | 2020(286) | 2019(282) | Change1.4% | |||
| In CHF million, except where indicatedOperating income (EBIT) | 20201,947 | 20191,910 | Change1.9% | |||
| In CHF million, except where indicatedNet interest expense on financial assets and liabilities | 2020(69) | 2019(62) | Change11.3% | |||
| In CHF million, except where indicatedInterest expense on lease liabilities | 2020(45) | 2019(42) | Change7.1% | |||
| In CHF million, except where indicatedOther financial result | 2020(38) | 2019(54) | Change–29.6% | |||
| In CHF million, except where indicatedResult of equity-accounted investees | 20204 | 2019(28) | Change | |||
| In CHF million, except where indicatedIncome before income taxes | 20201,799 | 20191,724 | Change4.4% | |||
| In CHF million, except where indicatedIncome tax expense | 2020(271) | 2019(55) | Change392.7% | |||
| In CHF million, except where indicatedNet income | 20201,528 | 20191,669 | Change–8.4% | |||
| In CHF million, except where indicatedAttributable to equity holders of Swisscom Ltd | 20201,530 | 20191,672 | Change–8.5% | |||
| In CHF million, except where indicatedAttributable to non-controlling interests | 2020(2) | 2019(3) | Change–33.3% | |||
| In CHF million, except where indicated | 2020 | 2019 | Change | |||
| In CHF million, except where indicatedEarnings per share (in CHF) | 202029.54 | 201932.28 | Change–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%.