Depreciation and amortisation, non-operating results
| In CHF million, except where indicated | 31.03.2020 | 31.03.2019 | Change | |||
|---|---|---|---|---|---|---|
| In CHF million, except where indicatedOperating income before depreciation and amortisation (EBITDA) | 31.03.20201,111 | 31.03.20191,119 | Change–0.7% | |||
| In CHF million, except where indicatedDepreciation and amortisation of property, plant and equipment and intangible assets | 31.03.2020 (537) | 31.03.2019 (547) | Change –1.8% | |||
| In CHF million, except where indicatedDepreciation of right-of-use assets | 31.03.2020(70) | 31.03.2019(67) | Change4.5% | |||
| In CHF million, except where indicatedOperating income (EBIT) | 31.03.2020504 | 31.03.2019505 | Change–0.2% | |||
| In CHF million, except where indicatedNet interest expense on financial assets and liabilities | 31.03.2020(12) | 31.03.2019(15) | Change–20.0% | |||
| In CHF million, except where indicatedInterest expense on lease liabilities | 31.03.2020(11) | 31.03.2019(8) | Change37.5% | |||
| In CHF million, except where indicatedOther financial result | 31.03.2020(14) | 31.03.20193 | Change | |||
| In CHF million, except where indicatedResult of equity-accounted investees | 31.03.20201 | 31.03.20192 | Change–50.0% | |||
| In CHF million, except where indicatedIncome before income taxes | 31.03.2020468 | 31.03.2019487 | Change–3.9% | |||
| In CHF million, except where indicatedIncome tax expense | 31.03.2020(74) | 31.03.2019(104) | Change–28.8% | |||
| In CHF million, except where indicatedNet income | 31.03.2020394 | 31.03.2019383 | Change2.9% | |||
| In CHF million, except where indicatedShare of net income attributable to equity holders of Swisscom Ltd | 31.03.2020395 | 31.03.2019385 | Change2.6% | |||
| In CHF million, except where indicatedShare of net income attributable to non-controlling interests | 31.03.2020(1) | 31.03.2019(2) | Change–50.0% | |||
| In CHF million, except where indicated | 31.03.2020 | 31.03.2019 | Change | |||
| In CHF million, except where indicatedEarnings per share (in CHF) | 31.03.20207.63 | 31.03.20197.43 | Change2.7% |
The depreciation and amortisation of property, plant and equipment and intangible assets decreased by CHF 10 million or 1.8% year-on-year to CHF 537 million, mainly reflecting a decrease in depreciation and amortisation at Swisscom Switzerland and the Other Operating Segments. Net interest expense excluding leases declined from CHF 15 million to CHF 12 million as a result of lower average interest expense. Income tax expense was CHF 74 million (prior year: CHF 104 million), corresponding to an effective income tax rate of 15.8% (prior year: 21.4%). Income tax expense for the first quarter of 2020 includes positive tax effects of CHF 19 million as a result of the revaluation of deferred income tax items due to lower income tax rates. Swisscom anticipates a future effective consolidated tax rate of 19.5%. As a result of the lower income tax expense, Swisscom’s net income increased by CHF 11 million or 2.9% to CHF 394 million, and earnings per share rose accordingly from CHF 7.43 to CHF 7.63.