About this report
In March 2020, government measures against the spread of COVID-19 restricted economic activities in Switzerland and Italy. The financial impact on Swisscom’s business and results in the first three months of 2020 is minimal. This event had no impact on the financial statements as of 31 March 2020. At present, it is not possible to quantify the potential financial impact of COVID-19 as it depends on various factors (such as the extent and duration of the pandemic, government measures to support the economy, customer behaviour in Switzerland and Italy, etc.), and there is a high degree of uncertainty regarding these factors.
Basis of preparation
Swisscom operates in business areas where the provision of services is not subject to any major seasonal or cyclical fluctuations during the financial year. Income taxes are calculated on the basis of an estimate of the expected income tax rate for the full year. For the consolidated interim financial statements, a CHF/EUR exchange rate of 1.059 was used as the end-of-period rate (31 December 2019: CHF/EUR 1.085) and 1.069 as the average rate for the period (prior year: CHF/EUR 1.13).