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3rd Interim Report 2020
3rd Interim Report 2020
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Cash flows


In CHF million		   1.1.–30.9.
2020		   1.1.–30.9.
2019		  
Change

In CHF millionOperating income before depreciation and amortisation (EBITDA)		    1.1.–30.9.
20203,356		    1.1.–30.9.
20193,360		   
Change(4)

In CHF millionLease expense		    1.1.–30.9.
2020(226)		    1.1.–30.9.
2019(206)		   
Change(20)

In CHF millionEBITDA after lease expense (EBITDA AL)		    1.1.–30.9.
20203,130		    1.1.–30.9.
20193,154		   
Change(24)

In CHF millionCapital expenditure		    1.1.–30.9.
2020(1,632)		    1.1.–30.9.
2019(1,833)		   
Change201

In CHF millionOperating free cash flow proxy		    1.1.–30.9.
20201,498		    1.1.–30.9.
20191,321		   
Change177

In CHF millionChange in net working capital		    1.1.–30.9.
2020(62)		    1.1.–30.9.
2019(52)		   
Change(10)

In CHF millionChange in defined benefit obligations		    1.1.–30.9.
202046		    1.1.–30.9.
201942		   
Change4

In CHF millionNet interest payments on financial assets and liabilities		    1.1.–30.9.
2020(59)		    1.1.–30.9.
2019(54)		   
Change(5)

In CHF millionInterest payments on finance lease liabilities		    1.1.–30.9.
2020(34)		    1.1.–30.9.
2019(24)		   
Change(10)

In CHF millionIncome taxes paid		    1.1.–30.9.
2020(174)		    1.1.–30.9.
2019(347)		   
Change173

In CHF millionOther operating cash flow		    1.1.–30.9.
202052		    1.1.–30.9.
201912		   
Change40

In CHF millionFree cash flow		    1.1.–30.9.
20201,267		    1.1.–30.9.
2019898		   
Change369

In CHF millionNet expenditures for company acquisitions and disposals		    1.1.–30.9.
2020(45)		    1.1.–30.9.
2019(397)		   
Change352

In CHF millionOther cash flows from investing activities, net		    1.1.–30.9.
2020(103)		    1.1.–30.9.
201913		   
Change(116)

In CHF millionIssuance of financial liabilities		    1.1.–30.9.
2020781		    1.1.–30.9.
2019529		   
Change252

In CHF millionRepayment of financial liabilities		    1.1.–30.9.
2020(832)		    1.1.–30.9.
2019(68)		   
Change(764)

In CHF millionDividends paid to equity holders of Swisscom Ltd		    1.1.–30.9.
2020(1,140)		    1.1.–30.9.
2019(1,140)		   
Change–

In CHF millionOther cash flows from financing activities		    1.1.–30.9.
2020(9)		    1.1.–30.9.
2019(15)		   
Change6

In CHF millionNet decrease in cash and cash equivalents		    1.1.–30.9.
2020(81)		    1.1.–30.9.
2019(180)		   
Change99

Operating free cash flow proxy increased by CHF 177 million to CHF 1,498 million, mainly due to lower capital expenditure. In the previous year, capital expenditure included CHF 196 million for mobile radio frequencies in Switzerland. Excluding the expenditure for mobile radio frequencies, the operating free cash flow proxy decreased by CHF 19 million or 1.3%.

Free cash flow increased year on year by CHF 369 million to CHF 1,267 million. Adjusted for expenditure for mobile radio frequencies, free cash flow rose by CHF 173 million. The increase is mainly due to deferred income tax payments related to measures taken by the government to combat Covid-19. In the first nine months of 2020, income tax payments amounted to CHF 174 million (previous year: CHF 347 million).

Net expenditure for company acquisitions and disposals in the previous year includes the purchase price of CHF 240 million paid to Tamedia for the acquisition of the outstanding share of 31% in Swisscom Directories Ltd.

In the second quarter of 2020, Swisscom became the first listed company in Switzerland to issue a Green Bond in EUR. The debenture bond issued amounts to EUR 500 million. The coupon is 0.375% and the term 8.5 years. The funds will be used within the Green Bond Framework. The selection of projects is closely aligned with Swisscom’s sustainability strategy and at the same time takes into account the UN’s Sustainable Development Agenda 2030 and its objectives (Sustainable Development Goals, SDGs). A particular focus is on increased energy efficiency, renewable energies, climate protection (SDGs 7 and 13) and the provision of a state-of-the-art and resilient grid infrastructure (SDG 9). Furthermore, in the third quarter of 2020, Swisscom issued a CHF 100 million debenture bond with a term of 11 years and a coupon of 0.125% and repaid a EUR 500 million debenture bond.