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1st Interim Report 2021
1st Interim Report 2021
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1st Interim Report 2021
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Table of contents for the 1st Interim Report 2021 report

1st Interim Report 2021
KPIsFinancial review
SummarySegment resultsDepreciation and amortisation, non operating resultsCash flowsNet asset positionOutlook
Consolidated interim financial statements
Consolidated statement of comprehensive income (unaudited)Consolidated balance sheet (unaudited)Consolidated statement of cash flows (unaudited)Consolidated statement of changes in equity (unaudited)
Notes to the interim financial statements
About this report1 Changes in accounting principles2 Segment information3 Operating costs4 Dividends5 Financial liabilities6 Financial result7 Operating net working capital8 Provisions and contingent liabilities
Alternative performance measures
Reconciliation of alternative performance measures
Further Information
Share informationQuarterly review 2020 and 2021Forward looking statements
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Depreciation and amortisation, non-operating results

In CHF million, except where indicated   31.03.2021   31.03.2020   Change
Operating income before depreciation and amortisation (EBITDA)   1,124   1,111   1.2%
Depreciation and amortisation of property, plant and equipment and intangible assets   (538)   (537)   0.2%
Depreciation of right-of-use assets   (70)   (70)   –%
Operating income (EBIT)   516   504   2.4%
Net interest expense on financial assets and liabilities   (17)   (12)   41.7%
Interest expense on lease liabilities   (11)   (11)   –%
Gain from transactions with equity-accounted investees   207   –    
Other financial result   45   (14)    
Result of equity-accounted investees   –   1   –100.0%
Income before income taxes   740   468   58.1%
Income tax expense   (102)   (74)   37.8%
Net income   638   394   61.9%
Attributable to equity holders of Swisscom Ltd   638   395   61.5%
Attributable to non-controlling interests   –   (1)   –100.0%
             
Earnings per share (in CHF)   12.32   7.63   61.5%

Net income rose by 61.9% or CHF 244 million to CHF 638 million as a result of one-off effects in the financial result. This was mainly due to a shareholding that Fastweb transferred as a capital contribution to the newly established fibre-optic company FiberCop as part of the strategic partnership with TIM. This resulted in a revaluation of the participation of CHF 169 million, which was recognised in the income statement. In addition, Swisscom realised a gain of CHF 38 million on the sale of its investment in Belgacom International Carrier Services. Without the gains from the investments, net income would have increased by CHF 37 million. The increase in operating income of CHF 12 million and the improved other financial result of CHF 59 million were offset by higher interest expense of CHF 5 million and increased income tax expense of CHF 28 million. The improvement in the other financial result was due to the better foreign currency result and gains on the valuation of interest rate swaps. Income tax expense was CHF 102 million (prior year: CHF 74 million), corresponding to an effective income tax rate of 13.8% (prior year: 15.8%). Swisscom anticipates a future effective consolidated tax rate of about 19%.