Swisscom’s net revenue was down by 1.2% or CHF 35 million at CHF 2,768 million, while operating income before depreciation and amortisation (EBITDA) increased by 1.2% or CHF 13 million to CHF 1,137 million. The consolidated net income of CHF 447 million is significantly lower than in the prior year (–29.9% or CHF 191 million). This decrease was due to non-recurring items in the prior year’s financial result. These include the transfer of a participation of Fastweb and the sale of Swisscom’s participation in Belgacom International Carrier Services. Without these non-recurring items, net income would have increased. The financial outlook for 2022 remains unchanged.

In the Swiss core business (Swisscom Switzerland), net revenue decreased by 0.5% or CHF 10 million to CHF 2,070 million. Ongoing competitive and price pressure led to a decline in revenue from telecoms services of 1.8% or CHF 25 million to CHF 1,365 million. By contrast, revenue in the solutions business with business customers increased by 8.8% or CHF 24 million to CHF 297 million. Revenue at Italian subsidiary Fastweb increased by 2.4% or EUR 14 million in local currency to EUR 595 million. In the Swiss core business, EBITDA increased by 1.5% or CHF 14 million to CHF 930 million. The decline in revenue from telecoms services was more than offset thanks to growth in the solutions business and ongoing cost-cutting measures. At Fastweb, EBITDA rose in local currency by 3.4% or EUR 6 million to EUR 185 million, as a result of the higher revenue.

Swisscom’s capital expenditure decreased by 3.3% or CHF 18 million to CHF 522 million. In the Swiss core business, capital expenditure fell slightly by 1.9% or CHF 7 million to CHF 364 million. Capital expenditure in broadband networks fell, while capital expenditure in other infrastructure increased. Fastweb recorded an increase in capital expenditure of 1.9% or EUR 3 million to EUR 157 million as a result of higher capital expenditure in network infrastructure.

Operating free cash flow proxy rose by 6.7% or CHF 34 million to CHF 543 million, thanks to higher EBITDA and lower capital expenditure. Net debt fell by 1.9% or CHF 145 million year-on-year to CHF 7,680 million. The number of employees at Swisscom fell by 0.4% or 68 FTEs to 19,009 FTEs. In Switzerland, headcount of 15,987 FTEs is practically unchanged (+0.1%).

The financial outlook for 2022 remains unchanged. Swisscom expects net revenue of around CHF 11.1 to 11.2 bil­lion, EBITDA of around CHF 4.4 bil­lion and capital expenditure of around CHF 2.3 bil­lion. Subject to achieving its targets, Swisscom will propose to pay an unchanged dividend of CHF 22 per share for the 2022 financial year at the 2023 Annual General Meeting.