Depreciation and amortisation, non-operating results
| In CHF million, except where indicated | 31.03.2023 | 31.03.2022 | Change | |||
|---|---|---|---|---|---|---|
| Operating income before depreciation and amortisation (EBITDA) | 1,164 | 1,137 | 2.4% | |||
| Depreciation and amortisation of property, plant and equipment and intangible assets | (525) | (522) | 0.6% | |||
| Depreciation of right-of-use assets | (66) | (66) | –% | |||
| Operating income (EBIT) | 573 | 549 | 4.4% | |||
| Net interest expense on financial assets and liabilities | (14) | (15) | –6.7% | |||
| Interest expense on lease liabilities | (12) | (11) | 9.1% | |||
| Other financial result | (4) | 28 | –% | |||
| Result of equity-accounted investees | – | (1) | –100.0% | |||
| Income before income taxes | 543 | 550 | –1.3% | |||
| Income tax expense | (101) | (103) | –1.9% | |||
| Net income | 442 | 447 | –1.1% | |||
| Attributable to equity holders of Swisscom Ltd | 442 | 447 | –1.1% | |||
| Attributable to non-controlling interests | – | – | –% | |||
| Earnings per share (in CHF) | 8.53 | 8.63 | –1.2% |
Net income remained almost stable at CHF 442 million (–1.1%). The higher operating income was offset by the deterioration in the financial result. The financial result decreased mainly due to positive effects of CHF 34 million from the valuation of interest rate swaps at market value in the previous year. The income tax expense was CHF 101 million (prior year: CHF 103 million), corresponding to an effective income tax rate of 18.6% (prior year: 18.7%).