Depreciation and amortisation, non-operating results
| In CHF million, except where indicated | 31.03.2023 | 31.03.2022 | Change | |||
|---|---|---|---|---|---|---|
| In CHF million, except where indicatedOperating income before depreciation and amortisation (EBITDA) | 31.03.20231,164 | 31.03.20221,137 | Change2.4% | |||
| In CHF million, except where indicatedDepreciation and amortisation of property, plant and equipment and intangible assets | 31.03.2023 (525) | 31.03.2022 (522) | Change 0.6% | |||
| In CHF million, except where indicatedDepreciation of right-of-use assets | 31.03.2023(66) | 31.03.2022(66) | Change–% | |||
| In CHF million, except where indicatedOperating income (EBIT) | 31.03.2023573 | 31.03.2022549 | Change4.4% | |||
| In CHF million, except where indicatedNet interest expense on financial assets and liabilities | 31.03.2023(14) | 31.03.2022(15) | Change–6.7% | |||
| In CHF million, except where indicatedInterest expense on lease liabilities | 31.03.2023(12) | 31.03.2022(11) | Change9.1% | |||
| In CHF million, except where indicatedOther financial result | 31.03.2023(4) | 31.03.202228 | Change–% | |||
| In CHF million, except where indicatedResult of equity-accounted investees | 31.03.2023– | 31.03.2022(1) | Change–100.0% | |||
| In CHF million, except where indicatedIncome before income taxes | 31.03.2023543 | 31.03.2022550 | Change–1.3% | |||
| In CHF million, except where indicatedIncome tax expense | 31.03.2023(101) | 31.03.2022(103) | Change–1.9% | |||
| In CHF million, except where indicatedNet income | 31.03.2023442 | 31.03.2022447 | Change–1.1% | |||
| In CHF million, except where indicatedAttributable to equity holders of Swisscom Ltd | 31.03.2023442 | 31.03.2022447 | Change–1.1% | |||
| In CHF million, except where indicatedAttributable to non-controlling interests | 31.03.2023– | 31.03.2022– | Change–% | |||
| In CHF million, except where indicated | 31.03.2023 | 31.03.2022 | Change | |||
| In CHF million, except where indicatedEarnings per share (in CHF) | 31.03.20238.53 | 31.03.20228.63 | Change–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%).
Cash flows
| In CHF million | 31.03.2023 | 31.03.2022 | Change | |||
|---|---|---|---|---|---|---|
| In CHF millionOperating income before depreciation and amortisation (EBITDA) | 31.03.20231,164 | 31.03.20221,137 | Change27 | |||
| In CHF millionLease expense | 31.03.2023(73) | 31.03.2022(72) | Change(1) | |||
| In CHF millionEBITDA after lease expense (EBITDAaL) | 31.03.20231,091 | 31.03.20221,065 | Change26 | |||
| In CHF millionCapital expenditure | 31.03.2023(545) | 31.03.2022(522) | Change(23) | |||
| In CHF millionOperating free cash flow proxy | 31.03.2023546 | 31.03.2022543 | Change3 | |||
| In CHF millionChange in net working capital | 31.03.2023(244) | 31.03.2022(264) | Change20 | |||
| In CHF millionChange in defined benefit obligations | 31.03.2023(8) | 31.03.202216 | Change(24) | |||
| In CHF millionNet interest payments on financial assets and liabilities | 31.03.2023(12) | 31.03.2022(11) | Change(1) | |||
| In CHF millionIncome taxes paid | 31.03.2023(65) | 31.03.2022(189) | Change124 | |||
| In CHF millionOther operating cash flows | 31.03.2023(8) | 31.03.2022(32) | Change24 | |||
| In CHF millionFree cash flow | 31.03.2023209 | 31.03.202263 | Change146 | |||
| In CHF millionNet expenditures for company acquisitions and disposals | 31.03.2023– | 31.03.2022(63) | Change63 | |||
| In CHF millionOther changes 1 | 31.03.2023(6) | 31.03.202226 | Change(32) | |||
| In CHF millionDecrease in net debt | 31.03.2023203 | 31.03.202226 | Change177 | |||
| In CHF million
1 Includes foreign currency effects, fair value adjustments and non-cash
changes in net debt positions. |
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The operating free cash flow proxy of CHF 546 million is at the same level as the previous year (+0.6%). Free cash flow increased by CHF 146 million to CHF 209 million mainly due to lower income tax payments. The decrease in income tax payments is due to the different payment due dates during the year. No expenses were incurred for company acquisitions and disposals in the first quarter of 2023. The first quarter of 2022 mainly includes the expenses for the acquisition of companies of the MTF Group.