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2nd Interim Report 2023
2nd Interim Report 2023
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2nd Interim Report 2023
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Table of contents for the 2nd Interim Report 2023 report

2nd Interim Report 2023
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 Accounting policies2 Segment information3 Operating costs4 Dividend5 Financial liabilities6 Financial result7 Net current operating assets8 Provisions and contingent liabilities
Alternative performance measures
Reconciliation of alternative performance measures
Further information
Share informationQuarterly review 2022 and 2023Forward looking statements
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Depreciation and amortisation, non-operating results


In CHF million, except where indicated
  2nd quarter
2023
  2nd quarter
2022
 
Change
  1st half-year
2023
  1st half-year
2022
 
Change
Operating income before depreciation and amortisation (EBITDA)   1,139   1,054   8.1%   2,303   2,191   5.1%
Depreciation and amortisation of property, plant and equipment and intangible assets   (531)   (536)   –0.9%   (1,056)   (1,058)   –0.2%
Depreciation of right-of-use assets   (66)   (68)   –2.9%   (132)   (134)   –1.5%
Operating income (EBIT)   542   450   20.4%   1,115   999   11.6%
Net interest expense on financial assets and liabilities   (19)   (18)   5.6%   (33)   (33)   –%
Interest expense on lease liabilities   (9)   (11)   –18.2%   (21)   (22)   –4.5%
Other financial result   (6)   14   –%   (10)   42   –%
Result of equity-accounted investees   –   –   –%   –   (1)   –100.0%
Income before income taxes   508   435   16.8%   1,051   985   6.7%
Income tax expense   (102)   (97)   5.2%   (203)   (200)   1.5%
Net income   406   338   20.1%   848   785   8.0%
Attributable to equity holders of Swisscom Ltd   406   337   20.5%   848   784   8.2%
Attributable to non-controlling interests   –   1   –100.0%   –   1   –100.0%
                         
Earnings per share (in CHF)   7.84   6.51   20.4%   16.37   15.13   8.2%

Net income rose by 8.0% to CHF 848 million. The increase in operating income was partly offset by the deterioration in the financial result. The financial result decreased mainly due to positive effects of CHF 62 million from the valuation of interest rate swaps at market value in the previous year. Income tax expense was CHF 203 million (prior year: CHF 200 million), corresponding to an effective income tax rate of 19.3% (prior year: 20.3%).