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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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Segment results


In CHF million
  2nd quarter
2023
  2nd quarter
2022
 
Change
  1st half-year
2023
  1st half-year
2022
 
Change

In CHF million
 
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
 
   1st half-year
2022
 
  
Change
 

In CHF million
Revenue 1

In CHF million
Residential Customers
   2nd quarter
2023
1,099
   2nd quarter
2022
1,108
  
Change
–0.8%
   1st half-year
2023
2,235
   1st half-year
2022
2,239
  
Change
–0.2%

In CHF million
Business Customers
   2nd quarter
2023
763
   2nd quarter
2022
766
  
Change
–0.4%
   1st half-year
2023
1,535
   1st half-year
2022
1,557
  
Change
–1.4%

In CHF million
Wholesale
   2nd quarter
2023
136
   2nd quarter
2022
136
  
Change
–%
   1st half-year
2023
270
   1st half-year
2022
269
  
Change
0.4%

In CHF million
Infrastructure & Support Functions
   2nd quarter
2023
19
   2nd quarter
2022
18
  
Change
5.6%
   1st half-year
2023
38
   1st half-year
2022
36
  
Change
5.6%

In CHF million
Intersegment elimination
   2nd quarter
2023
(17)
   2nd quarter
2022
(17)
  
Change
–%
   1st half-year
2023
(34)
   1st half-year
2022
(34)
  
Change
–%

In CHF million
Swisscom Switzerland
   2nd quarter
2023
2,000
   2nd quarter
2022
2,011
  
Change
–0.5%
   1st half-year
2023
4,044
   1st half-year
2022
4,067
  
Change
–0.6%

In CHF million
Fastweb
   2nd quarter
2023
617
   2nd quarter
2022
615
  
Change
0.3%
   1st half-year
2023
1,236
   1st half-year
2022
1,230
  
Change
0.5%

In CHF million
Other Operating Segments
   2nd quarter
2023
258
   2nd quarter
2022
259
  
Change
–0.4%
   1st half-year
2023
501
   1st half-year
2022
500
  
Change
0.2%

In CHF million
Intersegment elimination
   2nd quarter
2023
(172)
   2nd quarter
2022
(172)
  
Change
–%
   1st half-year
2023
(331)
   1st half-year
2022
(330)
  
Change
0.3%

In CHF million
Total revenue
   2nd quarter
2023
2,703
   2nd quarter
2022
2,713
  
Change
–0.4%
   1st half-year
2023
5,450
   1st half-year
2022
5,467
  
Change
–0.3%

In CHF million
 
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
 
   1st half-year
2022
 
  
Change
 

In CHF million
Operating income before depreciation and amortisation (EBITDA) 1

In CHF million
Residential Customers
   2nd quarter
2023
741
   2nd quarter
2022
730
  
Change
1.5%
   1st half-year
2023
1,489
   1st half-year
2022
1,476
  
Change
0.9%

In CHF million
Business Customers
   2nd quarter
2023
334
   2nd quarter
2022
339
  
Change
–1.5%
   1st half-year
2023
679
   1st half-year
2022
691
  
Change
–1.7%

In CHF million
Wholesale
   2nd quarter
2023
86
   2nd quarter
2022
74
  
Change
16.2%
   1st half-year
2023
166
   1st half-year
2022
155
  
Change
7.1%

In CHF million
Infrastructure & Support Functions
   2nd quarter
2023
(247)
   2nd quarter
2022
(326)
  
Change
–24.2%
   1st half-year
2023
(478)
   1st half-year
2022
(575)
  
Change
–16.9%

In CHF million
Intersegment elimination
   2nd quarter
2023
(1)
   2nd quarter
2022
1
  
Change
–%
   1st half-year
2023
–
   1st half-year
2022
1
  
Change
–100.0%

In CHF million
Swisscom Switzerland
   2nd quarter
2023
913
   2nd quarter
2022
818
  
Change
11.6%
   1st half-year
2023
1,856
   1st half-year
2022
1,748
  
Change
6.2%

In CHF million
Fastweb
   2nd quarter
2023
206
   2nd quarter
2022
222
  
Change
–7.2%
   1st half-year
2023
393
   1st half-year
2022
413
  
Change
–4.8%

In CHF million
Other Operating Segments
   2nd quarter
2023
21
   2nd quarter
2022
41
  
Change
–48.8%
   1st half-year
2023
55
   1st half-year
2022
83
  
Change
–33.7%

In CHF million
Reconciliation pension cost 2
   2nd quarter
2023
10
   2nd quarter
2022
(15)
  
Change
–%
   1st half-year
2023
19
   1st half-year
2022
(30)
  
Change
–%

In CHF million
Intersegment elimination
   2nd quarter
2023
(11)
   2nd quarter
2022
(12)
  
Change
–8.3%
   1st half-year
2023
(20)
   1st half-year
2022
(23)
  
Change
–13.0%

In CHF million
Total EBITDA
   2nd quarter
2023
1,139
   2nd quarter
2022
1,054
  
Change
8.1%
   1st half-year
2023
2,303
   1st half-year
2022
2,191
  
Change
5.1%

In CHF million
1 Swisscom has changed the revenue recognition for roaming contracts with minimum guarantees as of 1 January 2023 and made adjustments to the financial management. The previous year’s figures have been adjusted accordingly. For further information, see notes 1 and 2 to the interim financial statements.

In CHF million
2 Operating income of segments includes ordinary employer contributions as pension fund expense. The difference to the pension cost according to IAS 19 is recognised as a reconciliation item.

Swisscom’s reporting focuses on the operating divisions Swisscom Switzerland and Fastweb. The other business divisions are grouped together under Other Operating Segments. Swisscom Switzerland comprises the customer segments Residential Customers, Business Customers and Wholesale, along with the Infrastructure & Support Functions business division. Fastweb is a telecommunications provider for residential and business customers in Italy. Other Operating Segments primarily comprises Swisscom Directories Ltd (localsearch), Swisscom Broadcast Ltd (radio transmitters) and cablex Ltd (network construction and maintenance).

The Infrastructure & Support Functions business division does not charge any network costs or management fees to other segments for its services. The remaining services between the segments are charged at market prices. Network costs in Switzerland are budgeted, monitored and controlled by the Infrastructure & Support Functions segment, which is managed as a cost centre. For this reason, no revenue is credited to the Infra­structure & Support Functions segment within the segment reporting, with the exception of the rental and administration of buildings and vehicles. The results of the Residential Customers, Business Customers and Wholesale segments thus correspond to a contribution margin before network costs.

Swisscom Switzerland


In CHF million, except where indicated
  2nd quarter
2023
  2nd quarter
2022
 
Change
  1st half-year
2023
  1st half-year
2022
 
Change

In CHF million, except where indicated
 
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
 
   1st half-year
2022
 
  
Change
 

In CHF million, except where indicated
Revenue and operating income before depreciation and amortisation (EBITDA)

In CHF million, except where indicated
Telecom services
   2nd quarter
2023
1,341
   2nd quarter
2022
1,357
  
Change
–1.2%
   1st half-year
2023
2,689
   1st half-year
2022
2,722
  
Change
–1.2%

In CHF million, except where indicated
IT services
   2nd quarter
2023
292
   2nd quarter
2022
285
  
Change
2.5%
   1st half-year
2023
583
   1st half-year
2022
574
  
Change
1.6%

In CHF million, except where indicated
Merchandise
   2nd quarter
2023
175
   2nd quarter
2022
185
  
Change
–5.4%
   1st half-year
2023
392
   1st half-year
2022
407
  
Change
–3.7%

In CHF million, except where indicated
Wholesale
   2nd quarter
2023
132
   2nd quarter
2022
133
  
Change
–0.8%
   1st half-year
2023
263
   1st half-year
2022
263
  
Change
–%

In CHF million, except where indicated
Revenue other
   2nd quarter
2023
44
   2nd quarter
2022
34
  
Change
29.4%
   1st half-year
2023
86
   1st half-year
2022
69
  
Change
24.6%

In CHF million, except where indicated
External revenue
   2nd quarter
2023
1,984
   2nd quarter
2022
1,994
  
Change
–0.5%
   1st half-year
2023
4,013
   1st half-year
2022
4,035
  
Change
–0.5%

In CHF million, except where indicated
Intersegment revenue
   2nd quarter
2023
16
   2nd quarter
2022
17
  
Change
–5.9%
   1st half-year
2023
31
   1st half-year
2022
32
  
Change
–3.1%

In CHF million, except where indicated
Revenue
   2nd quarter
2023
2,000
   2nd quarter
2022
2,011
  
Change
–0.5%
   1st half-year
2023
4,044
   1st half-year
2022
4,067
  
Change
–0.6%

In CHF million, except where indicated
Direct costs
   2nd quarter
2023
(393)
   2nd quarter
2022
(400)
  
Change
–1.8%
   1st half-year
2023
(816)
   1st half-year
2022
(820)
  
Change
–0.5%

In CHF million, except where indicated
Indirect costs
   2nd quarter
2023
(694)
   2nd quarter
2022
(793)
  
Change
–12.5%
   1st half-year
2023
(1,372)
   1st half-year
2022
(1,499)
  
Change
–8.5%

In CHF million, except where indicated
Operating expense
   2nd quarter
2023
(1,087)
   2nd quarter
2022
(1,193)
  
Change
–8.9%
   1st half-year
2023
(2,188)
   1st half-year
2022
(2,319)
  
Change
–5.6%

In CHF million, except where indicated
EBITDA
   2nd quarter
2023
913
   2nd quarter
2022
818
  
Change
11.6%
   1st half-year
2023
1,856
   1st half-year
2022
1,748
  
Change
6.2%

In CHF million, except where indicated
Margin as % of revenue
   2nd quarter
2023
45.7
   2nd quarter
2022
40.7
  
Change
 
   1st half-year
2023
45.9
   1st half-year
2022
43.0
  
Change
 

In CHF million, except where indicated
 
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
   1st half-year
2022
  
Change

In CHF million, except where indicated
Operating free cash flow proxy

In CHF million, except where indicated
EBITDA
   2nd quarter
2023
913
   2nd quarter
2022
818
  
Change
11.6%
   1st half-year
2023
1,856
   1st half-year
2022
1,748
  
Change
6.2%

In CHF million, except where indicated
Lease expense
   2nd quarter
2023
(55)
   2nd quarter
2022
(55)
  
Change
–%
   1st half-year
2023
(111)
   1st half-year
2022
(111)
  
Change
–%

In CHF million, except where indicated
EBITDA after lease expense (EBITDAaL)
   2nd quarter
2023
858
   2nd quarter
2022
763
  
Change
12.5%
   1st half-year
2023
1,745
   1st half-year
2022
1,637
  
Change
6.6%

In CHF million, except where indicated
Capital expenditure
   2nd quarter
2023
(427)
   2nd quarter
2022
(391)
  
Change
9.2%
   1st half-year
2023
(821)
   1st half-year
2022
(755)
  
Change
8.7%

In CHF million, except where indicated
Operating free cash flow proxy
   2nd quarter
2023
431
   2nd quarter
2022
372
  
Change
15.9%
   1st half-year
2023
924
   1st half-year
2022
882
  
Change
4.8%

In CHF million, except where indicated
 
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
   1st half-year
2022
  
Change

In CHF million, except where indicated
Operational data in thousand and headcount

In CHF million, except where indicated
Fixed telephony access lines
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
1,271
   1st half-year
2022
1,369
  
Change
–7.2%

In CHF million, except where indicated
Broadband access lines retail
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
2,012
   1st half-year
2022
2,026
  
Change
–0.7%

In CHF million, except where indicated
TV access lines
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
1,549
   1st half-year
2022
1,582
  
Change
–2.1%

In CHF million, except where indicated
Mobile access lines
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
6,195
   1st half-year
2022
6,157
  
Change
0.6%

In CHF million, except where indicated
Access lines wholesale
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
682
   1st half-year
2022
692
  
Change
–1.4%

In CHF million, except where indicated
Full-time equivalent employees
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
13,054
   1st half-year
2022
12,927
  
Change
1.0%

Swisscom Switzerland’s revenue decreased slightly by 0.6% or CHF 23 million to CHF 4,044 million. Revenue from telecoms services decreased by 1.2% or CHF 33 million to CHF 2,689 million. Of the decrease, CHF 25 million (–3.1%) is attributable to the Business Customers segment; revenue from telecoms services in the Residential Customers segment remained almost stable at CHF 1,919 million (–0.4%). In contrast, revenue from IT services with business customers rose by 1.6% to CHF 583 million. Market saturation is reflected in fewer connections and declining subscriber bases for broadband retail (–0.7%) and TV (–2.1%). Fixed network telephony (–7.2%) is significantly affected by its substitution with mobile telephony. In mobile telephony, the number of subscribers increased slightly (+0.6%), while the customer structure changed due to an increase in postpaid lines (+164,000) and a similarly strong decrease in prepaid connections (–126,000). The share of secondary and third-party brands in the Residential Customers segment rose from 25% to 30%.

The operating expense decreased by 5.6% or CHF 131 million. Direct costs fell slightly by 0.5% to CHF 816 million. The costs for subscriber acquisition and retention increased, while the costs for purchasing services and merchandise decreased. Indirect costs fell by CHF 127 million (–8.5%) and were influenced primarily by non-recurring items in connection with provisions for legal proceedings. In the first half of 2023, provisions for legal proceedings of CHF 10 million (net) were reversed with an effect on EBITDA. In the same period of the previous year, provisions of CHF 82 million had been recognised with an effect on EBITDA. Excluding these items, indirect costs fell by CHF 35 million (–2.5%). In telecommunications, cost savings of CHF 40 million were realised through efficiency improvement measures and optimised network maintenance. In the area of IT services, indirect costs rose by CHF 5 million. Headcount increased year-on-year by 1.0% to 13,054 FTEs. The increase can be attributed primarily to the acquisition of Axept Business Software AG in the current financial year. Operating income before depreciation and amortisation (EBITDA) was up by 6.2% or CHF 108 million to CHF 1,856 million. Without the non-recurring items mentioned, it increased by 0.9% or CHF 16 million. The decline in revenue from telecoms services was more than compensated for thanks to ongoing cost-cutting measures. Capital expenditure increased by 8.7% or CHF 66 million to CHF 821 million mainly due to the expansion and upgrading of transport networks. Swisscom plans to increase fibre-optic coverage (FTTH) to around 55% by the end of 2025, and to 70–80% by 2030.

Fastweb


In EUR million, except where indicated
  2nd quarter
2023
  2nd quarter
2022
 
Change
  1st half-year
2023
  1st half-year
2022
 
Change

In EUR million, except where indicated
 
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
 
   1st half-year
2022
 
  
Change
 

In EUR million, except where indicated
Revenue and operating income before depreciation and amortisation (EBITDA)

In EUR million, except where indicated
Residential customers
   2nd quarter
2023
291
   2nd quarter
2022
287
  
Change
1.4%
   1st half-year
2023
580
   1st half-year
2022
572
  
Change
1.4%

In EUR million, except where indicated
Corporate customers
   2nd quarter
2023
266
   2nd quarter
2022
250
  
Change
6.4%
   1st half-year
2023
527
   1st half-year
2022
497
  
Change
6.0%

In EUR million, except where indicated
Wholesale
   2nd quarter
2023
70
   2nd quarter
2022
64
  
Change
9.4%
   1st half-year
2023
141
   1st half-year
2022
126
  
Change
11.9%

In EUR million, except where indicated
External revenue
   2nd quarter
2023
627
   2nd quarter
2022
601
  
Change
4.3%
   1st half-year
2023
1,248
   1st half-year
2022
1,195
  
Change
4.4%

In EUR million, except where indicated
Intersegment revenue
   2nd quarter
2023
1
   2nd quarter
2022
3
  
Change
–66.7%
   1st half-year
2023
3
   1st half-year
2022
4
  
Change
–25.0%

In EUR million, except where indicated
Revenue
   2nd quarter
2023
628
   2nd quarter
2022
604
  
Change
4.0%
   1st half-year
2023
1,251
   1st half-year
2022
1,199
  
Change
4.3%

In EUR million, except where indicated
Operating expense
   2nd quarter
2023
(418)
   2nd quarter
2022
(386)
  
Change
8.3%
   1st half-year
2023
(853)
   1st half-year
2022
(796)
  
Change
7.2%

In EUR million, except where indicated
EBITDA
   2nd quarter
2023
210
   2nd quarter
2022
218
  
Change
–3.7%
   1st half-year
2023
398
   1st half-year
2022
403
  
Change
–1.2%

In EUR million, except where indicated
Margin as % of revenue
   2nd quarter
2023
33.4
   2nd quarter
2022
36.1
  
Change
 
   1st half-year
2023
31.8
   1st half-year
2022
33.6
  
Change
 

In EUR million, except where indicated
 
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
   1st half-year
2022
  
Change

In EUR million, except where indicated
Operating free cash flow proxy

In EUR million, except where indicated
EBITDA
   2nd quarter
2023
210
   2nd quarter
2022
218
  
Change
–3.7%
   1st half-year
2023
398
   1st half-year
2022
403
  
Change
–1.2%

In EUR million, except where indicated
Lease expense
   2nd quarter
2023
(14)
   2nd quarter
2022
(15)
  
Change
–6.7%
   1st half-year
2023
(27)
   1st half-year
2022
(29)
  
Change
–6.9%

In EUR million, except where indicated
EBITDA after lease expense (EBITDAaL)
   2nd quarter
2023
196
   2nd quarter
2022
203
  
Change
–3.4%
   1st half-year
2023
371
   1st half-year
2022
374
  
Change
–0.8%

In EUR million, except where indicated
Capital expenditure
   2nd quarter
2023
(144)
   2nd quarter
2022
(142)
  
Change
1.4%
   1st half-year
2023
(297)
   1st half-year
2022
(299)
  
Change
–0.7%

In EUR million, except where indicated
Operating free cash flow proxy
   2nd quarter
2023
52
   2nd quarter
2022
61
  
Change
–14.8%
   1st half-year
2023
74
   1st half-year
2022
75
  
Change
–1.3%

In EUR million, except where indicated
 
   2nd quarter
2023
 
   2nd quarter
2022
.
  
Change
 
   1st half-year
2023
   1st half-year
2022
  
Change

In EUR million, except where indicated
Operational data in thousand and headcount

In EUR million, except where indicated
Broadband access lines retail
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
2,631
   1st half-year
2022
2,712
  
Change
–3.0%

In EUR million, except where indicated
Broadband access lines wholesale
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
532
   1st half-year
2022
386
  
Change
37.8%

In EUR million, except where indicated
Mobile access lines
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
3,343
   1st half-year
2022
2,805
  
Change
19.2%

In EUR million, except where indicated
Full-time equivalent employees
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
3,117
   1st half-year
2022
2,880
  
Change
8.2%

Fastweb’s revenue rose year-on-year by 4.3% or EUR 52 million to EUR 1,251 million. Competition remained fierce. The customer base in the fixed-network business (end-customer and wholesale) grew by 2.1% overall to 3.16 million. Although this fell by 3.0% to 2.63 million in the end-customer business as a result of the value strategy pursued by Fastweb and due to the challenging market environment, the number of ultra-fast broadband connections provided by Fastweb to other operators rose to 532,000 (+37.8%). Among end customers, the share of ultra-fast broadband connections increased by 3 percentage points to 88%. The number of mobile access lines increased by 538,000 (+19.2%) to 3.34 million, with bundled offerings continuing to play an important role here. 42% of broadband customers used a bundled offering combining fixed network and mobile. Revenue from residential customers increased by 1.4% or EUR 8 million to EUR 580 million, mainly as a result of the greater mobile customer base. Revenue from business customers increased by 6.0% or EUR 30 million to EUR 527 million, driven by the strong market position in the area of public administration. Revenue from wholesale business increased by 11.9% or EUR 15 million to EUR 141 million due to the higher number of subscribers.

Operating expense and operating income before depreciation and amortisation (EBITDA) increased due to revenue growth and were influenced by the recognition of provisions for legal proceedings in the amount of EUR 13 million in the first half of 2023. Without this effect, operating expense rose by EUR 44 million (+5.5%) and EBITDA by 2.0% or EUR 8 million to EUR 411 million. Capital expenditure fell by 0.7% to EUR 297 million due to a decrease in customer-driven investment. Headcount increased by 8.2% or 237 FTEs to 3,117 FTEs as the company took on external staff and the growth created a need for more personnel.

Other Operating Segments


In CHF million, except where indicated
  2nd quarter
2023
  2nd quarter
2022
 
Change
  1st half-year
2023
  1st half-year
2022
 
Change

In CHF million, except where indicated
 
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
 
   1st half-year
2022
 
  
Change
 

In CHF million, except where indicated
Revenue and operating income before depreciation and amortisation (EBITDA)

In CHF million, except where indicated
External revenue
   2nd quarter
2023
104
   2nd quarter
2022
106
  
Change
–1.9%
   1st half-year
2023
204
   1st half-year
2022
206
  
Change
–1.0%

In CHF million, except where indicated
Intersegment revenue
   2nd quarter
2023
154
   2nd quarter
2022
153
  
Change
0.7%
   1st half-year
2023
297
   1st half-year
2022
294
  
Change
1.0%

In CHF million, except where indicated
Revenue
   2nd quarter
2023
258
   2nd quarter
2022
259
  
Change
–0.4%
   1st half-year
2023
501
   1st half-year
2022
500
  
Change
0.2%

In CHF million, except where indicated
Operating expense
   2nd quarter
2023
(237)
   2nd quarter
2022
(218)
  
Change
8.7%
   1st half-year
2023
(446)
   1st half-year
2022
(417)
  
Change
7.0%

In CHF million, except where indicated
EBITDA
   2nd quarter
2023
21
   2nd quarter
2022
41
  
Change
–48.8%
   1st half-year
2023
55
   1st half-year
2022
83
  
Change
–33.7%

In CHF million, except where indicated
Margin as % of revenue
   2nd quarter
2023
8.1
   2nd quarter
2022
15.8
  
Change
 
   1st half-year
2023
11.0
   1st half-year
2022
16.6
  
Change
 

In CHF million, except where indicated
 
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
   1st half-year
2022
  
Change

In CHF million, except where indicated
Operating free cash flow proxy

In CHF million, except where indicated
EBITDA
   2nd quarter
2023
21
   2nd quarter
2022
41
  
Change
–48.8%
   1st half-year
2023
55
   1st half-year
2022
83
  
Change
–33.7%

In CHF million, except where indicated
Lease expense
   2nd quarter
2023
(3)
   2nd quarter
2022
(2)
  
Change
50.0%
   1st half-year
2023
(5)
   1st half-year
2022
(5)
  
Change
–%

In CHF million, except where indicated
EBITDA after lease expense (EBITDAaL)
   2nd quarter
2023
18
   2nd quarter
2022
39
  
Change
–53.8%
   1st half-year
2023
50
   1st half-year
2022
78
  
Change
–35.9%

In CHF million, except where indicated
Capital expenditure
   2nd quarter
2023
(10)
   2nd quarter
2022
(8)
  
Change
25.0%
   1st half-year
2023
(18)
   1st half-year
2022
(14)
  
Change
28.6%

In CHF million, except where indicated
Operating free cash flow proxy
   2nd quarter
2023
8
   2nd quarter
2022
31
  
Change
–74.2%
   1st half-year
2023
32
   1st half-year
2022
64
  
Change
–50.0%

In CHF million, except where indicated
 
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
   1st half-year
2022
  
Change

In CHF million, except where indicated
Headcount

In CHF million, except where indicated
Full-time equivalent employees
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
3,326
   1st half-year
2022
3,260
  
Change
2.0%

Revenue in Other Operating Segments remained almost stable year-on-year at CHF 501 million (+0.2%). Operating income before depreciation and amortisation (EBITDA) fell by 33.7% or CHF 28 million to CHF 55 million due primarily to one-off charges in connection with customer projects and lower operating income from localsearch (advertising and directory platform business for Swiss SMEs). Accordingly, the profit margin fell to 11.0% (prior year: 16.6%). Headcount increased by 2.0% or 66 FTEs to 3,326 FTEs, partly as the result of an acquisition in the previous year.

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

In CHF million, except where indicated
Operating income before depreciation and amortisation (EBITDA)
   2nd quarter
2023
1,139
   2nd quarter
2022
1,054
  
Change
8.1%
   1st half-year
2023
2,303
   1st half-year
2022
2,191
  
Change
5.1%

In CHF million, except where indicated
Depreciation and amortisation of property, plant and equipment and intangible assets
   2nd quarter
2023
(531)
   2nd quarter
2022
(536)
  
Change
–0.9%
   1st half-year
2023
(1,056)
   1st half-year
2022
(1,058)
  
Change
–0.2%

In CHF million, except where indicated
Depreciation of right-of-use assets
   2nd quarter
2023
(66)
   2nd quarter
2022
(68)
  
Change
–2.9%
   1st half-year
2023
(132)
   1st half-year
2022
(134)
  
Change
–1.5%

In CHF million, except where indicated
Operating income (EBIT)
   2nd quarter
2023
542
   2nd quarter
2022
450
  
Change
20.4%
   1st half-year
2023
1,115
   1st half-year
2022
999
  
Change
11.6%

In CHF million, except where indicated
Net interest expense on financial assets and liabilities
   2nd quarter
2023
(19)
   2nd quarter
2022
(18)
  
Change
5.6%
   1st half-year
2023
(33)
   1st half-year
2022
(33)
  
Change
–%

In CHF million, except where indicated
Interest expense on lease liabilities
   2nd quarter
2023
(9)
   2nd quarter
2022
(11)
  
Change
–18.2%
   1st half-year
2023
(21)
   1st half-year
2022
(22)
  
Change
–4.5%

In CHF million, except where indicated
Other financial result
   2nd quarter
2023
(6)
   2nd quarter
2022
14
  
Change
–%
   1st half-year
2023
(10)
   1st half-year
2022
42
  
Change
–%

In CHF million, except where indicated
Result of equity-accounted investees
   2nd quarter
2023
–
   2nd quarter
2022
–
  
Change
–%
   1st half-year
2023
–
   1st half-year
2022
(1)
  
Change
–100.0%

In CHF million, except where indicated
Income before income taxes
   2nd quarter
2023
508
   2nd quarter
2022
435
  
Change
16.8%
   1st half-year
2023
1,051
   1st half-year
2022
985
  
Change
6.7%

In CHF million, except where indicated
Income tax expense
   2nd quarter
2023
(102)
   2nd quarter
2022
(97)
  
Change
5.2%
   1st half-year
2023
(203)
   1st half-year
2022
(200)
  
Change
1.5%

In CHF million, except where indicated
Net income
   2nd quarter
2023
406
   2nd quarter
2022
338
  
Change
20.1%
   1st half-year
2023
848
   1st half-year
2022
785
  
Change
8.0%

In CHF million, except where indicated
Attributable to equity holders of Swisscom Ltd
   2nd quarter
2023
406
   2nd quarter
2022
337
  
Change
20.5%
   1st half-year
2023
848
   1st half-year
2022
784
  
Change
8.2%

In CHF million, except where indicated
Attributable to non-controlling interests
   2nd quarter
2023
–
   2nd quarter
2022
1
  
Change
–100.0%
   1st half-year
2023
–
   1st half-year
2022
1
  
Change
–100.0%

In CHF million, except where indicated
 
   2nd quarter
2023
 
   2nd quarter
2022
 
  
Change
 
   1st half-year
2023
 
   1st half-year
2022
 
  
Change
 

In CHF million, except where indicated
Earnings per share (in CHF)
   2nd quarter
2023
7.84
   2nd quarter
2022
6.51
  
Change
20.4%
   1st half-year
2023
16.37
   1st half-year
2022
15.13
  
Change
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%).