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2nd Interim Report 2023
2nd Interim Report 2023
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2nd Interim Report 2023
  • 1st Interim Report 2025
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  • 3rd Interim Report 2024
  • 2nd Interim Report 2024
  • 1st Interim Report 2024
  • Annual Report 2023
  • 3rd Interim Report 2023
  • 2nd Interim Report 2023
  • 1st Interim Report 2023
  • Annual Report 2022
  • 3rd Interim Report 2022
  • 2nd Interim Report 2022
  • 1st Interim Report 2022
  • Annual Report 2021
  • 3rd Interim Report 2021
  • 2nd Interim Report 2021
  • 1st Interim Report 2021
  • Annual Report 2020
  • 3rd Interim Report 2020
  • 2nd Interim Report 2020
  • 1st Interim Report 2020
  • Annual Report 2019
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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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Quarterly review 2022 and 2023


In CHF million, except where indicated
  1st
quarter
  2nd
quarter
  3rd
quarter
  4th
quarter
 
2022
  1st
quarter
  2nd
quarter
  3rd
quarter
  4th
quarter
 
2023
                                         
Income statement
Revenue   2,754   2,713   2,712   2,872   11,051   2,747   2,703           5,450
Direct costs   (629)   (616)   (661)   (720)   (2,626)   (661)   (627)           (1,288)
Personnel expense   (697)   (676)   (650)   (682)   (2,705)   (680)   (670)           (1,350)
Other operating expense   (437)   (565)   (404)   (576)   (1,982)   (406)   (461)           (867)
Capitalised self-constructed assets and other income   146   198   153   171   668   164   194           358
Operating income (EBITDA)   1,137   1,054   1,150   1,065   4,406   1,164   1,139           2,303
Depreciation and amortisation   (522)   (536)   (525)   (521)   (2,104)   (525)   (531)           (1,056)
Depreciation of right-of-use assets   (66)   (68)   (67)   (61)   (262)   (66)   (66)           (132)
Operating income (EBIT)   549   450   558   483   2,040   573   542           1,115
Net interest expense on financial assets and liabilities   (15)   (18)   (13)   (11)   (57)   (14)   (19)           (33)
Interest expense on lease liabilities   (11)   (11)   (11)   (11)   (44)   (12)   (9)           (21)
Other financial result   28   14   (10)   (3)   29   (4)   (6)           (10)
Equity-accounted investees   (1)   –   (1)   (3)   (5)   –   –           –
Income before income taxes   550   435   523   455   1,963   543   508           1,051
Income tax expense   (103)   (97)   (94)   (66)   (360)   (101)   (102)           (203)
Net income   447   338   429   389   1,603   442   406           848
Attributable to equity holders of Swisscom Ltd   447   337   429   389   1,602   442   406           848
Attributable to non-controlling interests   –   1   –   –   1   –   –           –
                                         
Earnings per share (in CHF)   8.63   6.51   8.28   7.51   30.93   8.53   7.84           16.37
                                       
                                         
Revenue
Swisscom Switzerland   2,056   2,011   2,039   2,103   8,209   2,044   2,000           4,044
Fastweb   615   615   588   675   2,493   619   617           1,236
Other Operating Segments   241   259   259   279   1,038   243   258           501
Intersegment elimination   (158)   (172)   (174)   (185)   (689)   (159)   (172)           (331)
Total revenue   2,754   2,713   2,712   2,872   11,051   2,747   2,703           5,450
         
                                         
Operating income before depreciation and amortisation (EBITDA)
Swisscom Switzerland   930   818   917   818   3,483   943   913           1,856
Fastweb   191   222   220   224   857   187   206           393
Other Operating Segments   42   41   39   38   160   34   21           55
Reconciliation pension cost   (15)   (15)   (15)   (8)   (53)   9   10           19
Elimination   (11)   (12)   (11)   (7)   (41)   (9)   (11)           (20)
Total EBITDA   1,137   1,054   1,150   1,065   4,406   1,164   1,139           2,303
         
                                         
Capital expenditure
Swisscom Switzerland   364   391   406   537   1,698   394   427           821
Fastweb   163   143   147   166   619   152   141           293
Other Operating Segments   6   8   8   12   34   8   10           18
Intersegment elimination   (11)   (11)   (13)   (7)   (42)   (9)   (10)           (19)
Total capital expenditure   522   531   548   708   2,309   545   568           1,113

In CHF million, except where indicated
  1st
quarter
  2nd
quarter
  3rd
quarter
  4th
quarter
 
2022
  1st
quarter
  2nd
quarter
  3rd
quarter
  4th
quarter
 
2023
                                         
Operating free cash flow proxy
Operating income (EBITDA)   1,137   1,054   1,150   1,065   4,406   1,164   1,139           2,303
Lease expense   (72)   (74)   (73)   (67)   (286)   (73)   (70)           (143)
EBITDA after lease expense (EBITDAaL)   1,065   980   1,077   998   4,120   1,091   1,069           2,160
Capital expenditure   (522)   (531)   (548)   (708)   (2,309)   (545)   (568)           (1,113)
Operating free cash flow proxy   543   449   529   290   1,811   546   501           1,047
                                         
Free cash flow
Free cash flow   63   230   687   369   1,349   209   253           462
                                         
Net debt
Net debt   7,680   8,538   7,704   7,374   7,374   7,171   8,108           8,108
                                         
Full-time equivalent employees
Swisscom Switzerland   12,999   12,927   12,870   12,822   12,822   12,841   13,054           13,054
Fastweb   2,737   2,880   2,915   3,039   3,039   3,087   3,117           3,117
Other Operating Segments   3,273   3,260   3,248   3,296   3,296   3,324   3,326           3,326
Total personnel expense   19,009   19,067   19,033   19,157   19,157   19,252   19,497           19,497
Information by geographical regions
Revenue in Switzerland   2,141   2,100   2,126   2,199   8,566   2,129   2,088           4,217
Revenue in other countries   613   613   586   673   2,485   618   615           1,233
Total revenue   2,754   2,713   2,712   2,872   11,051   2,747   2,703           5,450
                                         
Operating income (EBITDA) in Switzerland   941   829   925   839   3,534   975   933           1,908
Operating income (EBITDA) in other countries   196   225   225   226   872   189   206           395
Total EBITDA   1,137   1,054   1,150   1,065   4,406   1,164   1,139           2,303
                                         
Capital expenditure in Switzerland   359   387   401   541   1,688   392   427           819
Capital expenditure in other countries   163   144   148   166   621   153   141           294
Total capital expenditure   522   531   549   707   2,309   545   568           1,113
                                         
Headcount in Switzerland   15,987   15,874   15,786   15,750   15,750   15,755   15,929           15,929
Headcount in other countries   3,022   3,193   3,247   3,407   3,407   3,497   3,568           3,568
Total headcount (ful-time equivalent)   19,009   19,067   19,033   19,157   19,157   19,252   19,497           19,497
                                         
Fastweb, in EUR million
Residential customers   285   287   284   289   1,145   289   291           580
Corporate customers   247   250   239   279   1,015   261   266           527
Wholesale   62   64   78   111   315   71   70           141
External revenue   594   601   601   679   2,475   621   627           1,248
Intersegment revenue   1   3   2   1   7   2   1           3
Revenue   595   604   603   680   2,482   623   628           1,251
                                         
Operating income (EBITDA)   185   218   225   226   854   188   210           398
Margin as % of revenue   31.1   36.1   37.3   33.2   34.4   30.2   33.4           31.8
Lease expense   (14)   (15)   (14)   (14)   (57)   (13)   (14)           (27)
EBITDA after lease expense (EBITDAaL)   171   203   211   212   797   175   196           371
Capital expenditure   (157)   (142)   (150)   (167)   (616)   (153)   (144)           (297)
Operating free cash flow proxy   14   61   61   45   181   22   52           74
                                         
Broadband access lines in thousand   2,731   2,712   2,696   2,683   2,683   2,662   2,631           2,631
Broadband access lines wholesale in thousand   363   386   418   458   458   498   532           532
Mobile access lines in thousand   2,649   2,805   2,937   3,087   3,087   3,231   3,343           3,343

In CHF million, except where indicated
  1st
quarter
  2nd
quarter
  3rd
quarter
  4th
quarter
 
2022
  1st
quarter
  2nd
quarter
  3rd
quarter
  4th
quarter
 
2023
                                         
Swisscom Switzerland Revenue and results
Residential Customers   965   962   970   964   3,861   960   959           1,919
Business Customers   400   395   399   394   1,588   388   382           770
Revenue telecoms services   1,365   1,357   1,369   1,358   5,449   1,348   1,341           2,689
IT services   289   285   281   297   1,152   291   292           583
Merchandise   222   185   204   249   860   217   175           392
Wholesale   130   133   142   135   540   131   132           263
Revenue other   35   34   29   50   148   42   44           86
External revenue   2,041   1,994   2,025   2,089   8,149   2,029   1,984           4,013
Intersegment revenue   15   17   14   14   60   15   16           31
Revenue   2,056   2,011   2,039   2,103   8,209   2,044   2,000           4,044
                                         
                                         
Residential Customers   1,131   1,108   1,131   1,157   4,527   1,136   1,099           2,235
Business Customers   791   766   764   808   3,129   772   763           1,535
Wholesale   133   136   144   138   551   134   136           270
Infrastructure & Support Functions   18   18   18   17   71   19   19           38
Intersegment elimination   (17)   (17)   (18)   (17)   (69)   (17)   (17)           (34)
Revenue   2,056   2,011   2,039   2,103   8,209   2,044   2,000           4,044
                                         
                                         
Residential Customers   746   730   757   746   2,979   748   741           1,489
Business Customers   352   339   360   330   1,381   345   334           679
Wholesale   81   74   54   80   289   80   86           166
Infrastructure & Support Functions   (249)   (326)   (254)   (336)   (1,165)   (231)   (247)           (478)
Intersegment elimination   –   1   –   (2)   (1)   1   (1)           –
EBITDA   930   818   917   818   3,483   943   913           1,856
Margin as % of revenue   45.2   40.7   45.0   38.9   42.4   46.1   45.7           45.9
Lease expense   (56)   (55)   (56)   (51)   (218)   (56)   (55)           (111)
EBITDA after lease expense (EBITDAaL)   874   763   861   767   3,265   887   858           1,745
Capital expenditure   (364)   (391)   (406)   (537)   (1,698)   (394)   (427)           (821)
Operating free cash flow proxy   510   372   455   230   1,567   493   431           924
                                         
Operational data in thousand
Residential Customers   1,139   1,121   1,103   1,082   1,082   1,058   1,041           1,041
Business Customers   260   248   248   240   240   234   230           230
Fixed telephony access lines   1,399   1,369   1,351   1,322   1,322   1,292   1,271           1,271
                                         
Residential Customers   1,736   1,733   1,734   1,736   1,736   1,727   1,724           1,724
Business Customers   294   293   293   291   291   290   288           288
Broadband access lines retail   2,030   2,026   2,027   2,027   2,027   2,017   2,012           2,012
                                         
Residential Customers   1,517   1,513   1,508   1,503   1,503   1,491   1,483           1,483
Business Customers   69   69   68   68   68   67   66           66
TV access lines   1,586   1,582   1,576   1,571   1,571   1,558   1,549           1,549
                                         
Residential Customers   3,136   3,169   3,226   3,275   3,275   3,288   3,313           3,313
Business Customers   1,879   1,883   1,874   1,871   1,871   1,888   1,903           1,903
Mobile access lines Postpaid   5,015   5,052   5,100   5,146   5,146   5,176   5,216           5,216
Prepaid Residential Customers   1,136   1,105   1,066   1,027   1,027   1,001   979           979
Mobile access lines   6,151   6,157   6,166   6,173   6,173   6,177   6,195           6,195
                                         
Access lines wholesale   703   692   691   679   679   688   682           682