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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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2 Segment information

General disclosures

Reporting is divided into the segments Residential Customers, Business Customers, Wholesale and Infrastructure & Support Functions, which are grouped under Swisscom Switzerland, as well as Fastweb and Other Operating Segments.

For its services, the Infrastructure & Support Functions segment does not charge any network costs or man­agement fees to other segments. The remaining services between the segments are charged at market prices. The results of the Residential Customers, Business Customers and Wholesale segments thus correspond to a contribution margin before network costs.

Segment expense encompasses the direct and indirect costs, which include personnel expense, other operating costs less capitalised costs of self-constructed assets and other income. Pension cost includes ordinary employer contributions. The difference between the ordinary employer contributions and the pension cost as provided for under IAS 19 is reported in the column ‘Eliminations’. In the first six months of 2023, the Eliminations segment result includes income of CHF 19 million (prior year: expenses of CHF 30 million) as a pension cost reconciliation item in accordance with IAS 19.

Leases between the segments are not recognised in the balance sheet in accordance with IFRS 16. The reported lease expense of the segments comprises depreciation and interest on right-of-use assets excluding depreciation on indefeasible rights of use (IRU) of CHF 10 million (prior year: CHF 10 million) as well as the accounting for the rental of buildings between segments. The lease expense of assets of low value is presented as direct costs.

Capital expenditure consists of the purchase of property, plant and equipment and intangible assets and payments for indefeasible rights of use (IRU). In general, IRUs are paid in full at the beginning of the use and are classified as leases under IFRS 16. From an economic point of view, IRU payments will be considered as capital expenditure in the segment information. Capital expenditure in the first six months of 2023 includes IRU payments of CHF 9 million (prior year: CHF 6 million).

Changes in segment reporting

Swisscom has reallocated various areas within Swisscom Switzerland to the segments as of 1 January 2023. The adjustments lead to cost shifts between the segments of Swisscom Switzerland. The changes have no effect on the reporting of revenue. The previous year’s figures for Swisscom Switzerland were adjusted as follows:

In CHF million   Reported   Adjustment   Restated
             
Operating income before depreciation and amortisation (EBITDA) Swisscom Switzerland Financial year 2022
Residential Customers   2,975   4   2,979
Business Customers   1,384   (3)   1,381
Wholesale   291   (2)   289
Infrastructure & Support Functions   (1,166)   1   (1,165)
Intersegment elimination   (1)   –   (1)
EBITDA Swisscom Switzerland   3,483   –   3,483

Segment information 2023


1.01.–30.06.2023, in CHF million
 
Swisscom
Switzerland
 

Fastweb
  Other
Operating
Segments
 

Elimination
 

Total
Residential customers   2,227   573   –   –   2,800
Corporate customers   1,514   520   204   –   2,238
Wholesale customers   272   140   –   –   412
External revenue   4,013   1,233   204   –   5,450
Intersegment revenue   31   3   297   (331)   –
Revenue   4,044   1,236   501   (331)   5,450
Direct costs   (816)   (469)   (40)   37   (1,288)
Indirect costs   (1,372)   (374)   (406)   293   (1,859)
Operating income before depreciation and amortisation (EBITDA)   1,856   393   55   (1)   2,303
Depreciation and amortisation of property, plant and equipment and intangible assets                   (1,056)
Depreciation of right-of-use assets                   (132)
Operating income (EBIT)                   1,115
Financial income                   11
Financial expense                   (75)
Result of equity-accounted investees                   –
Income before income taxes                   1,051
Income tax expense                   (203)
Net income                   848
                     
EBITDA   1,856   393   55   (1)   2,303
Lease expense   (111)   (27)   (5)   –   (143)
EBITDA after lease expense (EBITDAaL)   1,745   366   50   (1)   2,160
Capital expenditure   (821)   (293)   (18)   19   (1,113)
Operating free cash flow proxy   924   73   32   18   1,047

Segment information Swisscom Switzerland 2023


1.01.–30.06.2023, in CHF million
 
Residential
Customers
 
Business
Customers
 

Wholesale
  Infrastructure
& Support
Functions
 

Elimination
  Total
Swisscom
Switzerland
Fixed-line   995   406   –   –   –   1,401
Mobile   924   364   –   –   –   1,288
Telecom services   1,919   770   –   –   –   2,689
IT services   –   583   –   –   –   583
Merchandise   233   159   –   –   –   392
Wholesale   –   –   263   –   –   263
Revenue other   75   2   –   9   –   86
External revenue   2,227   1,514   263   9   –   4,013
Intersegment revenue   8   21   7   29   (34)   31
Revenue   2,235   1,535   270   38   (34)   4,044
Direct costs   (429)   (358)   (104)   (4)   79   (816)
Indirect costs   (317)   (498)   –   (512)   (45)   (1,372)
Operating income before depreciation and amortisation (EBITDA)   1,489   679   166   (478)   –   1,856
                         
Capital expenditure   (15)   (23)   –   (783)   –   (821)

Segment information 2022


1.01.–30.06.2022, in CHF million, restated
 
Swisscom
Switzerland
 

Fastweb
  Other
Operating
Segments
 

Elimination
 

Total
Residential customers   2,231   587   –   –   2,818
Corporate customers   1,532   510   206   –   2,248
Wholesale customers   272   129   –   –   401
External revenue   4,035   1,226   206   –   5,467
Intersegment revenue   32   4   294   (330)   –
Revenue   4,067   1,230   500   (330)   5,467
Direct costs   (820)   (426)   (34)   35   (1,245)
Indirect costs   (1,499)   (391)   (383)   242   (2,031)
Operating income before depreciation and amortisation (EBITDA)   1,748   413   83   (53)   2,191
Depreciation and amortisation of property, plant and equipment and intangible assets                   (1,058)
Depreciation of right-of-use assets                   (134)
Operating income (EBIT)                   999
Financial income                   67
Financial expense                   (80)
Result of equity-accounted investees                   (1)
Income before income taxes                   985
Income tax expense                   (200)
Net income                   785
                     
EBITDA   1,748   413   83   (53)   2,191
Lease expense   (111)   (30)   (5)   –   (146)
EBITDA after lease expense (EBITDAaL)   1,637   383   78   (53)   2,045
Capital expenditure   (755)   (306)   (14)   22   (1,053)
Operating free cash flow proxy   882   77   64   (31)   992

Segment information Swisscom Switzerland 2022


1.01.–30.06.2022, in CHF million, restated
 
Residential
Customers
 
Business
Customers
 

Wholesale
  Infrastructure
& Support
Functions
 

Elimination
  Total
Swisscom
Switzerland
Fixed-line   1,005   421   –   –   –   1,426
Mobile   922   374   –   –   –   1,296
Telecom services   1,927   795   –   –   –   2,722
IT services   –   574   –   –   –   574
Merchandise   244   163   –   –   –   407
Wholesale   –   –   263   –   –   263
Revenue other   60   –   –   9   –   69
External revenue   2,231   1,532   263   9   –   4,035
Intersegment revenue   8   25   6   27   (34)   32
Revenue   2,239   1,557   269   36   (34)   4,067
Direct costs   (423)   (371)   (104)   (4)   82   (820)
Indirect costs   (340)   (495)   (10)   (607)   (47)   (1,499)
Operating income before depreciation and amortisation (EBITDA)   1,476   691   155   (575)   1   1,748
                         
Capital expenditure   (17)   (22)   –   (717)   1   (755)