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3rd Interim Report 2023
3rd Interim Report 2023
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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   2,752       8,202
Direct costs   (629)   (616)   (661)   (720)   (2,626)   (661)   (627)   (691)       (1,979)
Personnel expense   (697)   (676)   (650)   (682)   (2,705)   (680)   (670)   (634)       (1,984)
Other operating expense   (437)   (565)   (404)   (576)   (1,982)   (406)   (461)   (430)       (1,297)
Capitalised self-constructed assets and other income   146   198   153   171   668   164   194   177       535
Operating income (EBITDA)   1,137   1,054   1,150   1,065   4,406   1,164   1,139   1,174       3,477
Depreciation and amortisation   (522)   (536)   (525)   (521)   (2,104)   (525)   (531)   (510)       (1,566)
Depreciation of right-of-use assets   (66)   (68)   (67)   (61)   (262)   (66)   (66)   (65)       (197)
Operating income (EBIT)   549   450   558   483   2,040   573   542   599       1,714
Net interest expense on financial assets and liabilities   (15)   (18)   (13)   (11)   (57)   (14)   (19)   (18)       (51)
Interest expenses on lease liabilities   (11)   (11)   (11)   (11)   (44)   (12)   (9)   (13)       (34)
Other financial result   28   14   (10)   (3)   29   (4)   (6)   2       (8)
Equity-accounted investees   (1)   –   (1)   (3)   (5)   –   –   –       –
Income before income taxes   550   435   523   455   1,963   543   508   570       1,621
Income tax expense   (103)   (97)   (94)   (66)   (360)   (101)   (102)   (108)       (311)
Net income   447   338   429   389   1,603   442   406   462       1,310
Attributable to equity holders of Swisscom Ltd   447   337   429   389   1,602   442   406   463       1,311
Attributable to non-controlling interests   –   1   –   –   1   –   –   (1)       (1)
                                         
Earnings per share (in CHF)   8.63   6.51   8.28   7.51   30.93   8.53   7.84   8.94       25.31
                                       
                                         
Revenue
Swisscom Switzerland   2,056   2,011   2,039   2,103   8,209   2,044   2,000   2,023       6,067
Fastweb   615   615   588   675   2,493   619   617   637       1,873
Other Operating Segments   241   259   259   279   1,038   243   258   269       770
Intersegment elimination   (158)   (172)   (174)   (185)   (689)   (159)   (172)   (177)       (508)
Total revenue   2,754   2,713   2,712   2,872   11,051   2,747   2,703   2,752       8,202
         
                                         
Operating income before depreciation and amortisation (EBITDA)
Swisscom Switzerland   930   818   917   818   3,483   943   913   911       2,767
Fastweb   191   222   220   224   857   187   206   221       614
Other Operating Segments   42   41   39   38   160   34   21   44       99
Reconciliation pension cost   (15)   (15)   (15)   (8)   (53)   9   10   9       28
Elimination   (11)   (12)   (11)   (7)   (41)   (9)   (11)   (11)       (31)
Total EBITDA   1,137   1,054   1,150   1,065   4,406   1,164   1,139   1,174       3,477
         
                                         
Capital expenditure
Swisscom Switzerland   364   391   406   537   1,698   394   427   376       1,197
Fastweb   163   143   147   166   619   152   141   143       436
Other Operating Segments   6   8   8   12   34   8   10   10       28
Intersegment elimination   (11)   (11)   (13)   (7)   (42)   (9)   (10)   (12)       (31)
Total capital expenditure   522   531   548   708   2,309   545   568   517       1,630

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   1,174       3,477
Lease expense   (72)   (74)   (73)   (67)   (286)   (73)   (70)   (74)       (217)
EBITDA after lease expense (EBITDAaL)   1,065   980   1,077   998   4,120   1,091   1,069   1,100       3,260
Capital expenditure   (522)   (531)   (548)   (708)   (2,309)   (545)   (568)   (517)       (1,630)
Operating free cash flow proxy   543   449   529   290   1,811   546   501   583       1,630
                                         
Free cash flow
Free cash flow   63   230   687   369   1,349   209   253   575       1,037
                                         
Net debt
Net debt   7,680   8,538   7,704   7,374   7,374   7,171   8,108   7,507       7,507
                                         
Full-time equivalent employees
Swisscom Switzerland   12,999   12,927   12,870   12,822   12,822   12,841   13,054   13,211       13,211
Fastweb   2,737   2,880   2,915   3,039   3,039   3,087   3,117   3,146       3,146
Other Operating Segments   3,273   3,260   3,248   3,296   3,296   3,324   3,326   3,329       3,329
Total headcount   19,009   19,067   19,033   19,157   19,157   19,252   19,497   19,686       19,686
                                         
Information by geographical regions
Revenue in Switzerland   2,141   2,100   2,126   2,199   8,566   2,129   2,088   2,116       6,333
Revenue in other countries   613   613   586   673   2,485   618   615   636       1,869
Total revenue   2,754   2,713   2,712   2,872   11,051   2,747   2,703   2,752       8,202
                                         
Operating income (EBITDA) Switzerland   941   829   925   839   3,534   975   933   951       2,859
Operating income (EBITDA) other countries   196   225   225   226   872   189   206   223       618
Total EBITDA   1,137   1,054   1,150   1,065   4,406   1,164   1,139   1,174       3,477
                                         
Capital expenditure in Switzerland   359   387   401   541   1,688   392   427   374       1,193
Capital expenditure in other countries   163   144   148   166   621   153   141   143       437
Total capital expenditure   522   531   549   707   2,309   545   568   517       1,630
                                         
Headcount in Switzerland   15,987   15,874   15,786   15,750   15,750   15,755   15,929   16,048       16,048
Headcount in other countries   3,022   3,193   3,247   3,407   3,407   3,497   3,568   3,638       3,638
Total headcount (full-time equivalents)   19,009   19,067   19,033   19,157   19,157   19,252   19,497   19,686       19,686
                                         
Fastweb, in EUR million
Residential Customers   285   287   284   289   1,145   289   291   289       869
Enterprise Customers   247   250   239   279   1,015   261   266   287       814
Wholesale   62   64   78   111   315   71   70   83       224
External revenue   594   601   601   679   2,475   621   627   659       1,907
Intersegment revenue   1   3   2   1   7   2   1   1       4
Revenue   595   604   603   680   2,482   623   628   660       1,911
                                         
Operating income (EBITDA)   185   218   225   226   854   188   210   229       627
Margin as % of revenue   31.1   36.1   37.3   33.2   34.4   30.2   33.4   34.7       32.8
Lease expense   (14)   (15)   (14)   (14)   (57)   (13)   (14)   (14)       (41)
EBITDA after lease expense (EBITDAaL)   171   203   211   212   797   175   196   215       586
Capital expenditure   (157)   (142)   (150)   (167)   (616)   (153)   (144)   (148)       (445)
Operating free cash flow proxy   14   61   61   45   181   22   52   67       141
                                         
Broadband access lines in thousand   2,731   2,712   2,696   2,683   2,683   2,662   2,631   2,613       2,613
Broadband access lines wholesale in thousand   363   386   418   458   458   498   532   579       579
Mobile access lines in thousand   2,649   2,805   2,937   3,087   3,087   3,231   3,343   3,428       3,428

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   964       2,883
Business Customers   400   395   399   394   1,588   388   382   382       1,152
Revenue telecoms services   1,365   1,357   1,369   1,358   5,449   1,348   1,341   1,346       4,035
IT services   289   285   281   297   1,152   291   292   294       877
Merchandise   222   185   204   249   860   217   175   191       583
Wholesale   130   133   142   135   540   131   132   139       402
Revenue other   35   34   29   50   148   42   44   38       124
External revenue   2,041   1,994   2,025   2,089   8,149   2,029   1,984   2,008       6,021
Intersegment revenue   15   17   14   14   60   15   16   15       46
Revenue   2,056   2,011   2,039   2,103   8,209   2,044   2,000   2,023       6,067
                                         
                                         
Residential Customers   1,131   1,108   1,131   1,157   4,527   1,136   1,099   1,110       3,345
Business Customers   791   766   764   808   3,129   772   763   769       2,304
Wholesale   133   136   144   138   551   134   136   142       412
Infrastructure & Support Functions   18   18   18   17   71   19   19   19       57
Intersegment elimination   (17)   (17)   (18)   (17)   (69)   (17)   (17)   (17)       (51)
Revenue   2,056   2,011   2,039   2,103   8,209   2,044   2,000   2,023       6,067
                                         
                                         
Residential Customers   746   730   757   746   2,979   748   741   753       2,242
Business Customers   352   339   360   330   1,381   345   334   340       1,019
Wholesale   81   74   54   80   289   80   86   54       220
Infrastructure & Support Functions   (249)   (326)   (254)   (336)   (1,165)   (231)   (247)   (237)       (715)
Intersegment elimination   –   1   –   (2)   (1)   1   (1)   1       1
EBITDA   930   818   917   818   3,483   943   913   911       2,767
Margin as % of revenue   45.2   40.7   45.0   38.9   42.4   46.1   45.7   45.0       45.6
Lease expense   (56)   (55)   (56)   (51)   (218)   (56)   (55)   (58)       (169)
EBITDA after lease expense (EBITDAaL)   874   763   861   767   3,265   887   858   853       2,598
Capital expenditure   (364)   (391)   (406)   (537)   (1,698)   (394)   (427)   (376)       (1,197)
Operating free cash flow proxy   510   372   455   230   1,567   493   431   477       1,401
                                         
Operational data in thousand
Residential Customers   1,139   1,121   1,103   1,082   1,082   1,058   1,041   1,024       1,024
Business Customers   260   248   248   240   240   234   230   225       225
Fixed telephony access lines   1,399   1,369   1,351   1,322   1,322   1,292   1,271   1,249       1,249
                                         
Residential Customers   1,736   1,733   1,734   1,736   1,736   1,727   1,724   1,722       1,722
Business Customers   294   293   293   291   291   290   288   287       287
Broadband access lines retail   2,030   2,026   2,027   2,027   2,027   2,017   2,012   2,009       2,009
                                         
Residential Customers   1,517   1,513   1,508   1,503   1,503   1,491   1,483   1,475       1,475
Business Customers   69   69   68   68   68   67   66   66       66
TV access lines   1,586   1,582   1,576   1,571   1,571   1,558   1,549   1,541       1,541
                                         
Residential Customers   3,136   3,169   3,226   3,275   3,275   3,288   3,313   3,343       3,343
Business Customers   1,879   1,883   1,874   1,871   1,871   1,888   1,903   1,905       1,905
Mobile access lines Postpaid   5,015   5,052   5,100   5,146   5,146   5,176   5,216   5,248       5,248
Prepaid Residential Customers   1,136   1,105   1,066   1,027   1,027   1,001   979   949       949
Mobile access lines   6,151   6,157   6,166   6,173   6,173   6,177   6,195   6,197       6,197
                                         
Access lines wholesale   703   692   691   679   679   688   682   683       683