Depreciation and amortisation, non-operating results
In CHF million, except where indicated |
3rd quarter 2024 |
3rd quarter 2023 |
Change |
1.01.–30.09. 2024 |
1.01.–30.09. 2023 |
Change |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating income before depreciation and amortisation (EBITDA) | 1,159 | 1,174 | –1.3% | 3,438 | 3,477 | –1.1% | ||||||
| Depreciation and amortisation of property, plant and equipment and intangible assets | (529) | (510) | 3.7% | (1,590) | (1,566) | 1.5% | ||||||
| Depreciation of right-of-use assets | (66) | (65) | 1.5% | (196) | (197) | –0.5% | ||||||
| Operating income (EBIT) | 564 | 599 | –5.8% | 1,652 | 1,714 | –3.6% | ||||||
| Interest expense on financial liabilities | (52) | (20) | 160.0% | (100) | (56) | 78.6% | ||||||
| Interest income on financial assets | 48 | 2 | 2,300.0% | 60 | 5 | 1,100.0% | ||||||
| Interest expense on lease liabilities | (11) | (13) | –15.4% | (35) | (34) | 2.9% | ||||||
| Other financial result | 3 | 2 | 50.0% | – | (8) | –100.0% | ||||||
| Result of equity-accounted investees | – | – | (1) | – | ||||||||
| Income before income taxes | 552 | 570 | –3.2% | 1,576 | 1,621 | –2.8% | ||||||
| Income tax expense | (105) | (108) | –2.8% | (293) | (311) | –5.8% | ||||||
| Net income | 447 | 462 | –3.2% | 1,283 | 1,310 | –2.1% | ||||||
| Attributable to equity holders of Swisscom Ltd | 447 | 463 | –3.5% | 1,283 | 1,311 | –2.1% | ||||||
| Attributable to non-controlling interests | – | (1) | –100.0% | – | (1) | –100.0% | ||||||
| Earnings per share (in CHF) | 8.63 | 8.94 | –3.5% | 24.77 | 25.31 | –2.1% |
Net income fell slightly by CHF 27 million (–2.1%) to CHF 1,283 million. The lower operating income (CHF –62 million) was offset by an improvement in the financial result (CHF +18 million) and lower tax expense (CHF +18 million). The income tax expense was CHF 293 million (prior year: CHF 311 million), corresponding to an effective income tax rate of 18.6% (prior year: 19.2%).
The interest expense rose as a result of the new financing relating to the planned acquisition of Vodafone Italia. The funds raised are being invested in financial assets until the transaction is completed to compensate for the higher interest expense.