Depreciation and amortisation, non-operating results
In CHF million, except where indicated | 2018 | 2017 | Change | |||
---|---|---|---|---|---|---|
Operating income before depreciation and amortisation (EBITDA) | 4,213 | 4,295 | –1.9% | |||
Depreciation, amortisation and impairment losses | (2,144) | (2,164) | –0.9% | |||
Operating income (EBIT) | 2,069 | 2,131 | –2.9% | |||
Net interest expense | (128) | (149) | –14.1% | |||
Other financial result | (30) | (11) | 172.7% | |||
Result of equity-accounted investees | 5 | (11) | ||||
Income before income taxes | 1,916 | 1,960 | –2.2% | |||
Income tax expense | (395) | (392) | 0.8% | |||
Net income | 1,521 | 1,568 | –3.0% | |||
Share of net income attributable to equity holders of Swisscom Ltd | 1,527 | 1,570 | –2.7% | |||
Share of net income attributable to non-controlling interests | (6) | (2) | 200.0% | |||
Earnings per share (in CHF) | 29.48 | 30.31 | –2.7% |
Depreciation and amortisation fell by CHF 20 million or 0.9% year-on-year to CHF 2,144 million. The amortisation of intangible assets related to business combinations declined, amounting to CHF 37 million (prior year: CHF 50 million). Net interest expense declined by CHF 21 million to CHF 128 million as a result of lower average interest costs. Income tax expense was CHF 395 million (prior year: CHF 392 million), corresponding to an effective income tax rate of 20.6% (prior year: 20.0%).
Net income fell by CHF 47 million or 3.0% to CHF 1,521 million, primarily due to the non-recurring items described in the summary. Earnings per share fell accordingly from CHF 30.31 to CHF 29.48.