This is a condensed version of the financial statements of Swisscom Ltd. The full version and the auditors’ report can be viewed on the Swisscom website.See www.swisscom.ch/financialstatements2019
Swisscom Ltd is a holding company under Swiss law. As at 31 December 2019, the Swiss Confederation, as majority shareholder, continued to hold 51.0% of the issued shares of Swisscom Ltd as in the prior year. The Telecommunications Enterprises Act (TEA) provides that the Swiss Confederation shall hold the majority of the share capital and voting rights of Swisscom Ltd. The financial statements of Swisscom Ltd have been prepared in accordance with statutory requirements and the Articles of Incorporation. Distributable reserves are not determined on the basis of the equity as reported in the consolidated financial statements but rather on the basis of equity as reported in the separate financial statements of Swisscom Ltd. The equity totalled CHF 6,759 million in the 2019 financial statements of Swisscom Ltd. Under Swiss company law, share capital and that part of the general reserves representing 20% of the share capital may not be distributed. On 31 December 2019, Swisscom Ltd held distributable reserves of CHF 6,697 million. The dividend is proposed by the Board of Directors and must be approved by Swisscom’s Annual General Meeting of Shareholders on 6 April 2020. Treasury shares are not entitled to a dividend.
In its opinion, the statutory auditor PricewaterhouseCoopers (PwC) confirms that the financial statements of Swisscom Ltd comply with Swiss law and the company’s Articles of Incorporation and that an internal control system exists which has been designed for the preparation of the financial statements according to the instructions of the Board of Directors. PwC further confirms that the proposed appropriation of retained earnings complies with Swiss law and the company’s Articles of Incorporation and recommends that the financial statements be approved.