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1st Interim Report 2019
1st Interim Report 2019
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1st Interim Report 2019
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Table of contents for the 1st Interim Report 2019 report

1st Interim Report 2019
Key figuresFinancial review
SummaryChange in accounting policiesSegment resultsDepreciation and amortisation, non operating resultsCash flowsBalance sheetOutlook
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 Changes in accounting principles2 Segment information3 Operating costs4 Dividends5 Financial liabilities6 Leases7 Financial result8 Operating net working capital9 Intangible assets10 Provisions and contingent liabilities
Further information
Share informationQuarterly review 2018 and 2019Forward looking statements
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Depreciation and amortisation, non-operating results

In CHF million, except where indicated   31.3.2019   31.3.2018   Change
Operating income before depreciation and amortisation (EBITDA)   1,119   1,058   5.8%
Depreciation and amortisation of property, plant and equipment and intangible assets   (554)   (540) 1   2.6%
Depreciation of right-of-use assets   (60)   –    
Operating income (EBIT)   505   518   –2.5%
Net interest expense for financial assets and liabilities   (15)   (29)   –48.3%
Interest expense on lease liabilities   (8)   (6)   33.3%
Other financial result   3   (6)    
Result of equity-accounted investees   2   (2)    
Income before income taxes   487   475   2.5%
Income tax expense   (104)   (96)   8.3%
Net income   383   379   1.1%
Share of net income attributable to equity holders of Swisscom Ltd   385   381   1.0%
Share of net income attributable to non-controlling interests   (2)   (2)   –
             
Earnings per share (in CHF)   7.43   7.36   1.0%
1 Including depreciation of assets under finance leases of CHF 7 million.

Due to the application of IFRS 16 "Leases" effective 1 January 2019, right-of-use assets are capitalised and depreciated. The depreciation of right-of-use assets amounted to CHF 60 million in the first quarter of 2019. The depreciation and amortisation of property, plant and equipment and intangible assets increased by CHF 14 million or 2.6% year-on-year to CHF 554 million, mainly reflecting an increase in depreciation and amortisation at Swisscom Switzerland. Net interest expense excluding leases declined from CHF 29 million to CHF 15 million as a result of lower average interest costs. Income tax expense was CHF 104 million (prior year: CHF 96 million), corresponding to an effective income tax rate of 21.4% (prior year: 20.2%). Swisscom’s net income increased by CHF 4 million or 1.1% to CHF 383 million, and earnings per share rose accordingly from CHF 7.36 to CHF 7.43.