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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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Quarterly review 2018 and 2019


In CHF million, except where indicated
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2018
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2019
                                         
Income statement
Net revenue   2,885   2,920   2,884   3,025   11,714   2,860               2,860
Direct costs   (704)   (692)   (723)   (835)   (2,954)   (683)               (683)
Personnel expense   (723)   (714)   (661)   (717)   (2,815)   (724)               (724)
Other operating expense   (503)   (540)   (519)   (631)   (2,193)   (448)               (448)
Capitalised self-constructed assets and other income   103   111   107   140   461   114               114
Operating income (EBITDA)   1,058   1,085   1,088   982   4,213   1,119               1,119
Depreciation and amortisation   (540)   (540)   (530)   (534)   (2,144)   (554)               (554)
Depreciation of right-of-use assets   –   –   –   –   –   (60)               (60)
Operating income (EBIT)   518   545   558   448   2,069   505               505
Net interest expense on financial assets and liabilities   (29)   (29)   (27)   (19)   (104)   (15)               (15)
Interest expenses lease liabilities   (6)   (6)   (6)   (6)   (24)   (8)               (8)
Other financial result   (6)   6   (3)   (27)   (30)   3               3
Equity-accounted investees   (2)   2   3   2   5   2               2
Income before income taxes   475   518   525   398   1,916   487               487
Income tax expense   (96)   (110)   (99)   (90)   (395)   (104)               (104)
Net income   379   408   426   308   1,521   383               383
Attributable to equity holders of Swisscom Ltd   381   409   427   310   1,527   385               385
Share attributable to non-controlling interests   (2)   (1)   (1)   (2)   (6)   (2)               (2)
                                         
Earnings per share (in CHF)   7.36   7.90   8.24   5.98   29.48   7.43               7.43
                                       
                                         
Net revenue
Swisscom Switzerland   2,204   2,191   2,188   2,223   8,806   2,163               2,163
Fastweb   574   606   577   669   2,426   581               581
Other Operating Segments   198   228   230   253   909   225               225
Group Headquarters   –   1   –   1   2   –               –
Intersegment elimination   (91)   (106)   (111)   (121)   (429)   (109)               (109)
Total net revenue   2,885   2,920   2,884   3,025   11,714   2,860               2,860
         
                                         
Operating income before depreciation and amortisation (EBITDA)
Swisscom Switzerland   935   933   919   789   3,576   929               929
Fastweb   172   199   204   228   803   177               177
Other Operating Segments   41   51   56   49   197   50               50
Group Headquarters   (21)   (31)   (19)   (5)   (76)   (18)               (18)
Reconciliation pension cost   (15)   (14)   (17)   (14)   (60)   (14)               (14)
Reconciliation lease expense (IAS 17)   (52)   (47)   (51)   (57)   (207)   –               –
Intersegment elimination   (2)   (6)   (4)   (8)   (20)   (5)               (5)
Total EBITDA   1,058   1,085   1,088   982   4,213   1,119               1,119
         
                                         
Capital expenditure in property, plant and equipment and intangible assets
Swisscom Switzerland   311   400   391   518   1,620   353               353
Fastweb   185   162   154   256   757   161               161
Other Operating Segments   8   11   12   15   46   8               8
Intersegment elimination   (3)   (5)   (5)   (6)   (19)   (4)               (4)
Total capital expenditure   501   568   552   783   2,404   518               518
    1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2018
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2019
                                         
                                         
Operating free cash flow proxy
Operating income (EBITDA)   1,058   1,085   1,088   982   4,213   1,119               1,119
Capital expenditure   (501)   (568)   (552)   (783)   (2,404)   (518)               (518)
Lease expense (IFRS 16)   –   –   –   –   –   (68)               (68)
Operating free cash flow proxy   557   517   536   199   1,809   533               533
     
Net debt
Net debt excluding lease liabilities   6,835   7,696   7,187   7,009   7,009   6,736               6,736
Lease liabilities   459   450   455   384   384   1,719               1,719
Net debt   7,294   8,146   7,642   7,393   7,393   8,455               8,455
     
Full-time equivalent employees at end of year
Swisscom Switzerland   15,014   14,562   14,522   14,448   14,448   14,340               14,340
Fastweb   2,510   2,483   2,470   2,484   2,484   2,458               2,458
Other Operating Segments   2,540   2,588   2,615   2,679   2,679   2,699               2,699
Group Headquarters   262   262   243   234   234   222               222
Total full-time equivalent employees   20,326   19,895   19,850   19,845   19,845   19,719               19,719
     
Information by geographical region in CHF million or full-time equivalents
Net revenue in Switzerland   2,308   2,310   2,305   2,351   9,274   2,277               2,277
Net revenue in other countries   577   610   579   674   2,440   583               583
Total net revenue   2,885   2,920   2,884   3,025   11,714   2,860               2,860
                                         
EBITDA in Switzerland   889   891   887   752   3,419   939               939
EBITDA in other countries   169   194   201   230   794   180               180
Total EBITDA   1,058   1,085   1,088   982   4,213   1,119               1,119
                                         
Capital expenditure in Switzerland   315   406   398   526   1,645   357               357
Capital expenditure in other countries   186   162   154   257   759   161               161
Total capital expenditure   501   568   552   783   2,404   518               518
                                         
Full-time equivalent employees in Switzerland   17,611   17,203   17,165   17,147   17,147   17,035               17,035
Full-time equivalent employees in other countries   2,715   2,692   2,685   2,698   2,698   2,684               2,684
Total full-time equivalent employees   20,326   19,895   19,850   19,845   19,845   19,719               19,719
                                         
Fastweb, in EUR million
Retail Customers   257   264   264   265   1,050   269               269
Corporate Business   180   188   190   222   780   202               202
Wholesale   53   66   49   99   267   42               42
Revenue from external customers   490   518   503   586   2,097   513               513
Segment result (EBITDA)   148   170   178   200   696   157               157
Margin as % of net revenue   30.1   32.8   35.2   34.0   33.1   30.4               30.4
                                         
Capital expenditure   159   138   135   225   657   143               143
Broadband access lines in thousand   2,483   2,500   2,518   2,547   2,547   2,575               2,575
Mobile access lines in thousand   1,185   1,280   1,324   1,432   1,432   1,517               1,517

In CHF million, except where indicated
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2018
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2019
                                         
Swisscom Switzerland Revenue and results
Retail Customers   655   659   662   642   2,618   630               630
Enterprise Customers   113   118   114   106   451   102               102
Revenue mobile   768   777   776   748   3,069   732               732
Retail Customers   643   645   642   643   2,573   638               638
Enterprise Customers   131   134   128   127   520   120               120
Revenue fixed-line   774   779   770   770   3,093   758               758
Other revenue Enterprise Customers   16   15   14   15   60   16               16
Total revenue telecoms services   1,558   1,571   1,560   1,533   6,222   1,506               1,506
Solution business   264   259   255   281   1,069   251               251
Merchandise   174   166   173   207   719   196               196
Wholesale   141   145   148   132   566   158               158
Other revenue   49   32   35   52   163   32               32
Revenue from external customers   2,186   2,173   2,171   2,205   8,735   2,143               2,143
                                         
Retail Customers   1,456   1,448   1,457   1,482   5,843   1,413               1,413
Enterprise Customers   584   575   561   586   2,306   566               566
Wholesale   141   145   148   132   566   158               158
IT, Network & Infrastructure   5   5   5   5   20   6               6
Revenue from external customers   2,186   2,173   2,171   2,205   8,735   2,143               2,143
         
                                         
Segment result before depreciation and amortisation (EBITDA)                                        
Retail Customers   902   882   874   805   3,463   884               884
Enterprise Customers   208   203   206   187   804   181               181
Wholesale   109   114   119   105   447   130               130
IT, Network & Infrastructure   (284)   (266)   (281)   (307)   (1,138)   (265)               (265)
Intersegment elimination   –   –   1   (1)   –   (1)               (1)
Segment result (EBITDA)   935   933   919   789   3,576   929               929
Margin as % of net revenue   42.4   42.6   42.0   35.5   40.6   42.9               42.9
                                         
Operational data in thousand
Access lines
Retail Customers   1,779   1,730   1,684   1,641   1,641   1,601               1,601
Enterprise Customers   198   176   162   147   147   136               136
Fixed telephony access lines   1,977   1,906   1,846   1,788   1,788   1,737               1,737
                                         
Retail Customers   1,988   1,991   1,993   1,998   1,998   1,995               1,995
Enterprise Customers   37   37   37   35   35   35               35
Broadband access lines retail   2,025   2,028   2,030   2,033   2,033   2,030               2,030
                                         
Retail Customers   1,492   1,501   1,510   1,519   1,519   1,523               1,523
Swisscom TV access lines   1,492   1,501   1,510   1,519   1,519   1,523               1,523
                                         
Postpaid Residential Customers   3,381   3,379   3,385   3,382   3,382   3,435               3,435
Postpaid Enterprise Customers   1,265   1,270   1,283   1,294   1,294   1,272               1,272
Mobile access lines Postpaid   4,646   4,649   4,668   4,676   4,676   4,707               4,707
Prepaid Residential Customers   1,805   1,785   1,741   1,694   1,694   1,671               1,671
Mobile access lines   6,451   6,434   6,409   6,370   6,370   6,378               6,378
                                         
RGU Residential Customers   10,445   10,386   10,313   10,234   10,234   10,225               10,225
RGU Enterprise Customers   1,500   1,483   1,482   1,476   1,476   1,443               1,443
Revenue generating units (RGU)   11,945   11,869   11,795   11,710   11,710   11,668               11,668
                                         
Broadband access lines wholesale   449   462   472   481   481   492               492
Unbundled fixed access lines   100   95   91   87   87   83               83