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2nd Interim Report 2019
2nd Interim Report 2019
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2nd Interim Report 2019
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Table of contents for the 2nd Interim Report 2019 report

2nd Interim Report 2019
KPIsFinancial 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 policies2 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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Outlook

The financial outlook for 2019 remains unchanged. Swisscom expects net revenue of around CHF 11.4 bil­lion, EBITDA of more than CHF 4.3 bil­lion and capital expenditure of around CHF 2.5 bil­lion (including costs of CHF 196 million for mobile radio frequencies in Switzerland) for 2019. Due to strong competition and price pressure and the ongoing decline in the number of fixed-line telephone connections, Swisscom expects revenue to be slightly lower without Fastweb. Fastweb’s revenue is expected to increase slightly from 2018. The outlook for EBITDA in 2019 reflects the effect of the new accounting standard for leasing (IFRS 16) applicable from 2019 onwards. The application of IFRS 16 has increased reported EBITDA by around CHF 200 million. On a like-for-like basis and excluding the effects of IFRS 16, Group EBITDA will be lower in 2019 than in 2018. For Swisscom, excluding Fastweb, the decline in revenue cannot be fully compensated by cost savings. In contrast, an increase in EBITDA is anticipated for Fastweb on a like-for-like basis. Capital expenditure in Switzerland, excluding costs for acquiring additional mobile radio frequencies at auction, will be slightly less than in the previous year. Fastweb’s capital expenditure is expected to be lower, because it will exclude the EUR 64 million spent on mobile radio frequencies in 2018. Subject to achieving its targets, Swisscom will propose payment of an unchanged, attractive dividend of CHF 22 per share for the 2019 financial year at the 2020 Annual General Meeting.