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1st Interim Report 2020
1st Interim Report 2020
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1st Interim Report 2020
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Table of contents for the 1st Interim Report 2020 report

1st Interim Report 2020
KPIsFinancial review
SummarySegment resultsDepreciation and amortisation, non operating resultsCash flowsNet asset positionOutlook
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 Financial result7 Operating net working capital8 Provisions and contingent liabilities
Alternative performance measures
Reconciliation of alternative performance measures
Further information
Share informationQuarterly review 2019 and 2020Forward looking statements
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Depreciation and amortisation, non-operating results

In CHF million, except where indicated   31.03.2020   31.03.2019   Change
Operating income before depreciation and amortisation (EBITDA)   1,111   1,119   –0.7%
Depreciation and amortisation of property, plant and equipment and intangible assets   (537)   (547)   –1.8%
Depreciation of right-of-use assets   (70)   (67)   4.5%
Operating income (EBIT)   504   505   –0.2%
Net interest expense on financial assets and liabilities   (12)   (15)   –20.0%
Interest expense on lease liabilities   (11)   (8)   37.5%
Other financial result   (14)   3    
Result of equity-accounted investees   1   2   –50.0%
Income before income taxes   468   487   –3.9%
Income tax expense   (74)   (104)   –28.8%
Net income   394   383   2.9%
Share of net income attributable to equity holders of Swisscom Ltd   395   385   2.6%
Share of net income attributable to non-controlling interests   (1)   (2)   –50.0%
             
Earnings per share (in CHF)   7.63   7.43   2.7%

The depreciation and amortisation of property, plant and equipment and intangible assets decreased by CHF 10 million or 1.8% year-on-year to CHF 537 million, mainly reflecting a decrease in depreciation and amortisation at Swisscom Switzerland and the Other Operating Segments. Net interest expense excluding leases declined from CHF 15 million to CHF 12 million as a result of lower average interest expense. Income tax expense was CHF 74 million (prior year: CHF 104 million), corresponding to an effective income tax rate of 15.8% (prior year: 21.4%). Income tax expense for the first quarter of 2020 includes positive tax effects of CHF 19 million as a result of the revaluation of deferred income tax items due to lower income tax rates. Swisscom anticipates a future effective consolidated tax rate of 19.5%. As a result of the lower income tax expense, Swisscom’s net income increased by CHF 11 million or 2.9% to CHF 394 million, and earnings per share rose accordingly from CHF 7.43 to CHF 7.63.