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Quarterly review 2019 and 2020


In CHF million, except where indicated		   1.
quarter		   2.
quarter		   3.
quarter		   4.
quarter		  
2019		   1.
quarter		   2.
quarter		   3.
quarter		   4.
quarter		  
2020
                                         
Income statement
Net revenue   2,860   2,803   2,793   2,997   11,453   2,737   2,706   2,758       8,201
Direct costs   (683)   (656)   (684)   (792)   (2,815)   (626)   (624)   (656)       (1,906)
Personnel expense   (724)   (687)   (653)   (736)   (2,800)   (700)   (679)   (637)       (2,016)
Other operating expense   (448)   (500)   (459)   (582)   (1,989)   (407)   (416)   (441)       (1,264)
Capitalised self-constructed assets and other income   114   161   123   111   509   107   110   124       341
Operating income (EBITDA)   1,119   1,121   1,120   998   4,358   1,111   1,097   1,148       3,356
Depreciation and amortisation   (547)   (550)   (529)   (540)   (2,166)   (537)   (541)   (538)       (1,616)
Depreciation of right-of-use assets   (67)   (69)   (69)   (77)   (282)   (70)   (77)   (70)       (217)
Operating income (EBIT)   505   502   522   381   1,910   504   479   540       1,523
Net interest expense on financial assets and liabilities   (15)   (16)   (13)   (18)   (62)   (12)   (18)   (20)       (50)
Interest expenses on lease liabilities   (8)   (7)   (9)   (18)   (42)   (11)   (11)   (12)       (34)
Other financial result   3   (28)   (26)   (3)   (54)   (14)   (38)   23       (29)
Equity-accounted investees   2   –   (1)   (29)   (28)   1   2   1       4
Income before income taxes   487   451   473   313   1,724   468   414   532       1,414
Income tax expense   (104)   (54)   (72)   175   (55)   (74)   (72)   (102)       (248)
Net income   383   397   401   488   1,669   394   342   430       1,166
Attributable to equity holders of Swisscom Ltd   385   397   401   489   1,672   395   343   431       1,169
Attributable to non-controlling interests   (2)   –   –   (1)   (3)   (1)   (1)   (1)       (3)
                                         
Earnings per share (in CHF)   7.43   7.66   7.74   9.44   32.28   7.63   6.62   8.32       22.57
                                       
                                         
Net revenue
Swisscom Switzerland   2,166   2,095   2,113   2,199   8,573   2,071   2,025   2,052       6,148
Fastweb   581   602   587   698   2,468   580   599   613       1,792
Other Operating Segments   265   275   262   277   1,079   243   247   269       759
Group Headquarters   –   –   –   1   1   –   –   –       –
Intersegment elimination   (152)   (169)   (169)   (178)   (668)   (157)   (165)   (176)       (498)
Total net revenue   2,860   2,803   2,793   2,997   11,453   2,737   2,706   2,758       8,201
         
                                         
Operating income before depreciation and amortisation (EBITDA)
Swisscom Switzerland   928   908   905   743   3,484   923   891   913       2,727
Fastweb   182   211   213   228   834   181   208   219       608
Other Operating Segments   50   48   46   45   189   42   40   56       138
Group Headquarters   (17)   (20)   (18)   (11)   (66)   (14)   (19)   (15)       (48)
Reconciliation pension cost   (14)   (15)   (15)   (3)   (47)   (15)   (16)   (16)       (47)
Elimination   (10)   (11)   (11)   (4)   (36)   (6)   (7)   (9)       (22)
Total EBITDA   1,119   1,121   1,120   998   4,358   1,111   1,097   1,148       3,356
         
                                         
Capital expenditure
Swisscom Switzerland   353   601   370   437   1,761   367   409   410       1,186
Fastweb   161   174   160   172   667   148   146   145       439
Other Operating Segments   8   11   13   15   47   7   11   12       30
Intersegment elimination   (4)   (7)   (7)   (19)   (37)   (6)   (7)   (10)       (23)
Total capital expenditure   518   779   536   605   2,438   516   559   557       1,632

In CHF million, except where indicated		   1.
quarter		   2.
quarter		   3.
quarter		   4.
quarter		  
2019		   1.
quarter		   2.
quarter		   3.
quarter		   4.
quarter		  
2020
                                         
Operating free cash flow proxy
Operating income (EBITDA)   1,119   1,121   1,120   998   4,358   1,111   1,097   1,148       3,356
Lease expense   (68)   (69)   (69)   (88)   (294)   (75)   (75)   (76)       (226)
EBITDA after lease expense (EBITDA AL)   1,051   1,052   1,051   910   4,064   1,036   1,022   1,072       3,130
Capital expenditure   (518)   (779)   (536)   (605)   (2,438)   (516)   (559)   (557)       (1,632)
Operating free cash flow proxy   533   273   515   305   1,626   520   463   515       1,498
                                       
                                         
Net debt
Net debt   6,736   7,787   7,182   6,758   6,758   6,552   7,171   6,625       6,625
Net debt incl. lease liabilities.   8,455   9,542   8,933   8,785   8,785   8,528   9,129   8,622       8,622
                                       
                                         
Full-time equivalent employees
Swisscom Switzerland   13,352   13,271   13,158   13,055   13,055   12,813   12,608   12,619       12,619
Fastweb   2,458   2,451   2,467   2,456   2,456   2,515   2,605   2,634       2,634
Other Operating Segments   3,694   3,633   3,668   3,605   3,605   3,583   3,567   3,560       3,560
Group Headquarters   215   209   207   201   201   199   204   213       213
Total headcount   19,719   19,564   19,500   19,317   19,317   19,110   18,984   19,026       19,026
                                       
                                       
                                         
Fastweb, in EUR million
Residential Customers   269   273   277   285   1,104   280   282   282       844
Enterprise Customers   202   214   211   235   862   211   224   226       661
Wholesale   42   45   45   113   245   50   55   59       164
Revenue from external customers   513   532   533   633   2,211   541   561   567       1,669
Segment result (EBITDA)   162   187   194   207   750   170   195   203       568
Margin as % of net revenue   31.5   35.0   36.3   32.6   33.8   31.3   34.7   33.9       33.9
Lease expense   (12)   (13)   (13)   (12)   (50)   (13)   (13)   (13)       (39)
EBITDA after lease expense (EBITDA AL)   150   174   181   195   700   157   182   190       529
Capital expenditure   (143)   (154)   (146)   (156)   (599)   (138)   (138)   (134)       (410)
Operating free cash flow proxy   7   20   35   39   101   19   44   56       119
                                         
Broadband access lines in thousand   2,575   2,600   2,610   2,637   2,637   2,659   2,692   2,704       2,704
Mobile access lines in thousand   1,440   1,549   1,663   1,746   1,746   1,779   1,830   1,889       1,889
                                         
Information by geographical regions
Net revenue in Switzerland   2,277   2,197   2,203   2,292   8,969   2,155   2,106   2,140       6,401
Net revenue in other countries   583   606   590   705   2,484   582   600   618       1,800
Total net revenue   2,860   2,803   2,793   2,997   11,453   2,737   2,706   2,758       8,201
                                         
EBITDA in Switzerland   939   913   907   749   3,508   924   890   922       2,736
EBITDA in other countries   180   208   213   249   850   187   207   226       620
Total EBITDA   1,119   1,121   1,120   998   4,358   1,111   1,097   1,148       3,356
                                         
Capital expenditure in Switzerland   357   604   377   432   1,770   367   412   412       1,191
Capital expenditure in other countries   161   175   159   173   668   149   147   145       441
Total capital expenditure   518   779   536   605   2,438   516   559   557       1,632
                                         
Headcount in Switzerland   17,035   16,871   16,788   16,628   16,628   16,357   16,119   16,119       16,119
Headcount in other countries   2,684   2,693   2,712   2,690   2,690   2,753   2,865   2,907       2,907
Total headcount (full-time equivalents)   19,719   19,564   19,500   19,318   19,318   19,110   18,984   19,026       19,026

In CHF million, except where indicated		   1.
quarter		   2.
quarter		   3.
quarter		   4.
quarter		  
2019		   1.
quarter		   2.
quarter		   3.
quarter		   4.
quarter		  
2020
                                         
Swisscom Switzerland Revenue and results
Residential Customers   520   511   518   513   2,062   497   478   485       1,460
Business Customers   217   215   209   203   844   196   189   190       575
Revenue wireless   737   726   727   716   2,906   693   667   675       2,035
Residential Customers   514   517   509   508   2,048   505   500   500       1,505
Business Customers   244   237   231   226   938   226   227   223       676
Revenue fixed-line   758   754   740   734   2,986   731   727   723       2,181
Other revenue Business Customers   16   14   15   15   60   15   15   15       45
Total revenue telecoms services   1,511   1,494   1,482   1,465   5,952   1,439   1,409   1,413       4,261
Solutions business   257   256   258   278   1,049   267   260   259       786
Merchandise   196   169   182   260   807   175   175   176       526
Wholesale   158   162   169   154   643   164   158   168       490
Revenue other   21   (6)   –   18   33   5   1   17       23
Total revenue from external customers   2,143   2,075   2,091   2,175   8,484   2,050   2,003   2,033       6,086
                                         
Residential Customers   1,169   1,124   1,147   1,222   4,662   1,120   1,080   1,120       3,320
Business Customers   810   783   769   794   3,156   760   760   739       2,259
Wholesale   158   162   169   154   643   164   158   168       490
IT, Network & Infrastructure   6   6   6   5   23   6   5   6       17
Total revenue from external customers   2,143   2,075   2,091   2,175   8,484   2,050   2,003   2,033       6,086
                                         
Segment result before depreciation and amortisation (EBITDA) and Operating free cash flow proxy                                        
Residential Customers   722   697   686   665   2,770   703   684   684       2,071
Business Customers   356   354   344   340   1,394   336   339   339       1,014
Wholesale   126   129   138   118   511   132   125   134       391
IT, Network & Infrastructure   (275)   (272)   (264)   (380)   (1,191)   (247)   (259)   (243)       (749)
Intersegment elimination   (1)   –   1   –   –   (1)   2   (1)       –
Segment result (EBITDA)   928   908   905   743   3,484   923   891   913       2,727
Margin as % of net revenue   42.8   43.3   42.8   33.8   40.6   44.6   44.0   44.5       44.4
Lease expense   (56)   (56)   (55)   (57)   (224)   (58)   (58)   (58)       (174)
EBITDA after lease expense (EBITDA AL)   872   852   850   686   3,260   865   833   855       2,553
Capital expenditure   (353)   (601)   (370)   (437)   (1,761)   (367)   (409)   (410)       (1,186)
Operating free cash flow proxy   519   251   480   249   1,499   498   424   445       1,367
                                         
Operational data in thousand
Access lines
Residential Customers   1,356   1,333   1,318   1,307   1,307   1,291   1,276   1,257       1,257
Business Customers   381   350   325   287   287   291   288   289       289
Fixed telephony access lines   1,737   1,683   1,643   1,594   1,594   1,582   1,564   1,546       1,546
                                         
Residential Customers   1,743   1,742   1,749   1,757   1,757   1,754   1,750   1,747       1,747
Business Customers   314   308   305   301   301   299   298   298       298
Broadband access lines retail   2,057   2,050   2,054   2,058   2,058   2,053   2,048   2,045       2,045
                                         
Residential Customers   1,462   1,467   1,477   1,491   1,491   1,491   1,487   1,486       1,486
Business Customers   61   62   63   64   64   64   64   65       65
TV access lines   1,523   1,529   1,540   1,555   1,555   1,555   1,551   1,551       1,551
                                         
Postpaid Residential Customers   2,840   2,872   2,908   2,930   2,930   2,931   2,933   2,962       2,962
Postpaid Business Customers   1,867   1,850   1,845   1,841   1,841   1,842   1,850   1,859       1,859
Mobile access lines Postpaid   4,707   4,722   4,753   4,771   4,771   4,773   4,783   4,821       4,821
Prepaid Residential Customers   1,671   1,646   1,605   1,562   1,562   1,526   1,481   1,432       1,432
Mobile access lines   6,378   6,368   6,358   6,333   6,333   6,299   6,264   6,253       6,253
                                         
RGU Residential Customers   9,072   9,060   9,057   9,047   9,047   8,993   8,927   8,884       8,884
RGU Business Customers   2,623   2,570   2,538   2,493   2,493   2,496   2,500   2,511       2,511
Revenue generating units (RGU)   11,695   11,630   11,595   11,540   11,540   11,489   11,427   11,395       11,395
                                         
Broadband access lines wholesale   492   502   509   515   515   525   533   543       543
Unbundled fixed access lines   83   79   75   70   70   66   63   59       59