Depreciation and amortisation, non-operating results
| In CHF million, except where indicated | 2021 | 2020 | Change | |||
|---|---|---|---|---|---|---|
| Operating income before depreciation and amortisation (EBITDA) | 4,478 | 4,382 | 2.2% | |||
| Depreciation and amortisation of property, plant and equipment and intangible assets | (2,131) | (2,149) | –0.8% | |||
| Depreciation of right-of-use assets | (281) | (286) | –1.7% | |||
| Operating income (EBIT) | 2,066 | 1,947 | 6.1% | |||
| Net interest expense on financial assets and liabilities | (60) | (69) | –13.0% | |||
| Interest expense on lease liabilities | (44) | (45) | –2.2% | |||
| Other financial result | 200 | (38) | ||||
| Result of equity-accounted investees | (10) | 4 | ||||
| Income before income taxes | 2,152 | 1,799 | 19.6% | |||
| Income tax expense | (319) | (271) | 17.7% | |||
| Net income | 1,833 | 1,528 | 20.0% | |||
| Attributable to equity holders of Swisscom Ltd | 1,832 | 1,530 | 19.7% | |||
| Attributable to non-controlling interests | 1 | (2) | ||||
| Earnings per share (in CHF) | 35.37 | 29.54 | 19.7% |
Swisscom’s net income rose by CHF 305 million or 20.0% to CHF 1,833 million, largely due to non-recurring items in the financial result and the higher EBITDA. Earnings per share rose accordingly from CHF 29.54 to CHF 35.37. Income before income taxes rose by 19.6%. The depreciation and amortisation of property, plant and equipment and intangible assets decreased by CHF 18 million or 0.8% year-on-year to CHF 2,131 million; these went down at Swisscom Switzerland and up at Fastweb. The non-recurring items in the financial result originate from the first quarter of 2021. As part of its strategic partnership with TIM, Fastweb transferred its stake in FlashFiber as a capital contribution to the newly established fibre-optic company FiberCop. This resulted in an upward revaluation of the participation recognised in the income statement of CHF 169 million. In addition, Swisscom realised a gain of CHF 38 million on the sale of its investment in Belgacom International Carrier Services. Income tax expense stood at CHF 319 million (prior year: CHF 271 million), which corresponds to an effective income tax rate of 14.8% (prior year: 15.1%).