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2nd Interim Report 2021
2nd Interim Report 2021
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2nd Interim Report 2021
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  • 1st Interim Report 2024
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  • 3rd Interim Report 2023
  • 2nd Interim Report 2023
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  • Annual Report 2022
  • 3rd Interim Report 2022
  • 2nd Interim Report 2022
  • 1st Interim Report 2022
  • Annual Report 2021
  • 3rd Interim Report 2021
  • 2nd Interim Report 2021
  • 1st Interim Report 2021
  • Annual Report 2020
  • 3rd Interim Report 2020
  • 2nd Interim Report 2020
  • 1st Interim Report 2020
  • Annual Report 2019
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Table of contents for the 2nd Interim Report 2021 report

2nd Interim Report 2021
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 liabilities9 Post employment benefits
Alternative performance measures
Reconciliation of alternative performance measures
Further information
Share informationQuarterly review 2020 and 2021Forward looking statements
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Quarterly review 2020 and 2021


In CHF million, except where indicated
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2020
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2021
                                         
Income statement
Net revenue   2,737   2,706   2,758   2,899   11,100   2,803   2,780           5,583
Direct costs   (626)   (624)   (656)   (763)   (2,669)   (680)   (670)           (1,350)
Personnel expense   (700)   (679)   (637)   (701)   (2,717)   (716)   (611)           (1,327)
Other operating expense   (407)   (416)   (441)   (534)   (1,798)   (422)   (444)           (866)
Capitalised self-constructed assets and other income   107   110   124   125   466   139   138           277
Operating income (EBITDA)   1,111   1,097   1,148   1,026   4,382   1,124   1,193           2,317
Depreciation and amortisation   (537)   (541)   (538)   (533)   (2,149)   (538)   (549)           (1,087)
Depreciation of right-of-use assets   (70)   (77)   (70)   (69)   (286)   (70)   (71)           (141)
Operating income (EBIT)   504   479   540   424   1,947   516   573           1,089
Net interest expense on financial assets and liabilities   (12)   (18)   (20)   (19)   (69)   (17)   (16)           (33)
Interest expense on lease liabilities   (11)   (11)   (12)   (11)   (45)   (11)   (11)           (22)
Other financial result   (14)   (38)   23   (9)   (38)   252   (35)           217
Equity-accounted investees   1   2   1   –   4   –   (4)           (4)
Income before income taxes   468   414   532   385   1,799   740   507           1,247
Income tax expense   (74)   (72)   (102)   (23)   (271)   (102)   (99)           (201)
Net income   394   342   430   362   1,528   638   408           1,046
Attributable to equity holders of Swisscom Ltd   395   343   431   361   1,530   638   407           1,045
Attributable to non-controlling interests   (1)   (1)   (1)   1   (2)   –   1           1
                                         
Earnings per share (in CHF)   7.63   6.62   8.32   6.97   29.54   12.32   7.86           20.17
                                       
                                         
Net revenue
Swisscom Switzerland   2,065   2,019   2,046   2,120   8,250   2,080   2,023           4,103
Fastweb   580   599   613   678   2,470   634   659           1,293
Other Operating Segments   241   246   268   259   1,014   240   265           505
Intersegment elimination   (149)   (158)   (169)   (158)   (634)   (151)   (167)           (318)
Total net revenue   2,737   2,706   2,758   2,899   11,100   2,803   2,780           5,583
         
                                         
Operating income before depreciation and amortisation (EBITDA)
Swisscom Switzerland   909   872   898   787   3,466   916   881           1,797
Fastweb   181   208   219   232   840   195   225           420
Other Operating Segments   42   40   56   46   184   34   49           83
Reconciliation pension cost   (15)   (16)   (16)   (18)   (65)   (13)   49           36
Elimination   (6)   (7)   (9)   (21)   (43)   (8)   (11)           (19)
Total EBITDA   1,111   1,097   1,148   1,026   4,382   1,124   1,193           2,317
         
                                         
Capital expenditure
Swisscom Switzerland   367   409   410   413   1,599   371   382           753
Fastweb   148   146   145   190   629   168   162           330
Other Operating Segments   7   11   12   14   44   9   10           19
Intersegment elimination   (6)   (7)   (10)   (20)   (43)   (8)   (11)           (19)
Total capital expenditure   516   559   557   597   2,229   540   543           1,083

In CHF million, except where indicated
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2020
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2021
                                         
Operating free cash flow proxy
Operating income (EBITDA)   1,111   1,097   1,148   1,026   4,382   1,124   1,193           2,317
Lease expense   (75)   (75)   (76)   (74)   (300)   (75)   (76)           (151)
EBITDA after lease expense (EBITDA AL)   1,036   1,022   1,072   952   4,082   1,049   1,117           2,166
Capital expenditure   (516)   (559)   (557)   (597)   (2,229)   (540)   (543)           (1,083)
Operating free cash flow proxy   520   463   515   355   1,853   509   574           1,083
                                         
Net debt
Net debt   6,552   7,171   6,625   6,218   6,218   5,849   6,626           6,626
Net debt incl. lease liabilities.   8,528   9,129   8,622   8,206   8,206   7,825   8,569           8,569
                                         
Full-time equivalent employees
Swisscom Switzerland   13,056   12,857   12,876   12,845   12,845   12,830   12,867           12,867
Fastweb   2,515   2,605   2,634   2,703   2,703   2,733   2,750           2,750
Other Operating Segments   3,539   3,522   3,516   3,514   3,514   3,514   3,493           3,493
Total personnel expense   19,110   18,984   19,026   19,062   19,062   19,077   19,110           19,110
Information by geographical regions
Net revenue in Switzerland   2,155   2,106   2,140   2,213   8,614   2,164   2,115           4,279
Net revenue in other countries   582   600   618   686   2,486   639   665           1,304
Total net revenue   2,737   2,706   2,758   2,899   11,100   2,803   2,780           5,583
                                         
EBITDA Switzerland   924   890   922   786   3,522   927   962           1,889
EBITDA other countries   187   207   226   240   860   197   231           428
Total EBITDA   1,111   1,097   1,148   1,026   4,382   1,124   1,193           2,317
                                         
Capital expenditure in Switzerland   367   412   412   405   1,596   371   381           752
Capital expenditure in other countries   149   147   145   192   633   169   162           331
Total capital expenditure   516   559   557   597   2,229   540   543           1,083
                                         
Headcount in Switzerland   16,357   16,119   16,119   16,048   16,048   15,975   15,964           15,964
Headcount in other countries   2,753   2,865   2,907   3,014   3,014   3,102   3,146           3,146
Total headcount (ful-time equivalent)   19,110   18,984   19,026   19,062   19,062   19,077   19,110           19,110
                                         
Fastweb, in EUR million
Residential customers   280   282   282   289   1,133   286   288           574
Corporate customers   211   224   226   246   907   237   244           481
Wholesale   50   55   59   93   257   56   66           122
Revenue from external customers   541   561   567   628   2,297   579   598           1,177
Segment result (EBITDA)   170   195   203   216   784   179   205           384
Margin as % of net revenue   31.3   34.7   35.7   34.3   34.0   30.8   34.2           32.5
Lease expense   (13)   (13)   (13)   (13)   (52)   (14)   (13)           (27)
EBITDA after lease expense (EBITDA AL)   157   182   190   203   732   165   192           357
Capital expenditure   (138)   (138)   (134)   (177)   (587)   (154)   (147)           (301)
Operating free cash flow proxy   19   44   56   26   145   11   45           56
                                         
Broadband access lines in thousand   2,659   2,692   2,704   2,747   2,747   2,765   2,774           2,774
Mobile access lines in thousand   1,779   1,830   1,889   1,961   1,961   2,066   2,188           2,188

In CHF million, except where indicated
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2020
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2021
                                         
Swisscom Switzerland Revenue and results
Residential Customers   497   478   485   474   1,934   465   463           928
Business Customers   196   189   190   186   761   182   179           361
Revenue wireless   693   667   675   660   2,695   647   642           1,289
Residential Customers   505   500   500   507   2,012   503   498           1,001
Business Customers   226   227   223   223   899   223   215           438
Revenue fixed-line   731   727   723   730   2,911   726   713           1,439
Other revenue Business Customers   15   15   15   16   61   15   16           31
Total revenue telecoms services   1,439   1,409   1,413   1,406   5,667   1,388   1,371           2,759
Solutions business   267   260   259   272   1,058   273   274           547
Merchandise   175   175   176   233   759   212   174           386
Wholesale   164   158   168   171   661   173   159           332
Revenue other   5   1   17   25   48   21   33           54
Total revenue from external customers   2,050   2,003   2,033   2,107   8,193   2,067   2,011           4,078
                                         
Residential Customers   1,120   1,080   1,120   1,164   4,484   1,130   1,105           2,235
Business Customers   760   760   739   767   3,026   759   741           1,500
Wholesale   164   158   168   171   661   173   159           332
Infrastructure & Support Functions   6   5   6   5   22   5   6           11
Total revenue from external customers   2,050   2,003   2,033   2,107   8,193   2,067   2,011           4,078
                                         
Segment result before depreciation and amortisation (EBITDA)                                        
Residential Customers   703   683   683   629   2,698   699   706           1,405
Business Customers   337   339   340   332   1,348   338   327           665
Wholesale   132   125   134   133   524   138   124           262
Infrastructure & Support Functions   (262)   (277)   (258)   (307)   (1,104)   (259)   (276)           (535)
Intersegment elimination   (1)   2   (1)   –   –   –   –           –
Segment result (EBITDA)   909   872   898   787   3,466   916   881           1,797
Margin as % of net revenue   44.0   43.2   43.9   37.1   42.0   44.0   43.5           43.8
Lease expense   (59)   (58)   (58)   (57)   (232)   (58)   (59)           (117)
EBITDA after lease expense (EBITDA AL)   850   814   840   730   3,234   858   822           1,680
Capital expenditure   (367)   (409)   (410)   (413)   (1,599)   (371)   (382)           (753)
Operating free cash flow proxy   483   405   430   317   1,635   487   440           927
                                         
Operational data in thousand
Access lines
Residential Customers   1,291   1,276   1,257   1,235   1,235   1,207   1,188           1,188
Business Customers   291   288   289   288   288   284   283           283
Fixed telephony access lines   1,582   1,564   1,546   1,523   1,523   1,491   1,471           1,471
                                         
Residential Customers   1,754   1,750   1,747   1,746   1,746   1,733   1,733           1,733
Business Customers   299   298   298   297   297   295   294           294
Broadband access lines retail   2,053   2,048   2,045   2,043   2,043   2,028   2,027           2,027
                                         
Residential Customers   1,518   1,516   1,518   1,519   1,519   1,512   1,513           1,513
Business Customers   68   68   68   69   69   69   69           69
Swisscom TV access lines   1,586   1,584   1,586   1,588   1,588   1,581   1,582           1,582
                                         
Postpaid Residential Customers   2,931   2,933   2,962   2,991   2,991   2,990   3,016           3,016
Postpaid Business Customers   1,842   1,850   1,859   1,861   1,861   1,863   1,856           1,856
Mobile access lines Postpaid   4,773   4,783   4,821   4,852   4,852   4,853   4,872           4,872
Prepaid Residential Customers   1,526   1,481   1,432   1,372   1,372   1,324   1,297           1,297
Mobile access lines   6,299   6,264   6,253   6,224   6,224   6,177   6,169           6,169
                                         
RGU Residential Customers   9,020   8,956   8,916   8,863   8,863   8,766   8,747           8,747
RGU Business Customers   2,500   2,504   2,514   2,515   2,515   2,511   2,502           2,502
Revenue generating units (RGU)   11,520   11,460   11,430   11,378   11,378   11,277   11,249           11,249
                                         
Broadband access lines wholesale   525   533   543   555   555   567   581           581
Unbundled fixed access lines   66   63   59   56   56   52   49           49