Depreciation and amortisation, non-operating results
In CHF million, except where indicated |
3. quarter 2021 |
3. quarter 2020 |
Change |
1.01.–30.09. 2021 |
1.01.–30.09. 2020 |
Change |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating income before depreciation and amortisation (EBITDA) | 1,148 | 1,148 | –% | 3,465 | 3,356 | 3.2% | ||||||
| Depreciation and amortisation of property, plant and equipment and intangible assets | (527) | (538) | –2.0% | (1,614) | (1,616) | –0.1% | ||||||
| Depreciation of right-of-use assets | (70) | (70) | –% | (211) | (217) | –2.8% | ||||||
| Operating income (EBIT) | 551 | 540 | 2.0% | 1,640 | 1,523 | 7.7% | ||||||
| Net interest expense on financial assets and liabilities | (13) | (20) | –35.0% | (46) | (50) | –8.0% | ||||||
| Interest expense on lease liabilities | (11) | (12) | –8.3% | (33) | (34) | –2.9% | ||||||
| Other financial result | – | 23 | –% | 217 | (29) | –848.3% | ||||||
| Result of equity-accounted investees | (1) | 1 | –% | (5) | 4 | –225.0% | ||||||
| Income before income taxes | 526 | 532 | –1.1% | 1,773 | 1,414 | 25.4% | ||||||
| Income tax expense | (36) | (102) | –64.7% | (237) | (248) | –4.4% | ||||||
| Net income | 490 | 430 | 14.0% | 1,536 | 1,166 | 31.7% | ||||||
| Attributable to equity holders of Swisscom Ltd | 490 | 431 | 13.7% | 1,535 | 1,169 | 31.3% | ||||||
| Attributable to non-controlling interests | – | (1) | –% | 1 | (3) | –133.3% | ||||||
| Earnings per share (in CHF) | 9.46 | 8.32 | 13.7% | 29.63 | 22.57 | 31.3% |
Net income increased by 31.7% or CHF 370 million to CHF 1,536 million, mainly as a result of non-recurring items in EBITDA and the financial result. EBITDA for the second quarter of 2021 includes one-off income from the adjustment of pension liabilities in the amount of CHF 60 million. In addition, provisions have been set aside for legal proceedings; CHF 22 million in the second quarter of 2021 and CHF 30 million in the third quarter of 2021. 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 237 million (previous year CHF 248 million), which corresponds to an effective income tax rate of 13.4% (previous year 17.5%). The tax expense in 2021 was positively impacted by the low taxation of income from participations as well as the capitalisation of deferred tax assets in connection with a change in Italian tax laws.