Depreciation and amortisation, non-operating results
| In CHF million, except where indicated | 2022 | 2021 | Change | in % | ||||
|---|---|---|---|---|---|---|---|---|
| Operating income before depreciation and amortisation (EBITDA) | 4,406 | 4,478 | (72) | –1.6% | ||||
| Depreciation and amortisation of property, plant and equipment and intangible assets | (2,104) | (2,131) | 27 | –1.3% | ||||
| Depreciation of right-of-use assets | (262) | (281) | 19 | –6.8% | ||||
| Operating income (EBIT) | 2,040 | 2,066 | (26) | –1.3% | ||||
| Net interest expense for financial assets and liabilities | (57) | (60) | 3 | –5.0% | ||||
| Interest expense on lease liabilities | (44) | (44) | – | 0.0% | ||||
| Other financial result | 29 | 200 | (171) | –85.5% | ||||
| Result of equity-accounted investees | (5) | (10) | 5 | –50.0% | ||||
| Income before income taxes | 1,963 | 2,152 | (189) | –8.8% | ||||
| Income tax expense | (360) | (319) | (41) | 12.9% | ||||
| Net income | 1,603 | 1,833 | (230) | –12.5% | ||||
| Earnings per share (in CHF) | 30.93 | 35.37 | (4.44) | –12.6% |
Net income decreased by 12.5% year-on-year to CHF 1,603 million. The main reasons for the CHF 230 million decline in profit are the non-recurring items in EBITDA (CHF 146 million), in the financial result (CHF 207 million) and in income tax expense (CHF 57 million). Adjusted for these items, net income increased by CHF 180 million. The non-recurring effects in EBITDA relate to provisions for legal proceedings and termination benefits as well as, in the previous year, a positive effect from the adjustment to the pension plan. Depreciation and amortisation of property, plant and equipment, intangible assets and rights of use decreased by CHF 46 million year-on-year, mainly as a result of currency effects. The currency translation of Fastweb resulted in a decrease of CHF 57 million. The non-recurring items of CHF 207 million in the financial result were incurred in the previous year in connection with the transfer of a Fastweb stake in Flash Fiber to FiberCop (CHF 169 million) and from the sale of its stake in Belgacom International Carrier Services (CHF 38 million). The non-recurring item in the tax expense for 2021 relates to the capitalisation of deferred tax assets of CHF 57 million at Fastweb.