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1st Interim Report 2022
1st Interim Report 2022
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1st Interim Report 2022
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Table of contents for the 1st Interim Report 2022 report

1st Interim Report 2022
KPIsBusiness performance
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 Net current operating assets8 Provisions and contingent liabilities
Alternative performance measures
Reconciliation of alternative performance measures
Further information
Share informationQuarterly review 2021 and 2022Forward looking statements
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Depreciation and amortisation, non-operating results

In CHF million, except where indicated   31.03.2022   31.03.2021   Change
Operating income before depreciation and amortisation (EBITDA)   1,137   1,124   1.2%
Depreciation and amortisation of property, plant and equipment and intangible assets   (522)   (538)   –3.0%
Depreciation of right-of-use assets   (66)   (70)   –5.7%
Operating income (EBIT)   549   516   6.4%
Net interest expense on financial assets and liabilities   (15)   (17)   –11.8%
Interest expense on lease liabilities   (11)   (11)   –%
Gain from transactions with equity-accounted investees   –   207   –100.0%
Other financial result   28   45   –37.8%
Result of equity-accounted investees   (1)   –    
Income before income taxes   550   740   –25.7%
Income tax expense   (103)   (102)   1.0%
Net income   447   638   –29.9%
Attributable to equity holders of Swisscom Ltd   447   638   –29.9%
Attributable to non-controlling interests   –   –    
             
Earnings per share (in CHF)   8.63   12.32   –30.0%

At CHF 447 million, net income was 29.9% or CHF 191 million lower than in the prior year. Earnings per share fell accordingly from CHF 12.32 to CHF 8.63. This decline in net income was due to positive non-recurring items in the prior year’s financial result. These include the transfer of a participation of Fastweb and the sale of Swisscom’s participation in Belgacom International Carrier Services. Without these non-recurring items, net income would have increased.

Operating income (EBIT) increased by 6.4% or CHF 33 million to CHF 549 million. This was attributable to higher operating income before depreciation and amortisation (EBITDA) and lower depreciation and amortisation. The decrease in depreciation and amortisation of property, plant and equipment, intangible assets and right-of-use assets is mainly due to the lower CHF/EUR exchange rate. The prior year’s financial result includes gains of CHF 207 million from transactions with equity-accounted investees. As part of its strategic partnership with TIM, Fastweb transferred its stake in Flash Fiber 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 103 million (prior year: CHF 102 million), which corresponds to an effective income tax rate of 18.7% (prior year: 13.8%).