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Summary

Swisscom’s net revenue decreased by 1.4% or CHF 118 million to CHF 8,225 million and operating income before depreciation and amortisation (EBITDA) fell by 3.6% or CHF 124 million to CHF 3,341 million. The recognition of provisions for legal proceedings and adjustments to employee benefits (in the previous year) as well as foreign currency translation had an impact on revenue and EBITDA. On a like-for-like basis and at constant exchange rates, net revenue remained almost stable (+0.3%), while EBITDA increased by 0.5%. The consolidated net income of CHF 1,214 million is significantly lower than in the prior year (–21.0% or CHF –322 million). Non-recurring items in the current year and previous year impacted EBITDA and, in the previous year, the financial result and tax expense too. If it were not for these non-recurring items, net income would have been higher.

In the Swiss core business (Swisscom Switzerland), net revenue remained stable at CHF 6,152 million. Ongoing competitive and price pressure continued to drive down revenue from telecoms services, which fell by 1.1% or CHF 46 million to CHF 4,091 million. This decline is attributable to the Business Customers segment. By contrast, revenue in the solutions business with business customers increased by 6.8% or CHF 56 million to CHF 877 million. The net revenue of the Italian subsidiary Fastweb rose by 2.7% or EUR 47 million in local currency to EUR 1,802 million. In the Swiss core business, EBITDA declined by 0.4% or CHF 11 million to CHF 2,665 million. On an adjusted basis, it was up 0.7%. The decline in revenue from telecoms services was offset by growth in the solutions business and ongoing efficiency improvement measures. At Fastweb, EBITDA rose in local currency by 4.3% or EUR 26 million to EUR 628 million.

Swisscom’s capital expenditure remained at the same level year-on-year at CHF 1,601 million (–0.2%). In the Swiss core business it rose by 3.2% or CHF 36 million to CHF 1,161 million. Capital expenditure in broadband and mobile communications networks declined, while capital expenditure in other infrastructure increased. At Fastweb, capital expenditure rose in local currency by 2.3% or EUR 10 million to EUR 449 million.

Operating free cash flow proxy declined by 6.9% or CHF 113 million to CHF 1,521 million, mainly thanks to lower EBITDA. Net debt fell by 3.7% or CHF 295 million year-on-year to CHF 7,704 million. The number of employees at Swisscom fell within the same period by 0.7% or 139 FTEs to 19,033 FTEs; in Switzerland, it was down by 1.4% or 220 FTEs to 15,786 FTEs.

Due to the strong Swiss franc, Swisscom is slightly adjusting its revenue forecast for the 2022 financial year and now expects net revenue of around CHF 11.1 bil­lion (previously CHF 11.1 bil­lion to CHF 11.2 bil­lion). The expectations for EBITDA of around CHF 4.4 bil­lion and capital expenditure of around CHF 2.3 bil­lion remain unchanged. Subject to achieving its targets, Swisscom will propose to pay an unchanged dividend of CHF 22 per share for the 2022 financial year at the 2023 Annual General Meeting.