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1st Interim Report 2023
1st Interim Report 2023
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1st Interim Report 2023
  • 1st Interim Report 2025
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  • 2nd Interim Report 2024
  • 1st Interim Report 2024
  • Annual Report 2023
  • 3rd Interim Report 2023
  • 2nd Interim Report 2023
  • 1st Interim Report 2023
  • 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 1st Interim Report 2023 report

1st Interim Report 2023
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 Accounting policies2 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 2022 and 2023Forward looking statements
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Quarterly review 2022 and 2023


In CHF million, except where indicated
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2022
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2023
                                         
Income statement
Revenue   2,754   2,713   2,712   2,872   11,051   2,747               2,747
Direct costs   (629)   (616)   (661)   (720)   (2,626)   (661)               (661)
Personnel expense   (697)   (676)   (650)   (682)   (2,705)   (680)               (680)
Other operating expense   (437)   (565)   (404)   (576)   (1,982)   (406)               (406)
Capitalised self-constructed assets and other income   146   198   153   171   668   164               164
Operating income (EBITDA)   1,137   1,054   1,150   1,065   4,406   1,164               1,164
Depreciation and amortisation   (522)   (536)   (525)   (521)   (2,104)   (525)               (525)
Depreciation of right-of-use assets   (66)   (68)   (67)   (61)   (262)   (66)               (66)
Operating income (EBIT)   549   450   558   483   2,040   573               573
Net interest expenses on financial assets and liabilities   (15)   (18)   (13)   (11)   (57)   (14)               (14)
Interest expense on lease liabilities   (11)   (11)   (11)   (11)   (44)   (12)               (12)
Other financial result   28   14   (10)   (3)   29   (4)               (4)
Equity-accounted investees   (1)   –   (1)   (3)   (5)   –               –
Income before income taxes   550   435   523   455   1,963   543               543
Income tax expense   (103)   (97)   (94)   (66)   (360)   (101)               (101)
Net income   447   338   429   389   1,603   442               442
Attributable to equity holders of Swisscom Ltd   447   337   429   389   1,602   442               442
Attributable to non-controlling interests   –   1   –   –   1   –               –
                                         
Earnings per share (in CHF)   8.63   6.51   8.28   7.51   30.93   8.53               8.53
                                       
                                         
Revenue
Swisscom Switzerland   2,056   2,011   2,039   2,103   8,209   2,044               2,044
Fastweb   615   615   588   675   2,493   619               619
Other Operating Segments   241   259   259   279   1,038   243               243
Intersegment elimination   (158)   (172)   (174)   (185)   (689)   (159)               (159)
Total revenue   2,754   2,713   2,712   2,872   11,051   2,747               2,747
         
                                         
Operating income before depreciation and amortisation (EBITDA)
Swisscom Switzerland   930   818   917   818   3,483   943               943
Fastweb   191   222   220   224   857   187               187
Other Operating Segments   42   41   39   38   160   34               34
Reconciliation pension cost   (15)   (15)   (15)   (8)   (53)   9               9
Intersegment elimination   (11)   (12)   (11)   (7)   (41)   (9)               (9)
Total EBITDA   1,137   1,054   1,150   1,065   4,406   1,164               1,164
         
                                         
Capital expenditure
Swisscom Switzerland   364   391   406   537   1,698   394               394
Fastweb   163   143   147   166   619   152               152
Other Operating Segments   6   8   8   12   34   8               8
Intersegment elimination   (11)   (11)   (13)   (7)   (42)   (9)               (9)
Total capital expenditure   522   531   548   708   2,309   545               545

In CHF million, except where indicated
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2022
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2023
                                         
Operating free cash flow proxy
Operating income (EBITDA)   1,137   1,054   1,150   1,065   4,406   1,164               1,164
Lease expense   (72)   (74)   (73)   (67)   (286)   (73)               (73)
EBITDA after lease expense (EBITDAaL)   1,065   980   1,077   998   4,120   1,091               1,091
Capital expenditure   (522)   (531)   (548)   (708)   (2,309)   (545)               (545)
Operating free cash flow proxy   543   449   529   290   1,811   546               546
                                         
Free cash flow
Free cash flow   63   230   687   369   1,349   209               209
                                         
Net debt
Net debt   7,680   8,538   7,704   7,374   7,374   7,171               7,171
                                         
Full-time equivalent employees
Swisscom Switzerland   12,999   12,927   12,870   12,822   12,822   12,841               12,841
Fastweb   2,737   2,880   2,915   3,039   3,039   3,087               3,087
Other Operating Segments   3,273   3,260   3,248   3,296   3,296   3,324               3,324
Total FTEs   19,009   19,067   19,033   19,157   19,157   19,252               19,252
Information by geographical regions
Revenue in Switzerland   2,141   2,100   2,126   2,199   8,566   2,129               2,129
Revenue in other countries   613   613   586   673   2,485   618               618
Total revenue   2,754   2,713   2,712   2,872   11,051   2,747               2,747
                                         
Operating income (EBITDA) Switzerland   941   829   925   839   3,534   975               975
Operating income (EBITDA) other countries   196   225   225   226   872   189               189
Total EBITDA   1,137   1,054   1,150   1,065   4,406   1,164               1,164
                                         
Capital expenditure in Switzerland   359   387   401   541   1,688   392               392
Capital expenditure in other countries   163   144   148   166   621   153               153
Total capital expenditure   522   531   549   707   2,309   545               545
                                         
Headcount in Switzerland   15,987   15,874   15,786   15,750   15,750   15,755               15,755
Headcount in other countries   3,022   3,193   3,247   3,407   3,407   3,497               3,497
Total headcount (ful-time equivalent)   19,009   19,067   19,033   19,157   19,157   19,252               19,252
                                         
Fastweb, in EUR million
Residential Customers   285   287   284   289   1,145   289               289
Corporate Business   247   250   239   279   1,015   261               261
Wholesale   62   64   78   111   315   71               71
External revenue   594   601   601   679   2,475   621               621
Intersegment revenue   1   3   2   1   7   2               2
Revenue   595   604   603   680   2,482   623               623
                                         
Operating income (EBITDA)   185   218   225   226   854   188               188
Margin as % of revenue   31.1   36.1   37.3   33.2   34.4   30.2               30.2
Lease expense   (14)   (15)   (14)   (14)   (57)   (13)               (13)
EBITDA after lease expense (EBITDAaL)   171   203   211   212   797   175               175
Capital expenditure   (157)   (142)   (150)   (167)   (616)   (153)               (153)
Operating free cash flow proxy   14   61   61   45   181   22               22
                                         
Broadband access lines in thousand   2,731   2,712   2,696   2,683   2,683   2,662               2,662
Broadband access lines wholesale in thousand   363   386   418   458   458   498               498
Mobile access lines in thousand   2,649   2,805   2,937   3,087   3,087   3,231               3,231

In CHF million, except where indicated
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2022
  1.
quarter
  2.
quarter
  3.
quarter
  4.
quarter
 
2023
                                         
Swisscom Switzerland Revenue and results
Residential Customers   965   962   970   964   3,861   960               960
Business Customers   400   395   399   394   1,588   388               388
Revenue telecoms services   1,365   1,357   1,369   1,358   5,449   1,348               1,348
IT services   289   285   281   297   1,152   291               291
Merchandise   222   185   204   249   860   217               217
Wholesale   130   133   142   135   540   131               131
Revenue other   35   34   29   50   148   42               42
External revenue   2,041   1,994   2,025   2,089   8,149   2,029               2,029
Intersegment revenue   15   17   14   14   60   15               15
Revenue   2,056   2,011   2,039   2,103   8,209   2,044               2,044
                                         
Residential Customers   1,131   1,108   1,131   1,157   4,527   1,136               1,136
Business Customers   791   766   764   808   3,129   772               772
Wholesale   133   136   144   138   551   134               134
Infrastructure & Support Functions   18   18   18   17   71   19               19
Intersegment elimination   (17)   (17)   (18)   (17)   (69)   (17)               (17)
Revenue   2,056   2,011   2,039   2,103   8,209   2,044               2,044
                                         
Residential Customers   746   730   757   746   2,979   748               748
Business Customers   352   339   360   330   1,381   345               345
Wholesale   81   74   54   80   289   80               80
Infrastructure & Support Functions   (249)   (326)   (254)   (336)   (1,165)   (231)               (231)
Intersegment elimination   –   1   –   (2)   (1)   1               1
EBITDA   930   818   917   818   3,483   943               943
Margin as % of revenue   45.2   40.7   45.0   38.9   42.4   46.1               46.1
Lease expense   (56)   (55)   (56)   (51)   (218)   (56)               (56)
EBITDA after lease expense (EBITDAaL)   874   763   861   767   3,265   887               887
Capital expenditure   (364)   (391)   (406)   (537)   (1,698)   (394)               (394)
Operating free cash flow proxy   510   372   455   230   1,567   493               493
                                         
Operational data in thousand
Residential Customers   1,139   1,121   1,103   1,082   1,082   1,058               1,058
Business Customers   260   248   248   240   240   234               234
Fixed telephony access lines   1,399   1,369   1,351   1,322   1,322   1,292               1,292
                                         
Residential Customers   1,736   1,733   1,734   1,736   1,736   1,727               1,727
Business Customers   294   293   293   291   291   290               290
Broadband access lines retail   2,030   2,026   2,027   2,027   2,027   2,017               2,017
                                         
Residential Customers   1,517   1,513   1,508   1,503   1,503   1,491               1,491
Business Customers   69   69   68   68   68   67               67
TV access lines   1,586   1,582   1,576   1,571   1,571   1,558               1,558
                                         
Postpaid Residential Customers   3,136   3,169   3,226   3,275   3,275   3,288               3,288
Postpaid Business Customers   1,879   1,883   1,874   1,871   1,871   1,888               1,888
Mobile access lines Postpaid   5,015   5,052   5,100   5,146   5,146   5,176               5,176
Prepaid Residential Customers   1,136   1,105   1,066   1,027   1,027   1,001               1,001
Mobile access lines   6,151   6,157   6,166   6,173   6,173   6,177               6,177
                                         
Broadband access lines wholesale   703   692   691   679   679   688               688