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1st Interim Report 2023
1st Interim Report 2023
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1st Interim Report 2023
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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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2 Segment information

General disclosures

Reporting is divided into the segments Residential Customers, Business Customers, Wholesale and Infrastructure & Support Functions, which are grouped under Swisscom Switzerland, as well as Fastweb and Other Operating Segments.

For its services, the Infrastructure & Support Functions segment does not charge any network costs or management fees to other segments. All other services between the segments are charged at market prices. The results of the Residential Customers, Business Customers and Wholesale segments thus correspond to a contribution margin before network costs.

Segment expense encompasses the direct and indirect costs, which include personnel expense, other operating costs less capitalised costs of self-constructed assets and other income. Pension cost includes ordinary employer contributions. The difference between the ordinary employer contributions and the pension cost as provided for under IAS 19 is reported in the column ‘Eliminations’. In the first three months of 2023, the Eliminations segment result includes income of CHF 9 million (prior year: expenses of CHF 15 million) as a pension cost reconciliation item in accordance with IAS 19.

Leases between the segments are not recognised in the balance sheet in accordance with IFRS 16. The reported lease expense of the segments comprises depreciation and interest on leases excluding depreciation of indefeasible rights of use (IRU) of CHF 5 million (prior year: CHF 5 million) and the accounting for the rental of buildings between segments. The lease expense of assets of low value is presented as direct costs.

Capital expenditure consists of the purchase of property, plant and equipment and intangible assets and payments for indefeasible rights of use (IRU). In general, IRUs are paid in full at the beginning of the use and are classified as leases under IFRS 16. From an economic point of view, IRU payments will be considered as capital expenditure in the segment information. Capital expenditure in the first three months of 2023 includes IRU payments of CHF 4 million (prior year: CHF 3 million).

Changes in segment reporting

Swisscom has reallocated various areas within Swisscom Switzerland to the segments as of 1 January 2023. The adjustments lead to cost shifts between the segments of Swisscom Switzerland. The changes have no effect on the reporting of revenue. The previous year’s figures for Swisscom Switzerland were adjusted as follows:

In CHF million   Reported   Adjustment   Restated
             
Operating income before depreciation and amortisation (EBITDA) Swisscom Switzerland Financial year 2022
Residential Customers   2,975   4   2,979
Business Customers   1,384   (3)   1,381
Wholesale   291   (2)   289
Infrastructure & Support Functions   (1,166)   1   (1,165)
Intersegment elimination   (1)   –   (1)
EBITDA Swisscom Switzerland   3,483   –   3,483

Segment information 2023


1.01.–31.03.2023, in CHF million
 
Swisscom
Switzerland
 

Fastweb
  Other
Operating
Segments
 

Elimination
 

Total
Residential customers   1,132   288   –   –   1,420
Business customers   766   260   100   –   1,126
Wholesale customers   131   70   –   –   201
External revenue   2,029   618   100   –   2,747
Intersegment revenue   15   1   143   (159)   –
Revenue   2,044   619   243   (159)   2,747
Direct costs   (423)   (239)   (19)   20   (661)
Indirect costs   (678)   (193)   (190)   139   (922)
Operating income before depreciation and amortisation (EBITDA)   943   187   34   –   1,164
Depreciation and amortisation of property, plant and equipment and intangible assets                   (525)
Depreciation of right-of-use assets                   (66)
Operating income (EBIT)                   573
Financial income                   8
Financial expense                   (38)
Result of equity-accounted investees                   –
Income before income taxes                   543
Income tax expense                   (101)
Net income                   442
                     
EBITDA   943   187   34   –   1,164
Lease expense   (56)   (14)   (2)   (1)   (73)
EBITDA after lease expense (EBITDAaL)   887   173   32   (1)   1,091
Capital expenditure   (394)   (152)   (8)   9   (545)
Operating free cash flow proxy   493   21   24   8   546

Segment information Swisscom Switzerland 2023


1.01.–31.03.2023, in CHF million
 
Residential
Customers
 
Business
Customers
 

Wholesale
  Infrastructure
& Support
Functions
 

Elimination
  Total
Swisscom
Switzerland
Fixed-line   499   206   –   –   –   705
Mobile   461   182   –   –   –   643
Telecom services   960   388   –   –   –   1,348
IT services   –   291   –   –   –   291
Merchandise   135   82   –   –   –   217
Wholesale   –   –   131   –   –   131
Revenue other   37   –   –   5   –   42
External revenue   1,132   761   131   5   –   2,029
Intersegment revenue   4   11   3   14   (17)   15
Revenue   1,136   772   134   19   (17)   2,044
Direct costs   (230)   (181)   (49)   (2)   39   (423)
Indirect costs   (158)   (246)   (5)   (248)   (21)   (678)
Operating income before depreciation and amortisation (EBITDA)   748   345   80   (231)   1   943
                         
Capital expenditure   (7)   (11)   –   (376)   –   (394)

Segment information 2022


1.01.–31.03.2022, in CHF million, restated
 
Swisscom
Switzerland
 

Fastweb
  Other
Operating
Segments
 

Elimination
 

Total
Residential customers   1,127   295   –   –   1,422
Business customers   779   255   100   –   1,134
Wholesale customers   135   63   –   –   198
External revenue   2,041   613   100   –   2,754
Intersegment revenue   15   2   141   (158)   –
Revenue   2,056   615   241   (158)   2,754
Direct costs   (420)   (210)   (15)   16   (629)
Indirect costs   (706)   (214)   (184)   116   (988)
Operating income before depreciation and amortisation (EBITDA)   930   191   42   (26)   1,137
Depreciation and amortisation of property, plant and equipment and intangible assets                   (522)
Depreciation of right-of-use assets                   (66)
Operating income (EBIT)                   549
Financial income                   37
Financial expense                   (35)
Result of equity-accounted investees                   (1)
Income before income taxes                   550
Income tax expense                   (103)
Net income                   447
                     
EBITDA   930   191   42   (26)   1,137
Lease expense   (56)   (14)   (3)   1   (72)
EBITDA after lease expense (EBITDAaL)   874   177   39   (25)   1,065
Capital expenditure   (364)   (163)   (6)   11   (522)
Operating free cash flow proxy   510   14   33   (14)   543

Segment information Swisscom Switzerland 2022


1.01.–31.03.2022, in CHF million, restated
 
Residential
Customers
 
Business
Customers
 

Wholesale
  Infrastructure
& Support
Functions
 

Elimination
  Total
Swisscom
Switzerland
Fixed-line   505   212   –   –   –   717
Mobile   460   188   –   –   –   648
Telecom services   965   400   –   –   –   1,365
IT services   –   289   –   –   –   289
Merchandise   132   90   –   –   –   222
Wholesale   –   –   130   –   –   130
Revenue other   30   –   –   5   –   35
External revenue   1,127   779   130   5   –   2,041
Intersegment revenue   4   12   3   13   (17)   15
Revenue   1,131   791   133   18   (17)   2,056
Direct costs   (220)   (192)   (48)   (2)   42   (420)
Indirect costs   (165)   (247)   (4)   (265)   (25)   (706)
Operating income before depreciation and amortisation (EBITDA)   746   352   81   (249)   –   930
                         
Capital expenditure   (5)   (14)   –   (345)   –   (364)