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3rd Interim Report 2023
3rd Interim Report 2023
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3rd Interim Report 2023
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Table of contents for the 3rd Interim Report 2023 report

3rd 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 Changes in accounting principles2 Segment information3 Operating costs4 Dividend5 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. The remaining 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 nine months of 2023, the Eliminations segment result includes income of CHF 28 million (prior year: expenses of CHF 45 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 14 million (prior year: CHF 15 million) and the accounting for the rental of buildings between segments. The lease expense of financial position, 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 nine months of 2023 includes IRU payments of CHF 15 million (prior year: CHF 10 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.–30.09.2023, in CHF million
 
Swisscom
Switzerland
 

Fastweb
  Other
Operating
Segments
 

Elimination
 

Total
Residential Customers   3,334   852   –   –   4,186
Enterprise Customers   2,272   798   312   –   3,382
Wholesale customers   415   219   –   –   634
External revenue   6,021   1,869   312   –   8,202
Intersegment revenue   46   4   458   (508)   –
Revenue   6,067   1,873   770   (508)   8,202
Direct costs   (1,246)   (725)   (61)   53   (1,979)
Indirect costs   (2,054)   (534)   (610)   452   (2,746)
Operating income before depreciation and amortisation (EBITDA)   2,767   614   99   (3)   3,477
Depreciation and amortisation of property, plant and equipment and intangible assets                   (1,566)
Depreciation of right-of-use assets                   (197)
Operating income (EBIT)                   1,714
Financial income                   25
Financial expense                   (118)
Result of equity-accounted investees                   –
Income before income taxes                   1,621
Income tax expense                   (311)
Net income                   1,310
                     
EBITDA   2,767   614   99   (3)   3,477
Lease expense   (169)   (40)   (8)   –   (217)
EBITDA after lease expense (EBITDAaL)   2,598   574   91   (3)   3,260
Capital expenditure   (1,197)   (436)   (28)   31   (1,630)
Operating free cash flow proxy   1,401   138   63   28   1,630

Segment information Swisscom Switzerland 2023


1.01.–30.09.2023, in CHF million
 
Residential
Customers
 
Business
Customers
 

Wholesale
  Infrastructure
& Support
Functions
 

Elimination
  Total
Swisscom
Switzerland
Fixed-line   1,491   607   –   –   (1)   2,097
Mobile   1,392   545   –   –   1   1,938
Telecom services   2,883   1,152   –   –   –   4,035
IT services   –   877   –   –   –   877
Merchandise   342   240   –   –   1   583
Wholesale   –   –   402   –   –   402
Revenue other   109   3   –   13   (1)   124
External revenue   3,334   2,272   402   13   –   6,021
Intersegment revenue   11   32   10   44   (51)   46
Revenue   3,345   2,304   412   57   (51)   6,067
Direct costs   (628)   (542)   (188)   (6)   118   (1,246)
Indirect costs   (475)   (743)   (4)   (766)   (66)   (2,054)
Operating income before depreciation and amortisation (EBITDA)   2,242   1,019   220   (715)   1   2,767
                         
Capital expenditure   (27)   (35)   –   (1,135)   –   (1,197)

Segment information 2022


1.01.–30.09.2022, in CHF million, restated
 
Swisscom
Switzerland
 

Fastweb
  Other
Operating
Segments
 

Elimination
 

Total
Residential Customers   3,357   864   –   –   4,221
Enterprise Customers   2,285   742   307   –   3,334
Wholesale customers   418   206   –   –   624
External revenue   6,060   1,812   307   –   8,179
Intersegment revenue   46   6   452   (504)   –
Revenue   6,106   1,818   759   (504)   8,179
Direct costs   (1,265)   (638)   (53)   50   (1,906)
Indirect costs   (2,176)   (547)   (584)   375   (2,932)
Operating income before depreciation and amortisation (EBITDA)   2,665   633   122   (79)   3,341
Depreciation and amortisation of property, plant and equipment and intangible assets                   (1,583)
Depreciation of right-of-use assets                   (201)
Operating income (EBIT)                   1,557
Financial income                   72
Financial expense                   (119)
Result of equity-accounted investees                   (2)
Income before income taxes                   1,508
Income tax expense                   (294)
Net income                   1,214
                     
EBITDA   2,665   633   122   (79)   3,341
Lease expense   (167)   (43)   (8)   (1)   (219)
EBITDA after lease expense (EBITDAaL)   2,498   590   114   (80)   3,122
Capital expenditure   (1,161)   (453)   (22)   35   (1,601)
Operating free cash flow proxy   1,337   137   92   (45)   1,521

Segment information Swisscom Switzerland 2022


1.01.–30.09.2022, in CHF million, restated
 
Residential
Customers
 
Business
Customers
 

Wholesale
  Infrastructure
& Support
Functions
 

Elimination
  Total
Swisscom
Switzerland
Fixed-line   1,506   631   –   –   (1)   2,136
Mobile   1,391   563   –   –   1   1,955
Telecom services   2,897   1,194   –   –   –   4,091
IT services   –   855   –   –   –   855
Merchandise   374   237   –   –   –   611
Wholesale   –   –   405   –   –   405
Revenue other   86   (1)   –   13   –   98
External revenue   3,357   2,285   405   13   –   6,060
Intersegment revenue   13   36   8   41   (52)   46
Revenue   3,370   2,321   413   54   (52)   6,106
Direct costs   (639)   (551)   (190)   (7)   122   (1,265)
Indirect costs   (498)   (719)   (14)   (876)   (69)   (2,176)
Operating income before depreciation and amortisation (EBITDA)   2,233   1,051   209   (829)   1   2,665
                         
Capital expenditure   (31)   (32)   –   (1,098)   –   (1,161)