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

2nd Interim Report 2024
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 Dividend5 Financial liabilities6 Financial result7 Net current operating assets8 Provisions and contingent liabilities9 Company acquisition of Vodafone Italia10 Sale of shares in FiberCop
Alternative performance measures
Reconciliation of alternative performance measures
Further information
Share informationQuarterly review 2023 and 2024Forward looking statements
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Quarterly review 2023 and 2024


In CHF million, except where indicated
  1st
quarter
  2nd
quarter
  3rd
quarter
  4th
quarter
 
2023
  1st
quarter
  2nd
quarter
  3rd
quarter
  4th
quarter
 
2024
                                         
Income statement
Revenue   2,747   2,703   2,752   2,870   11,072   2,703   2,751           5,454
Direct costs   (710)   (674)   (739)   (783)   (2,906)   (685)   (727)           (1,412)
Personnel expense   (680)   (670)   (634)   (696)   (2,680)   (703)   (701)           (1,404)
Other operating expense   (357)   (414)   (382)   (477)   (1,630)   (362)   (379)           (741)
Capitalised self-constructed assets and other income   164   194   177   231   766   202   180           382
Operating income (EBITDA)   1,164   1,139   1,174   1,145   4,622   1,155   1,124           2,279
Depreciation and amortisation   (525)   (531)   (510)   (560)   (2,126)   (522)   (539)           (1,061)
Depreciation of right-of-use assets   (66)   (66)   (65)   (94)   (291)   (65)   (65)           (130)
Operating income (EBIT)   573   542   599   491   2,205   568   520           1,088
Net interest expense on financial assets and liabilities   (14)   (19)   (18)   (16)   (67)   (15)   (21)           (36)
Interest expense on lease liabilities   (12)   (9)   (13)   (10)   (44)   (12)   (12)           (24)
Other financial result   (4)   (6)   2   (11)   (19)   13   (16)           (3)
Equity-accounted investees   –   –   –   –   –   –   (1)           (1)
Income before income taxes   543   508   570   454   2,075   554   470           1,024
Income tax expense   (101)   (102)   (108)   (53)   (364)   (99)   (89)           (188)
Net income   442   406   462   401   1,711   455   381           836
Attributable to equity holders of Swisscom Ltd   442   406   463   400   1,711   455   381           836
Attributable to non-controlling interests   –   –   (1)   1   –   –   –           –
                                         
Earnings per share (in CHF)   8.53   7.84   8.94   7.72   33.03   8.78   7.35           16.14
                                       
                                         
Revenue
Swisscom Switzerland   2,045   1,999   2,023   2,080   8,147   1,993   1,995           3,988
Fastweb   619   617   637   688   2,561   623   663           1,286
Other Operating Segments   240   255   266   302   1,063   252   285           537
Intersegment elimination   (157)   (168)   (174)   (200)   (699)   (165)   (192)           (357)
Total revenue   2,747   2,703   2,752   2,870   11,072   2,703   2,751           5,454
         
                                         
Operating income before depreciation and amortisation (EBITDA)
Swisscom Switzerland   945   915   913   936   3,709   944   874           1,818
Fastweb   187   206   221   162   776   182   218           400
Other Operating Segments   32   19   42   52   145   33   38           71
Reconciliation pension cost   9   10   9   9   37   4   5           9
Elimination   (9)   (11)   (11)   (14)   (45)   (8)   (11)           (19)
Total EBITDA   1,164   1,139   1,174   1,145   4,622   1,155   1,124           2,279
         
                                         
Capital expenditure
Swisscom Switzerland   394   427   376   493   1,690   445   420           865
Fastweb   152   141   143   170   606   149   145           294
Other Operating Segments   8   10   10   12   40   8   9           17
Intersegment elimination   (9)   (10)   (12)   (13)   (44)   (8)   (11)           (19)
Total capital expenditure   545   568   517   662   2,292   594   563           1,157

In CHF million, except where indicated
  1st
quarter
  2nd
quarter
  3rd
quarter
  4th
quarter
 
2023
  1st
quarter
  2nd
quarter
  3rd
quarter
  4th
quarter
 
2024
                                         
Operating free cash flow
Operating income (EBITDA)   1,164   1,139   1,174   1,145   4,622   1,155   1,124           2,279
Lease expense   (73)   (70)   (74)   (71)   (288)   (72)   (73)           (145)
EBITDA after lease expense (EBITDAaL)   1,091   1,069   1,100   1,074   4,334   1,083   1,051           2,134
Capital expenditure   (545)   (568)   (517)   (662)   (2,292)   (594)   (563)           (1,157)
Operating free cash flow   546   501   583   412   2,042   489   488           977
                                         
Free cash flow
Free cash flow   209   253   575   443   1,480   198   155           353
                                         
Net debt
Net debt   7,171   8,108   7,507   7,071   7,071   6,941   7,919           7,919
                                         
Full-time equivalent employees
Swisscom Switzerland   12,848   13,061   13,218   13,263   13,263   13,389   13,361           13,361
Fastweb   3,087   3,117   3,146   3,157   3,157   3,225   3,251           3,251
Other Operating Segments   3,317   3,319   3,322   3,309   3,309   3,333   3,324           3,324
Total personnel expense   19,252   19,497   19,686   19,729   19,729   19,947   19,936           19,936
                                         
Information by geographical regions
Revenue in Switzerland   2,129   2,088   2,116   2,183   8,516   2,079   2,088           4,167
Revenue in other countries   618   615   636   687   2,556   624   663           1,287
Total revenue   2,747   2,703   2,752   2,870   11,072   2,703   2,751           5,454
                                         
Operating income (EBITDA) in Switzerland   975   933   951   983   3,842   972   905           1,877
Operating income (EBITDA) in other countries   189   206   223   162   780   183   219           402
Total EBITDA   1,164   1,139   1,174   1,145   4,622   1,155   1,124           2,279
                                         
Capital expenditure in Switzerland   392   427   374   492   1,685   444   418           862
Capital expenditure in other countries   153   141   143   170   607   150   145           295
Total capital expenditure   545   568   517   662   2,292   594   563           1,157
                                         
Headcount in Switzerland   15,755   15,929   16,048   16,051   16,051   16,105   16,044           16,044
Headcount in other countries   3,497   3,568   3,638   3,678   3,678   3,842   3,892           3,892
Total headcount (full-time equivalent)   19,252   19,497   19,686   19,729   19,729   19,947   19,936           19,936
                                         
Fastweb, in EUR million
Residential customers   289   291   289   294   1,163   288   290           578
Corporate customers   261   266   287   320   1,134   284   295           579
Wholesale   71   70   83   106   330   84   97           181
External revenue   621   627   659   720   2,627   656   682           1,338
Intersegment revenue   2   1   1   2   6   2   –           2
Revenue   623   628   660   722   2,633   658   682           1,340
                                         
Operating income (EBITDA)   188   210   229   171   798   192   225           417
Margin as % of revenue   30.2   33.4   34.7   23.7   30.3   29.2   33.0           31.1
Lease expense   (13)   (14)   (14)   (14)   (55)   (13)   (12)           (25)
EBITDA after lease expense (EBITDAaL)   175   196   215   157   743   179   213           392
Capital expenditure   (153)   (144)   (148)   (178)   (623)   (157)   (150)           (307)
Operating free cash flow   22   52   67   (21)   120   22   63           85
                                         
Broadband access lines in thousand   2,662   2,631   2,613   2,601   2,601   2,582   2,557           2,557
Broadband access lines wholesale in thousand   498   532   579   648   648   720   778           778
Mobile access lines in thousand   3,231   3,343   3,428   3,509   3,509   3,611   3,724           3,724

In CHF million, except where indicated
  1st
quarter
  2nd
quarter
  3rd
quarter
  4th
quarter
 
2023
  1st
quarter
  2nd
quarter
  3rd
quarter
  4th
quarter
 
2024
                                         
Swisscom Switzerland Revenue and results
Residential Customers   963   963   967   963   3,856   946   949           1,895
Business Customers   391   385   385   384   1,545   378   375           753
Revenue telecom services   1,354   1,348   1,352   1,347   5,401   1,324   1,324           2,648
IT services   283   284   287   300   1,154   297   304           601
Merchandise   217   175   191   252   835   187   195           382
Wholesale   131   132   139   128   530   134   123           257
Revenue other   45   45   40   39   169   35   35           70
External revenue   2,030   1,984   2,009   2,066   8,089   1,977   1,981           3,958
Intersegment revenue   15   15   14   14   58   16   14           30
Revenue   2,045   1,999   2,023   2,080   8,147   1,993   1,995           3,988
                                         
                                         
Residential Customers   1,137   1,099   1,111   1,158   4,505   1,078   1,079           2,157
Business Customers   768   760   765   790   3,083   773   785           1,558
Wholesale   134   135   142   130   541   136   126           262
Infrastructure & Support Functions   19   19   19   16   73   19   19           38
Intersegment elimination   (13)   (14)   (14)   (14)   (55)   (13)   (14)           (27)
Revenue   2,045   1,999   2,023   2,080   8,147   1,993   1,995           3,988
                                         
                                         
Residential Customers   754   748   760   745   3,007   748   744           1,492
Business Customers   342   330   338   335   1,345   325   320           645
Wholesale   80   86   53   106   325   93   65           158
Infrastructure & Support Functions   (232)   (248)   (239)   (250)   (969)   (221)   (256)           (477)
Intersegment elimination   1   (1)   1   –   1   (1)   1           –
EBITDA   945   915   913   936   3,709   944   874           1,818
Margin as % of revenue   46.2   45.8   45.1   45.0   45.5   47.4   43.8           45.6
Lease expense   (56)   (55)   (58)   (56)   (225)   (58)   (57)           (115)
EBITDA after lease expense (EBITDAaL)   889   860   855   880   3,484   886   817           1,703
Capital expenditure   (394)   (427)   (376)   (493)   (1,690)   (445)   (420)           (865)
Operating free cash flow   495   433   479   387   1,794   441   397           838
                                         
Operational data in thousand
Residential Customers   1,058   1,041   1,024   1,008   1,008   988   969           969
Business Customers   234   230   225   218   218   215   212           212
Fixed telephony access lines   1,292   1,271   1,249   1,226   1,226   1,203   1,181           1,181
                                         
Residential Customers   1,727   1,724   1,722   1,721   1,721   1,709   1,703           1,703
Business Customers   290   288   287   285   285   282   279           279
Broadband access lines retail   2,017   2,012   2,009   2,006   2,006   1,991   1,982           1,982
                                         
Residential Customers   1,491   1,483   1,475   1,472   1,472   1,462   1,448           1,448
Business Customers   67   66   66   65   65   64   63           63
TV access lines   1,558   1,549   1,541   1,537   1,537   1,526   1,511           1,511
                                         
Residential Customers   3,295   3,322   3,354   3,380   3,380   3,379   3,396           3,396
Business Customers   1,939   1,958   1,961   1,970   1,970   1,981   1,986           1,986
Mobile access lines Postpaid   5,234   5,280   5,315   5,350   5,350   5,360   5,382           5,382
Prepaid Residential Customers   1,001   979   949   927   927   909   888           888
Mobile access lines   6,235   6,259   6,264   6,277   6,277   6,269   6,270           6,270
                                         
Access lines wholesale   688   682   683   692   692   704   712           712