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2nd Interim Report 2024
2nd Interim Report 2024
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2nd Interim Report 2024
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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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2 Segment information

Changes in segment reporting

With effect from 1 January 2024, Swisscom reallocated various divisions and central costs to the segments within Swisscom Switzerland. In addition, the TV-related Swisscom Broadcast operating division (Other Operating Segments) was shifted to the Residential Customers segment within Swisscom Switzerland. The prior year’s figures were restated as follows:

In CHF million   Reported   Adjustment   Restated
             
Revenue Financial year 2023
Residential Customers   4,502   3   4,505
Business Customers   3,098   (15)   3,083
Wholesale   542   (1)   541
Infrastructure & Support Functions   73   –   73
Intersegment elimination   (69)   14   (55)
Swisscom Switzerland   8,146   1   8,147
Fastweb   2,561   –   2,561
Other Operating Segments   1,075   (12)   1,063
Intersegment elimination   (710)   11   (699)
Total revenue   11,072   –   11,072
             
Operating income before depreciation and amortisation (EBITDA) Financial year 2023
Residential Customers   2,979   28   3,007
Business Customers   1,358   (13)   1,345
Wholesale   326   (1)   325
Infrastructure & Support Functions   (963)   (6)   (969)
Intersegment elimination   1   –   1
Swisscom Switzerland   3,701   8   3,709
Fastweb   776   –   776
Other Operating Segments   153   (8)   145
Reconciliation pension cost   37   –   37
Intersegment elimination   (45)   –   (45)
Total EBITDA   4,622   –   4,622

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 six months of 2024, the Eliminations segment result includes income of CHF 9 million (prior year: income of CHF 19 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 right-of-use assets excluding depreciation on indefeasible rights of use (IRU) of CHF 9 million (prior year: CHF 10 million) as well as 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 six months of 2024 includes IRU payments of CHF 7 million (prior year: CHF 9 million).

Segment information 2024


1.01.–30.06.2024, in CHF million
 
Swisscom
Switzerland
 

Fastweb
  Other
Operating
Segments
 

Elimination
 

Total
Residential customers   2,150   555   –   –   2,705
Corporate customers   1,542   556   213   –   2,311
Wholesale customers   266   172   –   –   438
External revenue   3,958   1,283   213   –   5,454
Intersegment revenue   30   3   324   (357)   –
Revenue   3,988   1,286   537   (357)   5,454
Direct costs   (782)   (622)   (37)   29   (1,412)
Indirect costs   (1,388)   (264)   (429)   318   (1,763)
Operating income before depreciation and amortisation (EBITDA)   1,818   400   71   (10)   2,279
Depreciation and amortisation of property, plant and equipment and intangible assets                   (1,061)
Depreciation of right-of-use assets                   (130)
Operating income (EBIT)                   1,088
Financial income                   35
Financial expense                   (98)
Result of equity-accounted investees                   (1)
Income before income taxes                   1,024
Income tax expense                   (188)
Net income                   836
                     
EBITDA   1,818   400   71   (10)   2,279
Lease expense   (115)   (24)   (5)   (1)   (145)
EBITDA after lease expense (EBITDAaL)   1,703   376   66   (11)   2,134
Capital expenditure   (865)   (294)   (17)   19   (1,157)
Operating free cash flow   838   82   49   8   977

Segment information Swisscom Switzerland 2024


1.01.–30.06.2024, in CHF million
 
Residential
Customers
 
Business
Customers
 

Wholesale
  Infrastructure
& Support
Functions
 

Elimination
  Total
Swisscom
Switzerland
Fixed-line   980   399   –   –   –   1,379
Mobile   915   354   –   –   –   1,269
Telecom services   1,895   753   –   –   –   2,648
IT services   –   601   –   –   –   601
Merchandise   204   178   –   –   –   382
Wholesale   –   –   257   –   –   257
Revenue other   51   10   –   9   –   70
External revenue   2,150   1,542   257   9   –   3,958
Intersegment revenue   7   16   5   29   (27)   30
Revenue   2,157   1,558   262   38   (27)   3,988
Direct costs   (374)   (367)   (100)   –   59   (782)
Indirect costs   (291)   (546)   (4)   (515)   (32)   (1,388)
Operating income before depreciation and amortisation (EBITDA)   1,492   645   158   (477)   –   1,818
                         
Capital expenditure   (13)   (21)   –   (830)   (1)   (865)

Segment information 2023


1.01.–30.06.2023, in CHF million, restated
 
Swisscom
Switzerland
 

Fastweb
  Other
Operating
Segments
 

Elimination
 

Total
Residential customers   2,228   573   –   –   2,801
Corporate customers   1,523   520   203   –   2,246
Wholesale customers   263   140   –   –   403
External revenue   4,014   1,233   203   –   5,450
Intersegment revenue   30   3   292   (325)   –
Revenue   4,044   1,236   495   (325)   5,450
Direct costs   (815)   (565)   (39)   35   (1,384)
Indirect costs   (1,369)   (278)   (405)   289   (1,763)
Operating income before depreciation and amortisation (EBITDA)   1,860   393   51   (1)   2,303
Depreciation and amortisation of property, plant and equipment and intangible assets                   (1,056)
Depreciation of right-of-use assets                   (132)
Operating income (EBIT)                   1,115
Financial income                   11
Financial expense                   (75)
Result of equity-accounted investees                   –
Income before income taxes                   1,051
Income tax expense                   (203)
Net income                   848
                     
EBITDA   1,860   393   51   (1)   2,303
Lease expense   (111)   (27)   (5)   –   (143)
EBITDA after lease expense (EBITDAaL)   1,749   366   46   (1)   2,160
Capital expenditure   (821)   (293)   (18)   19   (1,113)
Operating free cash flow   928   73   28   18   1,047

Segment information Swisscom Switzerland 2023


1.01.–30.06.2023, in CHF million, restated
 
Residential
Customers
 
Business
Customers
 

Wholesale
  Infrastructure
& Support
Functions
 

Elimination
  Total
Swisscom
Switzerland
Fixed-line   1,002   412   –   –   –   1,414
Mobile   924   364   –   –   –   1,288
Telecom services   1,926   776   –   –   –   2,702
IT services   –   567   –   –   –   567
Merchandise   233   159   –   –   –   392
Wholesale   –   –   263   –   –   263
Revenue other   69   12   –   9   –   90
External revenue   2,228   1,514   263   9   –   4,014
Intersegment revenue   8   14   6   29   (27)   30
Revenue   2,236   1,528   269   38   (27)   4,044
Direct costs   (428)   (342)   (104)   –   59   (815)
Indirect costs   (306)   (514)   1   (518)   (32)   (1,369)
Operating income before depreciation and amortisation (EBITDA)   1,502   672   166   (480)   –   1,860
                         
Capital expenditure   (15)   (28)   –   (778)   –   (821)