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3rd Interim Report 2024
3rd Interim Report 2024
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3rd Interim Report 2024
  • 1st Interim Report 2025
  • Sustainability Impact Report 2024
  • Annual Report 2024
  • 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
  • 3rd Interim Report 2019
  • 2nd Interim Report 2019
  • 1st Interim Report 2019
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Table of contents for the 3rd Interim Report 2024 report

3rd 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   2,719       8,173
Direct costs   (710)   (674)   (739)   (783)   (2,906)   (685)   (727)   (729)       (2,141)
Personnel expense   (679)   (671)   (634)   (696)   (2,680)   (703)   (701)   (644)       (2,048)
Other operating expense   (358)   (413)   (382)   (477)   (1,630)   (362)   (379)   (374)       (1,115)
Capitalised self-constructed assets and other income   164   194   177   231   766   202   180   187       569
Operating income (EBITDA)   1,164   1,139   1,174   1,145   4,622   1,155   1,124   1,159       3,438
Depreciation and amortisation   (525)   (531)   (510)   (560)   (2,126)   (522)   (539)   (529)       (1,590)
Depreciation of right-of-use assets   (66)   (66)   (65)   (94)   (291)   (65)   (65)   (66)       (196)
Operating income (EBIT)   573   542   599   491   2,205   568   520   564       1,652
Net interest expense on financial assets and liabilities   (14)   (19)   (18)   (16)   (67)   (15)   (21)   (4)       (40)
Interest expense on lease liabilities   (12)   (9)   (13)   (10)   (44)   (12)   (12)   (11)       (35)
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   552       1,576
Income tax expense   (101)   (102)   (108)   (53)   (364)   (99)   (89)   (105)       (293)
Net income   442   406   462   401   1,711   455   381   447       1,283
Attributable to equity holders of Swisscom Ltd   442   406   463   400   1,711   455   381   447       1,283
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   8.63       24.77
                                       
                                         
Revenue
Swisscom Switzerland   2,045   1,999   2,023   2,080   8,147   1,993   1,995   1,978       5,966
Fastweb   619   617   637   688   2,561   623   663   654       1,940
Other Operating Segments   240   255   266   302   1,063   252   285   283       820
Intersegment elimination   (157)   (168)   (174)   (200)   (699)   (165)   (192)   (196)       (553)
Total revenue   2,747   2,703   2,752   2,870   11,072   2,703   2,751   2,719       8,173
         
                                         
Operating income before depreciation and amortisation (EBITDA)
Swisscom Switzerland   945   915   913   936   3,709   944   874   906       2,724
Fastweb   187   206   221   162   776   182   218   219       619
Other Operating Segments   32   19   42   52   145   33   38   41       112
Reconciliation pension cost   9   10   9   9   37   4   5   5       14
Elimination   (9)   (11)   (11)   (14)   (45)   (8)   (11)   (12)       (31)
Total EBITDA   1,164   1,139   1,174   1,145   4,622   1,155   1,124   1,159       3,438
         
                                         
Capital expenditure
Swisscom Switzerland   394   427   376   493   1,690   445   420   437       1,302
Fastweb   152   141   143   170   606   149   145   137       431
Other Operating Segments   8   10   10   12   40   8   9   11       28
Intersegment elimination   (9)   (10)   (12)   (13)   (44)   (8)   (11)   (11)       (30)
Total capital expenditure   545   568   517   662   2,292   594   563   574       1,731

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   1,159       3,438
Lease expense   (73)   (70)   (74)   (71)   (288)   (72)   (73)   (72)       (217)
EBITDA after lease expense (EBITDAaL)   1,091   1,069   1,100   1,074   4,334   1,083   1,051   1,087       3,221
Capital expenditure   (545)   (568)   (517)   (662)   (2,292)   (594)   (563)   (574)       (1,731)
Operating free cash flow   546   501   583   412   2,042   489   488   513       1,490
                                         
Free cash flow
Free cash flow   209   253   575   443   1,480   198   155   684       1,037
                                         
Net debt
Net debt   7,171   8,108   7,507   7,071   7,071   6,941   7,919   6,893       6,893
                                         
Full-time equivalent employees
Swisscom Switzerland   12,848   13,061   13,218   13,263   13,263   13,389   13,361   13,400       13,400
Fastweb   3,087   3,117   3,146   3,157   3,157   3,225   3,251   3,266       3,266
Other Operating Segments   3,317   3,319   3,322   3,309   3,309   3,333   3,324   3,314       3,314
Total personnel expense   19,252   19,497   19,686   19,729   19,729   19,947   19,936   19,980       19,980
                                         
Information by geographical regions
Revenue in Switzerland   2,129   2,088   2,116   2,183   8,516   2,079   2,088   2,065       6,232
Revenue in other countries   618   615   636   687   2,556   624   663   654       1,941
Total revenue   2,747   2,703   2,752   2,870   11,072   2,703   2,751   2,719       8,173
                                         
Operating income (EBITDA) in Switzerland   975   933   951   983   3,842   972   905   939       2,816
Operating income (EBITDA) in other countries   189   206   223   162   780   183   219   220       622
Total EBITDA   1,164   1,139   1,174   1,145   4,622   1,155   1,124   1,159       3,438
                                         
Capital expenditure in Switzerland   392   427   374   492   1,685   444   418   436       1,298
Capital expenditure in other countries   153   141   143   170   607   150   145   138       433
Total capital expenditure   545   568   517   662   2,292   594   563   574       1,731
                                         
Headcount in Switzerland   15,755   15,929   16,048   16,051   16,051   16,105   16,044   16,043       16,043
Headcount in other countries   3,497   3,568   3,638   3,678   3,678   3,842   3,892   3,937       3,937
Total headcount (full-time equivalent)   19,252   19,497   19,686   19,729   19,729   19,947   19,936   19,980       19,980
                                         
Fastweb, in EUR million
Residential customers   289   291   289   294   1,163   288   290   292       870
Corporate customers   261   266   287   320   1,134   284   295   304       883
Wholesale   71   70   83   106   330   84   97   92       273
External revenue   621   627   659   720   2,627   656   682   688       2,026
Intersegment revenue   2   1   1   2   6   2   –   3       5
Revenue   623   628   660   722   2,633   658   682   691       2,031
                                         
Operating income (EBITDA)   188   210   229   171   798   192   225   231       648
Margin as % of revenue   30.2   33.4   34.7   23.7   30.3   29.2   33.0   33.4       31.9
Lease expense   (13)   (14)   (14)   (14)   (55)   (13)   (12)   (13)       (38)
EBITDA after lease expense (EBITDAaL)   175   196   215   157   743   179   213   218       610
Capital expenditure   (153)   (144)   (148)   (178)   (623)   (157)   (150)   (144)       (451)
Operating free cash flow   22   52   67   (21)   120   22   63   74       159
                                         
Broadband access lines in thousand   2,662   2,631   2,613   2,601   2,601   2,582   2,557   2,548       2,548
Broadband access lines wholesale in thousand   498   532   579   648   648   720   778   832       832
Mobile access lines in thousand   3,231   3,343   3,428   3,509   3,509   3,611   3,724   3,816       3,816

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   954       2,849
Business Customers   391   385   385   384   1,545   378   375   374       1,127
Revenue telecom services   1,354   1,348   1,352   1,347   5,401   1,324   1,324   1,328       3,976
IT services   283   284   287   300   1,154   297   304   296       897
Merchandise   217   175   191   252   835   187   195   169       551
Wholesale   131   132   139   128   530   134   123   131       388
Revenue other   45   45   40   39   169   35   35   39       109
External revenue   2,030   1,984   2,009   2,066   8,089   1,977   1,981   1,963       5,921
Intersegment revenue   15   15   14   14   58   16   14   15       45
Revenue   2,045   1,999   2,023   2,080   8,147   1,993   1,995   1,978       5,966
                                         
                                         
Residential Customers   1,137   1,099   1,111   1,158   4,505   1,078   1,079   1,090       3,247
Business Customers   768   760   765   790   3,083   773   785   752       2,310
Wholesale   134   135   142   130   541   136   126   133       395
Infrastructure & Support Functions   19   19   19   16   73   19   19   19       57
Intersegment elimination   (13)   (14)   (14)   (14)   (55)   (13)   (14)   (16)       (43)
Revenue   2,045   1,999   2,023   2,080   8,147   1,993   1,995   1,978       5,966
                                         
                                         
Residential Customers   754   748   760   745   3,007   748   744   757       2,249
Business Customers   342   330   338   335   1,345   325   320   331       976
Wholesale   80   86   53   106   325   93   65   57       215
Infrastructure & Support Functions   (232)   (248)   (239)   (250)   (969)   (221)   (256)   (239)       (716)
Intersegment elimination   1   (1)   1   –   1   (1)   1   –       –
EBITDA   945   915   913   936   3,709   944   874   906       2,724
Margin as % of revenue   46.2   45.8   45.1   45.0   45.5   47.4   43.8   45.8       45.7
Lease expense   (56)   (55)   (58)   (56)   (225)   (58)   (57)   (59)       (174)
EBITDA after lease expense (EBITDAaL)   889   860   855   880   3,484   886   817   847       2,550
Capital expenditure   (394)   (427)   (376)   (493)   (1,690)   (445)   (420)   (437)       (1,302)
Operating free cash flow   495   433   479   387   1,794   441   397   410       1,248
                                         
Operational data in thousand
Residential Customers   1,058   1,041   1,024   1,008   1,008   988   969   951       951
Business Customers   234   230   225   218   218   215   212   208       208
Fixed telephony access lines   1,292   1,271   1,249   1,226   1,226   1,203   1,181   1,159       1,159
                                         
Residential Customers   1,727   1,724   1,722   1,721   1,721   1,709   1,703   1,697       1,697
Business Customers   290   288   287   285   285   282   279   276       276
Broadband access lines retail   2,017   2,012   2,009   2,006   2,006   1,991   1,982   1,973       1,973
                                         
Residential Customers   1,491   1,483   1,475   1,472   1,472   1,462   1,448   1,436       1,436
Business Customers   67   66   66   65   65   64   63   63       63
TV access lines   1,558   1,549   1,541   1,537   1,537   1,526   1,511   1,499       1,499
                                         
Residential Customers   3,295   3,322   3,354   3,380   3,380   3,379   3,396   3,416       3,416
Business Customers   1,939   1,958   1,961   1,970   1,970   1,981   1,986   2,001       2,001
Mobile access lines Postpaid   5,234   5,280   5,315   5,350   5,350   5,360   5,382   5,417       5,417
Prepaid Residential Customers   1,001   979   949   927   927   909   888   862       862
Mobile access lines   6,235   6,259   6,264   6,277   6,277   6,269   6,270   6,279       6,279
                                         
Access lines wholesale   688   682   683   692   692   704   712   722       722