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3rd Interim Report 2024
3rd Interim Report 2024
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3rd Interim Report 2024
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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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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 nine months of 2024, the Eliminations segment result includes income of CHF 14 million (prior year: income of CHF 28 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 14 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 nine months of 2024 includes IRU­payments of CHF 16 million (prior year: CHF 15 million).

Segment information 2024


1.01.–30.09.2024, in CHF million
 
Swisscom
Switzerland
 

Fastweb
  Other
Operating
Segments
 

Elimination
 

Total
Residential customers   3,235   831   –   –   4,066
Corporate customers   2,298   844   316   –   3,458
Wholesale customers   388   261   –   –   649
External revenue   5,921   1,936   316   –   8,173
Intersegment revenue   45   4   504   (553)   –
Revenue   5,966   1,940   820   (553)   8,173
Direct costs   (1,180)   (951)   (56)   46   (2,141)
Indirect costs   (2,062)   (370)   (652)   490   (2,594)
Operating income before depreciation and amortisation (EBITDA)   2,724   619   112   (17)   3,438
Depreciation and amortisation of property, plant and equipment and intangible assets                   (1,590)
Depreciation of right-of-use assets                   (196)
Operating income (EBIT)                   1,652
Financial income                   99
Financial expense                   (174)
Result of equity-accounted investees                   (1)
Income before income taxes                   1,576
Income tax expense                   (293)
Net income                   1,283
                     
EBITDA   2,724   619   112   (17)   3,438
Lease expense   (174)   (36)   (8)   1   (217)
EBITDA after lease expense (EBITDAaL)   2,550   583   104   (16)   3,221
Capital expenditure   (1,302)   (431)   (28)   30   (1,731)
Operating free cash flow   1,248   152   76   14   1,490

Segment information Swisscom Switzerland 2024


1.01.–30.09.2024, in CHF million
 
Residential
Customers
 
Business
Customers
 

Wholesale
  Infrastructure
& Support
Functions
 

Elimination
  Total
Swisscom
Switzerland
Fixed-line   1,473   598   –   –   –   2,071
Mobile   1,376   529   –   –   –   1,905
Telecom services   2,849   1,127   –   –   –   3,976
IT services   –   897   –   –   –   897
Merchandise   304   246   –   –   1   551
Wholesale   –   –   388   –   –   388
Revenue other   82   15   –   13   (1)   109
External revenue   3,235   2,285   388   13   –   5,921
Intersegment revenue   12   25   7   44   (43)   45
Revenue   3,247   2,310   395   57   (43)   5,966
Direct costs   (562)   (534)   (171)   (1)   88   (1,180)
Indirect costs   (436)   (800)   (9)   (772)   (45)   (2,062)
Operating income before depreciation and amortisation (EBITDA)   2,249   976   215   (716)   –   2,724
                         
Capital expenditure   (23)   (31)   –   (1,248)   –   (1,302)

Segment information 2023


1.01.–30.09.2023, in CHF million, restated
 
Swisscom
Switzerland
 

Fastweb
  Other
Operating
Segments
 

Elimination
 

Total
Residential customers   3,336   852   –   –   4,188
Corporate customers   2,285   798   310   –   3,393
Wholesale customers   402   219   –   –   621
External revenue   6,023   1,869   310   –   8,202
Intersegment revenue   44   4   451   (499)   –
Revenue   6,067   1,873   761   (499)   8,202
Direct costs   (1,243)   (869)   (60)   49   (2,123)
Indirect costs   (2,051)   (390)   (608)   447   (2,602)
Operating income before depreciation and amortisation (EBITDA)   2,773   614   93   (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   2,773   614   93   (3)   3,477
Lease expense   (169)   (40)   (8)   –   (217)
EBITDA after lease expense (EBITDAaL)   2,604   574   85   (3)   3,260
Capital expenditure   (1,197)   (436)   (28)   31   (1,630)
Operating free cash flow   1,407   138   57   28   1,630

Segment information Swisscom Switzerland 2023


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

Wholesale
  Infrastructure
& Support
Functions
 

Elimination
  Total
Swisscom
Switzerland
Fixed-line   1,501   616   –   –   (1)   2,116
Mobile   1,392   545   –   –   1   1,938
Telecom services   2,893   1,161   –   –   –   4,054
IT services   –   854   –   –   –   854
Merchandise   342   240   –   –   1   583
Wholesale   –   –   402   –   –   402
Revenue other   101   17   –   13   (1)   130
External revenue   3,336   2,272   402   13   –   6,023
Intersegment revenue   11   21   9   44   (41)   44
Revenue   3,347   2,293   411   57   (41)   6,067
Direct costs   (626)   (517)   (188)   –   88   (1,243)
Indirect costs   (459)   (766)   (4)   (776)   (46)   (2,051)
Operating income before depreciation and amortisation (EBITDA)   2,262   1,010   219   (719)   1   2,773
                         
Capital expenditure   (27)   (42)   –   (1,128)   –   (1,197)