SWISSCOM AG 2024
Interim Report
January-March
Interim Report January-March 2024 | KPIs
KPIs
In CHF million, except where indicated | 31.03.2024 | 31.03.2023 | Change | |||
Revenue and results 1 | ||||||
Revenue | 2,703 | 2,747 | -1.6% | |||
Operating income before depreciation and amortisation (EBITDA) | 1,155 | 1,164 | -0.8% | |||
EBITDA as % of revenue | % | 42.7 | 42.4 | |||
EBITDA after lease expense (EBITDAaL) | 1,083 | 1,091 | -0.7% | |||
Operating income (EBIT) | 568 | 573 | -0.9% | |||
Net income | 455 | 442 | 2.9% | |||
Earnings per share | CHF | 8.78 | 8.53 | 2.9% | ||
Balance sheet and cash flows 1 | ||||||
Equity | 12,190 | 11,695 | 4.2% | |||
Equity ratio | % | 47.6 | 46.1 | |||
Capital expenditure | 594 | 545 | 9.0% | |||
Operating free cash flow | 489 | 546 | -10.4% | |||
Free cash flow | 198 | 209 | -5.3% | |||
Net debt | 6,941 | 7,171 | -3.2% | |||
Operational data | ||||||
Fixed telephony access lines in Switzerland | in thousand | 1,203 | 1,292 | -6.9% | ||
Broadband access lines retail in Switzerland | in thousand | 1,991 | 2,017 | -1.3% | ||
TV access lines in Switzerland | in thousand | 1,526 | 1,558 | -2.1% | ||
Mobile access lines in Switzerland | in thousand | 6,269 | 6,235 | 0.5% | ||
Access lines wholesale in Switzerland | in thousand | 704 | 688 | 2.3% | ||
Broadband access lines retail in Italy | in thousand | 2,582 | 2,662 | -3.0% | ||
Broadband access lines wholesale in Italy | in thousand | 720 | 498 | 44.6% | ||
Mobile access lines in Italy | in thousand | 3,611 | 3,231 | 11.8% | ||
Swisscom share | ||||||
Number of issued shares | in thousand | 51,802 | 51,802 | -% | ||
Market capitalisation | 27,351 | 30,211 | -9.5% | |||
Closing price at end of period | CHF | 528.00 | 583.20 | -9.5% | ||
Employees | ||||||
Full-time equivalent employees | number | 19,947 | 19,252 | 3.6% | ||
Average number of full-time equivalent employees | number | 19,865 | 19,219 | 3.4% |
1 Swisscom uses various alternative performance measures. The definitions and the reconciliation to the values in accordance with IFRS are set out in the interim report on pages 23 and 24.
2
Financial review
Summary
Group revenue decreased by 1.6% year-on-year to CHF 2,703 million. Operating income before depreciation and amortisation (EBITDA) fell by 0.8% to CHF 1,155 million. The reported revenue and EBITDA development was influenced by the performance of the euro (EUR) as a result of the substantial share attributable to the Italian subsidiary Fastweb. The EUR average exchange rate fell by 4.7% in the first quarter of 2024 compared to the same quarter in the previous year. This resulted in negative exchange differences on Group revenue of CHF 31 million and on EBITDA of CHF 9 million. Based on a constant EUR exchange rate, revenue in the first quarter of 2024 fell by 0.5% or CHF 13 million. Swisscom Switzerland's revenue fell by 2.5%. Fastweb achieved an increase in revenue of 5.6% (in EUR).
EBITDA development was influenced not only by currency effects, but also by non-recurring items related to litigation in the amount of CHF 24 million. On the other hand, non-recurring costs of CHF 6 million, which had an impact on EBITDA, were incurred in connection with preparations for the takeover of Vodafone Italia. Without these non-recurring items and with a constant EUR exchange rate, this resulted in a drop in EBITDA of CHF 18 million (-1.5%). CHF 19 million (-2.0%) of this drop is attributable to Swisscom Switzerland. Fastweb, on the other hand, reported an increase of EUR 4 million (+2.1%). Consolidated net income rose by 2.9% year-on-year to total CHF 455 million. The lower operating income was offset by an improvement in the financial result.
The Group's capital expenditure rose by 9.0% in a year-on-year comparison to CHF 594 million. Capital expenditure in the Swiss core business rose by 12.9%, and by 2.6% at Fastweb (in EUR). Operating free cash flow fell by CHF 57 million or 10.4% year-on-year to CHF 489 million due to lower EBITDA and increased capital expenditure. Free cash flow was down only slightly on the previous year to CHF 198 million (CHF -11 million). The improved development in net working capital and lower income taxes paid largely offset the drop in operating free cash flow. The CHF 35 million drop in income taxes paid to CHF 30 million was attributable to different payment due dates. Net debt decreased by 3.2% to CHF 6,941 million year-on-year. The number of Swisscom employees increased by 3.6% to 19,947 FTEs. In Switzerland, headcount increased by 2.2% to 16,105 FTEs as a result of company acquisitions.
The financial outlook for the 2024 financial year remains unchanged. Swisscom expects revenue of around CHF 11.0 billion, EBITDA of CHF 4.5-4.6 billion and capital expenditure of around CHF 2.3 billion. Subject to achieving its targets, Swisscom plans to propose payment of an unchanged attractive dividend of CHF 22 per share for the 2024 financial year at the 2025 Annual General Meeting.
3
Interim Report January-March 2024 | Financial review
Segment results
In CHF million | 31.03.2024 | 31.03.2023 | Change | ||
Revenue 1 | |||||
Residential Customers | 1,078 | 1,137 | -5.2% | ||
Business Customers | 773 | 768 | 0.7% | ||
Wholesale | 136 | 134 | 1.5% | ||
Infrastructure & Support Functions | 19 | 19 | -% | ||
Intersegment elimination | (13) | (13) | -% | ||
Swisscom Switzerland | 1,993 | 2,045 | -2.5% | ||
Fastweb | 623 | 619 | 0.6% | ||
Other Operating Segments | 252 | 240 | 5.0% | ||
Intersegment elimination | (165) | (157) | 5.1% | ||
Total revenue | 2,703 | 2,747 | -1.6% | ||
Operating income before depreciation and amortisation (EBITDA) 1 | |||||
Residential Customers | 748 | 754 | -0.8% | ||
Business Customers | 325 | 342 | -5.0% | ||
Wholesale | 93 | 80 | 16.3% | ||
Infrastructure & Support Functions | (221) | (232) | -4.7% | ||
Intersegment elimination | (1) | 1 | |||
Swisscom Switzerland | 944 | 945 | -0.1% | ||
Fastweb | 182 | 187 | -2.7% | ||
Other Operating Segments | 33 | 32 | 3.1% | ||
Reconciliation pension cost 2 | 4 | 9 | -55.6% | ||
Intersegment elimination | (8) | (9) | -11.1% | ||
Total EBITDA | 1,155 | 1,164 | -0.8% |
1 As of 1 January 2024 Swisscom has made adjustments to the financial | 2 Operating income of segments includes ordinary employer contributions as |
management. The previous year›s figures have been adjusted accordingly. For | pension fund expense. The difference to the pension cost according to IAS 19 |
further information, see notes 2 to the interim financial statements. | is recognised as a reconciliation item. |
Swisscom's reporting focuses on the operating divisions Swisscom Switzerland and Fastweb. The other business divisions are grouped together under Other Operating Segments. Swisscom Switzerland comprises the customer segments Residential Customers, Business Customers and Wholesale, along with the Infrastructure & Support Functions business division. Fastweb is a telecommunications provider for residential and business customers in Italy. Other Operating Segments primarily comprises Swisscom Directories Ltd (localsearch), Swisscom Broadcast Ltd (radio transmitters) and cablex Ltd (network construction and maintenance).
The Infrastructure & Support Functions business division does not charge any network costs or management fees to other segments for its services. The remaining services between the segments are charged at market prices. Network costs in Switzerland are budgeted, monitored and controlled by the Infrastructure & Support Functions segment, which is managed as a cost centre. For this reason, no revenue is credited to the Infrastructure & Support Functions segment within the segment reporting, with the exception of the rental and administration of buildings and vehicles. The results of the Residential Customers, Business Customers and Wholesale segments thus correspond to a contribution margin before network costs.
4
Swisscom Switzerland
In CHF million, except where indicated | 31.03.2024 | 31.03.2023 | Change | ||
Revenue and operating income before depreciation and amortisation (EBITDA) | |||||
Telecoms services | 1,324 | 1,354 | -2.2% | ||
IT services | 297 | 283 | 4.9% | ||
Merchandise | 187 | 217 | -13.8% | ||
Wholesale | 134 | 131 | 2.3% | ||
Revenue other | 35 | 45 | -22.2% | ||
External revenue | 1,977 | 2,030 | -2.6% | ||
Intersegment revenue | 16 | 15 | 6.7% | ||
Revenue | 1,993 | 2,045 | -2.5% | ||
Direct costs | (380) | (423) | -10.2% | ||
Indirect costs | (669) | (677) | -1.2% | ||
Operating expense | (1,049) | (1,100) | -4.6% | ||
EBITDA | 944 | 945 | -0.1% | ||
Margin as % of revenue | 47.4 | 46.2 | |||
Operating free cash flow | |||||
EBITDA | 944 | 945 | -0.1% | ||
Lease expense | (58) | (56) | 3.6% | ||
EBITDA after lease expense (EBITDAaL) | 886 | 889 | -0.3% | ||
Capital expenditure | (445) | (394) | 12.9% | ||
Operating free cash flow | 441 | 495 | -10.9% | ||
Operational data in thousand and headcount | |||||
Fixed telephony access lines | 1,203 | 1,292 | -6.9% | ||
Broadband access lines retail | 1,991 | 2,017 | -1.3% | ||
TV access lines | 1,526 | 1,558 | -2.1% | ||
Mobile access lines | 6,269 | 6,235 | 0.5% | ||
Access lines wholesale | 704 | 688 | 2.3% | ||
Full-time equivalent employees | 13,389 | 12,848 | 4.2% |
Swisscom Switzerland's revenue decreased by 2.5% or CHF 52 million to CHF 1,993 million. Revenue from telecoms | ||
services decreased by 2.2% or CHF 30 million to CHF 1,324 million. Of this decline, CHF 17 million (-1.8%) was | ||
attributable to the Residential Customers segment and CHF 13 million (-3.3%) to the Business Customers segment. | ||
Revenue from merchandise dipped by CHF 30 million or 13.8% to CHF 187 million due to the lower number of | ||
smartphones sold. By contrast, revenue from IT services rose by 4.9% to CHF 297 million. In an intense market | ||
environment, there was a reduction in the number of connections for broadband (-1.3%) and TV (-2.1%), while | ||
the number of connections for mobile telephony increased slightly (+0.5%). In mobile communications, the | ||
customer | structure changed due to an increase in postpaid lines (+126,000) and a similarly pronounced decrease | |
in prepaid lines (-92,000). The share of secondary and third-party brands in the Residential Customers segment | ||
rose from 29% to 32%. The number of connections for fixed network telephony dropped (-6.9%) as a result of its | ||
substitution with mobile telephony. | ||
The operating expense decreased by 4.6% or CHF 51 million. Direct costs fell by CHF 43 million or 10.2%. There | ||
was a drop in both the cost of purchasing merchandise, and subscriber acquisition and subscriber retention costs. | ||
Indirect costs fell by CHF 8 million (-1.2%), rising by CHF 10 million if non-recurring items are left out of the equation. | ||
In telecommunications, cost savings of CHF 8 million were realised through efficiency improvement measures. | ||
By contrast, indirect costs in the area of IT services increased by CHF 18 million. Headcount increased by 4.2% | ||
year-on-year to 13,389 FTEs as a result of company acquisitions. Operating income before depreciation and | ||
amortisation (EBITDA) remained virtually stable (-0.1%) at CHF 944 million. After adjustments to reflect non- | ||
recurring items, EBITDA fell by 2.0%. Cost-cutting measures partly compensated for the decline in revenue from | ||
telecoms services. Capital expenditure increased by 12.9% or CHF 51 million to CHF 445 million mainly due to | ||
measures to step up the expansion of the access network with optical fibre and higher investment in the mobile | ||
network. Swisscom plans to increase fibre-optic coverage (FTTH) to around 57% by the end of 2025, and to | ||
75-80% by the end of 2030. | 5 |
Interim Report January-March 2024 | Financial review
Fastweb
In EUR million, except where indicated | 31.03.2024 | 31.03.2023 | Change | ||
Revenue and operating income before depreciation and amortisation (EBITDA) | |||||
Residential Customers | 288 | 289 | -0.3% | ||
Corporate Business | 284 | 261 | 8.8% | ||
Wholesale | 84 | 71 | 18.3% | ||
External revenue | 656 | 621 | 5.6% | ||
Intersegment revenue | 2 | 2 | -% | ||
Revenue | 658 | 623 | 5.6% | ||
Operating expense | (466) | (435) | 7.1% | ||
EBITDA | 192 | 188 | 2.1% | ||
Margin as % of revenue | 29.2 | 30.2 | |||
Operating free cash flow | |||||
EBITDA | 192 | 188 | 2.1% | ||
Lease expense | (13) | (13) | -% | ||
EBITDA after lease expense (EBITDAaL) | 179 | 175 | 2.3% | ||
Capital expenditure | (157) | (153) | 2.6% | ||
Operating free cash flow | 22 | 22 | -% | ||
Operational data in thousand and headcount | |||||
Broadband access lines retail | 2,582 | 2,662 | -3.0% | ||
Broadband access lines wholesale | 720 | 498 | 44.6% | ||
Mobile access lines | 3,611 | 3,231 | 11.8% | ||
Full-time equivalent employees | 3,225 | 3,087 | 4.5% |
Fastweb's revenue rose year-on-year by 5.6% or EUR 35 million to EUR 658 million. Competition remained fierce. The customer base in the fixed-network business (retail and wholesale) grew by 4.5% overall to 3.30 million. While the customer base in the retail segment fell by 3.0% to 2.58 million due to the challenging market environment, the number of ultra-fast broadband connections provided by Fastweb to other operators (whole- sale business) rose to 720,000 (+44.6%). Among retail customers, the share of ultra-fast broadband connections increased by 3 percentage points to 90%. The number of mobile access lines increased by 380,000 (+11.8%) to
3.61 million, with bundled offerings continuing to play an important role here. 43% of broadband customers used a bundled offering combining fixed network and mobile. Revenue from residential customers was almost unchanged year-on-year at EUR 288 million (-0.3%). The lower revenue in the fixed-network business was offset by an increase in the mobile communications segment as a result of the increased customer base. Revenue from business customers increased by 8.8% or EUR 23 million to EUR 284 million, driven by the higher revenue from IT services. Revenue from wholesale business increased by 18.3% or EUR 13 million to EUR 84 million due to the higher number of subscribers.
Operating expenses increased by EUR 31 million (+7.1%). Driven by revenue growth, the operating result before depreciation and amortisation (EBITDA) increased by EUR 4 million (+2.1%). Capital expenditure increased by 2.6% to EUR 157 million due to an increase in customer-driven investment. Headcount increased by 4.5% or 138 FTEs to 3,225 FTEs as the company took on external staff and the growth created a need for more personnel.
6
Other Operating Segments
In CHF million, except where indicated | 31.03.2024 | 31.03.2023 | Change | ||
Revenue and operating income before depreciation and amortisation (EBITDA) | |||||
External revenue | 104 | 99 | 5.1% | ||
Intersegment revenue | 148 | 141 | 5.0% | ||
Revenue | 252 | 240 | 5.0% | ||
Operating expense | (219) | (208) | 5.3% | ||
EBITDA | 33 | 32 | 3.1% | ||
Margin as % of revenue | 13.1 | 13.3 | |||
Operating free cash flow | |||||
EBITDA | 33 | 32 | 3.1% | ||
Lease expense | (3) | (2) | 50.0% | ||
EBITDA after lease expense (EBITDAaL) | 30 | 30 | -% | ||
Capital expenditure | (8) | (8) | -% | ||
Operating free cash flow | 22 | 22 | -% | ||
Headcount | |||||
Full-time equivalent employees | 3,333 | 3,317 | 0.5% | ||
Revenue in Other Operating Segments was up by 5.0% or CHF 12 million year-on-year to CHF 252 million, due primarily to higher revenue for cablex construction services. The operating result before depreciation and amortisation (EBIDTA) increased by 3.1% or CHF 1 million to CHF 33 million. The profit margin was down slightly to 13.1% (prior year: 13.3%). Headcount was at 3,333 full-time equivalents, almost on a par with the previous year (+0.5%).
Depreciation and amortisation, non-operating results
In CHF million, except where indicated | 31.03.2024 | 31.03.2023 | Change | |||
Operating income before depreciation and amortisation (EBITDA) | 1,155 | 1,164 | -0.8% | |||
Depreciation and amortisation of property, plant and equipment | ||||||
and intangible assets | (522) | (525) | -0.6% | |||
Depreciation of right-of-use assets | (65) | (66) | -1.5% | |||
Operating income (EBIT) | 568 | 573 | -0.9% | |||
Net interest expense on financial assets and liabilities | (15) | (14) | 7.1% | |||
Interest expense on lease liabilities | (12) | (12) | -% | |||
Other financial result | 13 | (4) | ||||
Result of equity-accounted investees | - | - | -% | |||
Income before income taxes | 554 | 543 | 2.0% | |||
Income tax expense | (99) | (101) | -2.0% | |||
Net income | 455 | 442 | 2.9% | |||
Attributable to equity holders of Swisscom Ltd | 455 | 442 | 2.9% | |||
Attributable to non-controlling interests | - | - | -% | |||
Earnings per share (in CHF) | 8.78 | 8.53 | 2.9% |
Net income increased by 2.9% or CHF 13 million to CHF 455 million. The lower operating income (CHF -5 million) was offset by an improvement in the financial result (CHF +16 million) and lower income tax expense (CHF +2 million). The income tax expense was CHF 99 million (prior year: CHF 101 million), corresponding to an effective income tax rate of 17.9% (prior year: 18.6%).
7
Interim Report January-March 2024 | Financial review
Cash flows
In CHF million | 31.03.2024 | 31.03.2023 | Change | ||
Operating income before depreciation and amortisation (EBITDA) | 1,155 | 1,164 | (9) | ||
Lease expense | (72) | (73) | 1 | ||
EBITDA after lease expense (EBITDAaL) | 1,083 | 1,091 | (8) | ||
Capital expenditure | (594) | (545) | (49) | ||
Operating free cash flow | 489 | 546 | (57) | ||
Change in net working capital | (226) | (244) | 18 | ||
Change in defined benefit obligations | (2) | (8) | 6 | ||
Net interest payments on financial assets and liabilities | (10) | (12) | 2 | ||
Income taxes paid | (30) | (65) | 35 | ||
Other operating cash flows | (23) | (8) | (15) | ||
Free cash flow | 198 | 209 | (11) | ||
Net expenditures for company acquisitions and disposals | (9) | - | (9) | ||
Other changes 1 | (59) | (6) | (53) | ||
Decrease in net debt | 130 | 203 | (73) | ||
1 Includes foreign currency effects, fair value adjustments and non-cash chan- ges in net debt positions.
Operating free cash flow fell by CHF 57 million to CHF 489 million due to higher capital expenditure and lower EBITDA. This was largely offset by improved development in net working capital and lower income taxes paid. As a result, free cash flow fell by CHF 11 million to CHF 198 million. The CHF 35 million drop in income taxes paid to CHF 30 million was attributable to different payment due dates.
Net asset position
In CHF million, except where indicated | 31.03.2024 | 31.12.2023 | Change | |||
Property, plant and equipment | 11,223 | 11,059 | 1.5% | |||
Intangible assets | 1,787 | 1,737 | 2.9% | |||
Goodwill | 5,203 | 5,172 | 0.6% | |||
Right-of-use assets | 2,016 | 1,972 | 2.2% | |||
Trade receivables | 2,200 | 2,143 | 2.7% | |||
Receivables from finance leases | 125 | 130 | -3.8% | |||
Trade payables | (1,637) | (1,611) | 1.6% | |||
Provisions | (1,232) | (1,263) | -2.5% | |||
Deferred gain on sale and leaseback of real estate | (80) | (81) | -1.2% | |||
Other operating assets and liabilities, net | 27 | (141) | ||||
Net operating assets | 19,632 | 19,117 | 2.7% | |||
Net debt | (6,941) | (7,071) | -1.8% | |||
Defined benefit assets and obligations, net | (9) | (10) | -10.0% | |||
Income tax assets and liabilities, net | (950) | (875) | 8.6% | |||
Equity-accounted investees and other financial assets | 458 | 461 | -0.7% | |||
Equity | 12,190 | 11,622 | 4.9% | |||
Equity ratio in % | 47.7 | 47.0 |
Net operating assets were higher at CHF 19.6 billion (+2.7%) compared with year-end 2023. The 4.9% increase in equity to CHF 12.2 billion corresponds to the net income for the first quarter of 2024. The equity ratio rose from 47.0% to 47.7% compared with the end of 2023. On 27 March 2024, the Annual General Meeting of Swisscom Ltd approved the payment of an unchanged dividend of CHF 22 gross per share. A total dividend amount of CHF 1,140 million was paid out on 2 April 2024.
8
Net debt
Net debt consists of financial liabilities and lease liabilities less cash and cash equivalents, listed debt instruments and derivative financial instruments.
In CHF million | 31.03.2024 | 31.12.2023 | Change | ||
Debenture bonds | 4,875 | 4,789 | 1.8% | ||
Bank loans | 268 | 267 | 0.4% | ||
Private placements | 322 | 322 | -% | ||
Other financial liabilities | 276 | 287 | -3.8% | ||
Lease liabilities | 1,925 | 1,915 | 0.5% | ||
Total financial liabilities and lease liabilities | 7,666 | 7,580 | 1.1% | ||
Cash and cash equivalents | (345) | (148) | 133.1% | ||
Other financial assets | (380) | (361) | 5.3% | ||
Net debt | 6,941 | 7,071 | -1.8% | ||
In recent years, Swisscom has taken advantage of favourable capital market conditions with a view to optimising the interest and maturity structure of the Group's financial liabilities. As at 31 March 2024, the average interest expense on financial liabilities was 1.0%, the average residual term to maturity was 4.9 years, and the share of fixed-interest-bearing financial liabilities was 92%. Swisscom also has two lines of credit totalling CHF 2.2 billion, which have not been used.
Outlook
2023 | |
Key figures or as noted | reported |
Revenue | |
Swisscom Group | CHF 11,072 million 1 |
Switzerland 3 | CHF 8,511 million |
Fastweb | EUR 2,633 million |
Operating income before depreciation and amortisation (EBITDA) | |
Swisscom Group | CHF 4,622 million |
Switzerland 3 | CHF 3,846 million |
Fastweb | EUR 798 million |
Capital expenditure | |
Swisscom Group | CHF 2,292 million |
Switzerland 3 | CHF 1,686 million |
Fastweb | EUR 623 million |
2024 outlook 4
- CHF 11.0 billion
- CHF 8.5 billion EUR 2.6-2.7 billion
CHF 4.5-4.6 billion 2
- CHF 3.7 billion
- EUR 0.9 billion
- CHF 2.3 bn
- CHF 1.7 billion
- EUR 0.6 billion
1 Restated. For further information, see note 1 to the interim | 3 | Swisscom w/o Fastweb |
financial statements. | 4 | Exchange rate CHF/EUR 0.93 (2023: CHF/EUR 0.973). |
2 EBITDA after lease expense (EBITDAaL) 2023: CHF 4,334 million; EBITDaL
guidance 2024: CHF 4.2-4.3 billion
The financial outlook for the 2024 financial year remains unchanged. Swisscom expects revenue of around CHF 11.0 billion, EBITwDA of CHF 4.5 to 4.6 billion and capital expenditure of around CHF 2.3 billion. Subject to achievement of its targets, Swisscom plans to propose payment of an unchanged dividend of CHF 22 per share for the 2024 financial year at the 2025 Annual General Meeting.
9
Interim Report January-March2024 | Consolidated interim financial statements
Consolidated interim financial statements
Consolidated statement of comprehensive income (unaudited)
In CHF million, except for per share amounts | Note | 1.01.-31.03.2024 | 1.01.-31.03.2023 | ||
Income statement | |||||
Revenue | 2 | 2,703 | 2,747 | ||
Direct costs | 3 | (685) | (710) | ||
Personnel expense | 3 | (703) | (680) | ||
Other operating expense | 3 | (362) | (357) | ||
Capitalised self-constructed assets and other income | 3 | 202 | 164 | ||
Operating income before depreciation and amortisation | 1,155 | 1,164 | |||
Depreciation and amortisation of property, plant and equipment and intangible assets | (522) | (525) | |||
Depreciation of right-of-use assets | (65) | (66) | |||
Operating income | 568 | 573 | |||
Financial income | 6 | 23 | 8 | ||
Financial expense | 6 | (37) | (38) | ||
Result of equity-accounted investees | - | - | |||
Income before income taxes | 554 | 543 | |||
Income tax expense | (99) | (101) | |||
Net income | 455 | 442 | |||
Other comprehensive income | |||||
Actuarial gains and losses from defined benefit pension plans | (2) | (7) | |||
Change in fair value of equity instruments | (11) | 62 | |||
Items that will not be reclassified to income statement | (13) | 55 | |||
Foreign currency translation adjustments of foreign subsidiaries | 107 | 24 | |||
Change in cash flow hedges | 12 | 3 | |||
Items that are or may be reclassified subsequently to income statement | 119 | 27 | |||
Other comprehensive income | 106 | 82 | |||
Comprehensive income | |||||
Net income | 455 | 442 | |||
Other comprehensive income | 106 | 82 | |||
Comprehensive income | 561 | 524 | |||
Share of net income and comprehensive income | |||||
Equity holders of Swisscom Ltd | 455 | 442 | |||
Non-controlling interests | - | - | |||
Net income | 455 | 442 | |||
Equity holders of Swisscom Ltd | 561 | 524 | |||
Non-controlling interests | - | - | |||
Comprehensive income | 561 | 524 | |||
Earnings per share | |||||
Basic and diluted earnings per share (in CHF) | 8.78 | 8.53 |
10
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Swisscom AG published this content on 02 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 05:16:01 UTC.
