Shareholders' Letter

The value-added tax receivables are recorded in the caption “other non-financial assets”. See Notes
15, 21 and 26.
In the first half of 2009, various cross-border lease agreements were terminated prematurely. As
a result, previously unrecognised financial assets aggregating USD 356 million (CHF 367 million)
and financial liabilities of USD 317 million (CHF 326 million) were recognised for the first time.
See Note 26. The capital of Belgacom International Carrier Services was increased in 2009 by 25%.
Swisscom did not participate in this capital increase. As a result, Swisscom’s shareholding in Belgacom
International Carrier Services declined from 28% to 22.4%, thus generating a gain on dilution
of CHF 44 million which was recorded as financial income.
35 Future commitments
Commitments for future capital expenditures
Firm contractual commitments for future investments in property, plant and equipment and other
intangible assets as of 31 December 2010 aggregated CHF 399 million (prior year: CHF 229 million).
Operating leases
Operating leases relate primarily to the rental of real estate for business purposes. See Note 26. In
2010, payments for operating leases amounted to CHF 299 million (prior year: CHF 304 million).
Future minimum lease payments in respect of operating lease contracts as of 31 December 2009
and 2010 are as follows:
31.12.2009
In CHF million 31.12.2010 restated
Within 1 year 280 329
Within 1 to 2 years 110 111
Within 2 to 3 years 75 100
Within 3 to 4 years 59 67
Within 4 to 5 years 51 57
After 5 years 157 188
Total future minimum lease payments 732 852
36 Research and development
Costs aggregating CHF 28 million for research and development were expensed in 2010 (prior
year: CHF 27 million).
Consolidated financial statements 204 | 205
Notes to the consolidated financial statements