Shareholders' Letter
Shareholders' Letter
Shareholders' Letter
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Quarterly review 2009 and 2010<br />
1. 2. 3. 4. 1. 2. 3. 4.<br />
In CHF million, except where indicated quarter quarter quarter quarter 2009 quarter quarter quarter quarter 2010<br />
Net revenue 2,916 3,001 3,008 3,076 12,001 2,953 2,993 3,030 3,012 11,988<br />
Goods and services purchased (623) (655) (664) (706) (2,648) (642) (626) (671) (726) (2,665)<br />
Personnel expense (654) (650) (606) (667) (2,577) (651) (645) (583) (641) (2,520)<br />
Other operating expense (582) (628) (580) (719) (2,509) (676) (572) (594) (668) (2,510)<br />
Capitalised costs and other income 82 136 92 107 417 74 79 76 75 304<br />
Operating income (EBITDA) 1,139 1,204 1,250 1,091 4,684 1,058 1,229 1,258 1,052 4,597<br />
Depreciation and amortisation (475) (477) (478) (565) (1,995) (501) (489) (488) (494) (1,972)<br />
Operating income (EBIT) 664 727 772 526 2,689 557 740 770 558 2,625<br />
Net financial result (65) (69) (141) (74) (349) (64) (100) (113) (88) (365)<br />
Share of results of associated companies 8 12 9 14 43 4 7 7 10 28<br />
Income before income taxes 607 670 640 466 2,383 497 647 664 480 2,288<br />
Income tax expense (123) (134) (127) (76) (460) (120) (151) (129) (102) (502)<br />
Net income 484 536 513 390 1,923 377 496 535 378 1,786<br />
Share attributable to equity holders<br />
of Swisscom Ltd 484 530 512 400 1,926 394 493 536 388 1,811<br />
Share attributable to minority interets – 6 1 (10) (3) (17) 3 (1) (10) (25)<br />
Earnings per share (in CHF) 9.34 10.23 9.88 7.73 37.18 7.61 9.52 10.35 7.48 34.96<br />
Net revenue<br />
Swisscom Switzerland 2,079 2,113 2,136 2,125 8,453 2,091 2,132 2,177 2,166 8,566<br />
Fastweb 664 719 678 732 2,793 672 659 624 621 2,576<br />
Other operating segments 407 411 431 478 1,727 408 420 451 457 1,736<br />
Group Headquarters 1 2 2 1 6 1 2 1 2 6<br />
Intersegment elimination (235) (244) (239) (260) (978) (219) (220) (223) (234) (896)<br />
Total net revenue 2,916 3,001 3,008 3,076 12,001 2,953 2,993 3,030 3,012 11,988<br />
Segment result before depreciation and amortisation<br />
Swisscom Switzerland 919 938 967 851 3,675 929 972 1,012 891 3,804<br />
Fastweb 182 217 211 221 831 82 203 188 116 589<br />
Other operating segments 66 95 107 83 351 81 86 98 75 340<br />
Group Headquarters (34) (34) (32) (60) (160) (32) (29) (36) (28) (125)<br />
Intersegment elimination 6 (12) (3) (4) (13) (2) (3) (4) (2) (11)<br />
Total segment result (EBITDA) 1,139 1,204 1,250 1,091 4,684 1,058 1,229 1,258 1,052 4,597<br />
Capital expenditure in property, plant and<br />
equipment and other intangible assets<br />
Swisscom Switzerland 207 272 291 449 1,219 222 259 303 420 1,204<br />
Fastweb 124 202 146 185 657 144 149 128 164 585<br />
Other operating segments 21 40 20 40 121 19 24 36 51 130<br />
Group Headquarters – 1 1 – 2 – – – – –<br />
Intersegment elimination (1) (6) (3) (2) (12) (2) (1) (5) (8) (16)<br />
Total capital expenditure 351 509 455 672 1,987 383 431 462 627 1,903<br />
Full-time equivalent employees<br />
Swisscom Switzerland 12,157 12,104 11,998 11,866 11,866 11,811 11,710 11,665 11,716 11,716<br />
Fastweb 3,092 3,096 3,105 3,125 3,125 3,119 3,133 3,125 3,123 3,123<br />
Other operating segments 4,524 4,437 4,258 4,151 4,151 4,160 4,296 4,381 4,368 4,368<br />
Group Headquarters 329 333 343 337 337 337 341 340 340 340<br />
Total full-time equilvalent employees 20,102 19,970 19,704 19,479 19,479 19,427 19,480 19,511 19,547 19,547<br />
Operating free cash flow 697 662 795 531 2,685 742 674 607 489 2,512<br />
Net debt 9,477 10,212 9,587 9,141 9,141 8,537 9,227 8,807 8,848 8,848<br />
Management Commentary 58 | 59<br />
Operating segment results
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