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Last year's impairment charge at Fastweb subsidiary results in 159% rise in net income for Swiss operator

Swisscom Reports 2012 Profit Rise

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2/7/2013
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BERNE, Switzerland -- Swisscom posted a fall in net revenue in 2012 of CHF 83 million or 0.7% to CHF 11,384 million and a drop in operating income before depreciation and amortisation (EBITDA) of CHF 203 million or 4.4% to CHF 4,381 million. On a like-for-like basis and at constant exchange rates, revenue was up by 0.3% and EBITDA fell by 0.6%. The CHF 1,068 million or 153.9% increase in net income is primarily attributable to last year's impairment charge at Fastweb. On a like-for-like basis, net revenue in the Swiss business was stable (+0.3%) at CHF 9,268 million, while operating income (EBITDA) reported a slight year-on-year decline of -2.1% to CHF 3,768 million. The price erosion of around CHF 400 million in the traditional core business was offset by new revenue. Capital expenditure in Switzerland was up 29.7% to CHF 1,994 million due to the expansion of broadband networks and expenditure associated with the mobile frequency auction. Fastweb is on track, with revenue practically unchanged at EUR 1,613 million in local currency (+0.5%) and EBITDA rising to EUR 500 million (+11.1%) on a like-for-like basis. The customer base grew by 172,000 or 10.8% to 1.77 million within the space of a year. Payment of an unchanged ordinary dividend of CHF 22 per share will be proposed to the Annual General Meeting. Swisscom expects revenue of CHF 11.3 billion, EBITDA of at least CHF 4.25 billion and capital expenditure of CHF 2.4 billion for the 2013 financial year. Swisscom AG

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