swisscom · 2011. 3. 24. · swisscom ltd, press conference, zurich, 17 february 2011. 2010 strong...

Swisscom Annual Press Conference

17 February 2011, Zurich

Swisscom Ltd, Press Conference, Zurich, 17 February 20112

Dr A

nton

Sch

erre

r

Chai

rman

of t

he B

oard

of D

irect

ors


3


4

2010

St

rong

con

solid

ated

resu

lts

>

Rise

in c

onsu

mer

con

fiden

ce in

a st

ill u

ncer

tain

bu

sine

ss e

nviro

nmen

t>

O

vera

ll a

succ

essf

ul y

ear f

or S

wis

scom

, des

pite

st

able

reve

nue

and

low

er n

et in

com

e>

Ad

just

ed fo

r cur

renc

y ef

fect

s, re

venu

e up

2.1

%>

W

ithou

t spe

cial

eff

ects

, net

inco

me

up 1

%>

D

oubl

e-di

git g

row

th in

mob

ile d

ata

serv

ices

an

d TV

bus

ines

s>

Fa

stw

eb

achi

eves

reve

nue

and

cust

omer

gro

wth

de

spite

diff

icul

t con

ditio

ns>

St

rate

gy d

efin

ed in

200

6 pr

oven

eff

ectiv

e


5 5

Swis

scom

’s

thre

e-pi

llar s

trat

egy

ha

s pro

ven

its w

orth

and

is b

earin

g fr

uit

Max

imis

eEx

tend

Expa

nd

Pric

e er

osio

n of

fset

by

cust

omer

gro

wth

and

hi

gher

reve

nue

from

m

obile

dat

a tr

affic

Swis

scom

TV’

s m

arke

t suc

cess

: cu

stom

er n

umbe

rs

alm

ost d

oubl

ed

Gro

wth

at S

wis

scom

IT

Ser

vice

s

Reve

nue

and

cust

omer

gr

owth

at F

astw

eb


6

Switz

erla

nd’s

com

mitm

ent

Inve

stm

ent i

n ne

twor

k ex

pans

ion

>

Inve

stm

ents

of a

roun

d CH

F 1

billi

on in

exp

andi

ng th

e Sw

iss

fixed

and

mob

ile n

etw

ork

>

Crea

ting

seve

ral t

hous

and

jobs

at s

uppl

iers

>

Focu

s on

expa

nsio

n–

Fi

bre-

optic

net

wor

k to

hou

seho

lds a

nd b

usin

esse

s–

Br

oadb

and

VDSL

net

wor

k–

M

obile

bro

adba

nd n

etw

ork

>

Gua

rant

ee th

at th

e Sw

iss i

nfor

mat

ion

soci

ety

will

cont

inue

to

hav

e on

e of

the

wor

ld’s

bes

t inf

rast

ruct

ures

>

Not

onl

y in

urb

an a

reas

: eve

ry y

ear S

wis

scom

dep

loys

fibr

e to

the

cabi

net i

n ar

ound

300

mun

icip

aliti

es


7

Regu

latio

n

No

revi

sion

of t

he T

elec

omm

unic

atio

ns A

ct –

le

gal a

ssur

ance

fo

r lar

ge in

vest

men

ts

>

The

new

Tel

ecom

mun

icat

ions

Act

(TCA

) has

bee

n in

forc

e si

nce

April

20

07:

–

No

othe

r Eur

opea

n co

untr

y ha

s unb

undl

ed th

e lo

cal

loop

as q

uick

ly a

s Sw

itzer

land

. Pric

es a

re n

ow fi

xed.

–

Dyn

amic

dev

elop

men

t: 2

55,0

00 u

nbun

dled

line

s by

the

end

of 2

010

–

Hug

e in

vest

men

ts a

re c

urre

ntly

bei

ng m

ade

in u

pgra

ding

an

d ex

pand

ing

the

netw

orks

>

Revi

sion

of t

he T

elec

omm

unic

atio

ns A

ct w

ould

jeop

ardi

se in

vest

men

ts

and

prov

oke

lega

l unc

erta

inty

am

ong

all p

rovi

ders

>

Swis

scom

wel

com

es th

e Fe

dera

l Cou

ncil’

s rec

omm

enda

tion

to fo

rego

re

visi

on o

f the

Tel

ecom

mun

icat

ions

Act

-

ther

eby

prov

idin

g th

e ne

cess

ary

lega

l ass

uran

ce fo

r the

hug

e in

vest

men

ts in

volv

ed


8

Succ

essf

ul 2

010

finan

cial

yea

r al

low

s div

iden

d of

CH

F 21

per

shar

e

Div

iden

d po

licy

>

Up

to h

alf o

f ope

ratin

g fr

ee ca

sh fl

ow>

At

leas

t as h

igh

as th

e pr

evio

us y

ear

Prop

osal

to th

e An

nual

Gen

eral

Mee

ting:

CH

F 21

per

shar

e >

O

f whi

ch C

HF

9 fr

om re

serv

es fr

om c

apita

l con

trib

utio

ns, n

ot

liabl

e to

tax

for S

wis

s priv

ate

inve

stor

s>

N

et p

aym

ent o

n 29

Apr

il 20

11 o

f CH

F 16

.80

(CH

F 21

less

35%

w

ithho

ldin

g ta

x on

rem

aini

ng C

HF

12 a

mou

ntin

g to

CH

F 4.

20)

Shar

e pe

rfor

man

ce u

ntil

end

2010

:>

3.

9% u

p on

pre

viou

s yea

r to

CHF

411.

10>

Pe

rfor

med

bet

ter t

han

SMI I

ndex

(-1.

7%) a

nd E

urop

ean

Telc

o In

dex

(-13.

3% in

CH

F)>

To

tal r

etur

n of

+9%

bet

ter t

han

SMI I

ndex

(+1.

3%)

and

Euro

pean

Tel

co In

dex

(-7.1

% in

CH

F)


9

Chan

ges

to

the

Boar

d of

Dire

ctor

s

Han

suel

i

Loos

li

New

Cha

irman

Dr H

ans W

erde

r

New

mem

ber

Theo

phil

Sc

hlat

ter

N

ew m

embe

r


10

Pers

onal

mes

sage

>

Stro

ng co

rpor

ate

cultu

re: e

xper

tise,

relia

bilit

y, c

onfid

ence

>

Empl

oyee

s mak

e th

e di

ffer

ence

>

Com

petit

ion

with

stro

ng p

rovi

ders

>

Swis

scom

is a

n im

port

ant p

illar

in th

e Sw

iss e

cono

my

and

info

rmat

ion

soci

ety

>

Com

pany

is h

ealth

y an

d on

trac

k


11

Than

k yo

u

>

Med

ia re

pres

enta

tives

>

Gro

up E

xecu

tive

Boar

d an

d st

aff

>

Shar

ehol

ders

>

Than

k yo

u al

l for

you

r att

entio

n!


12

Cars

ten

Sc

hlot

er

CEO


13

Succ

ess

in th

e Sw

iss

mar

ket

Cu

stom

er g

row

th in

the

face

of i

nten

sive

com

petit

ion

Swis

scom

exc

ludi

ng F

astw

eb>

Re

venu

e: +

2.3%

; EBI

TDA:

+4.

0%

Fixe

d ne

twor

k>

To

tal 1

.58

mill

ion

reta

il br

oadb

and

acce

ss li

nes (

+7.2

%)

>

Succ

essf

ul b

undl

ed o

ffer

ings

with

327

,000

cust

omer

s (f

ixed

-line

tele

phon

y, b

road

band

and

TV)

>

Swis

scom

TV

cust

omer

bas

e al

mos

t dou

bled

to 4

21,0

00

Mob

ile>

To

tal 5

.83

mill

ion

cust

omer

s (+4

.0%

)>

An

nual

pric

e er

osio

n of

aro

und

13%

>

Reve

nue

from

dat

a se

rvic

es (e

xcl.

SMS)

up

33%

to C

HF

435

mill

ion

>

Arou

nd 5

0% o

f mob

ile p

hone

s sol

d ar

e sm

artp

hone

s


14

Reve

nue

dyna

mic

s 20

10

in S

wis

s bu

sine

ss –

cu

rren

cy e

ffec

t at F

astw

eb

Pric

e ef

fect

Volu

me

∅pr

ices

core

bus

ines

sCu

stom

er g

row

th +

new

off

erin

gs

Mob

ileTr

aditi

onal

Dat

a se

rvic

es

(exc

l. SM

S)Σ

Trad

ition

alD

ata

serv

ices

(e

xcl.

SMS)

ΣCH

F m

illio

ns

-430

+509

+ 79

Fixe

d ne

twor

k-7

7-6

7-1

44

Conv

erge

nt p

rodu

cts

-19

+104

+85

Σ-5

26+5

46+2

0

Han

dset

s and

oth

er se

rvic

es+1

02

Oth

er se

gmen

ts+8

6

Swis

scom

exc

ludi

ng F

astw

eb+2

08

Fast

web

At co

nsta

nt e

xcha

nge

rate

+36

Curr

ency

eff

ect-

257

-221

Swis

scom

Gro

up-1

3

-278

-152

+249

+260

-77

-67

+104

-19


15

Traf

fic v

olum

e

Mob

ile U

nlim

ited

(PCs

)

Mob

ile In

tern

et A

cces

s (sm

artp

hone

s, iP

hone

)

2006

2007

2008

2009

2010

Dou

blin

g

of tr

affic

vol

ume

in m

obile

bus

ines

s eve

ry se

ven

mon

ths.

Mob

ile b

road

band

Ra

pid

incr

ease

in d

ata

volu

me


16 16

Com

petit

ion

an

d ris

ing

volu

mes

lead

to a

sha

rp d

rop

in a

vera

ge p

rices

, in

pa

rtic

ular

for d

ata

traf

fic

Fixe

d ne

twor

k te

leph

ony

CHF/

min

.M

obile

tele

phon

y CH

F/m

in.

Fixe

d ne

twor

k da

ta tr

affic

CH

F/M

BM

obile

dat

a tr

affic

CH

F/M

B

Aver

age

valu

es p

er y

ear,

incl

. roa

min

g

0 %

100

%97

9583

7474

49

37

12

2008

2009

2010

94 64 38 6

2007


1717

Mor

e fa

cts

>

Swis

scom

is a

lso

expa

ndin

g in

are

as w

here

a p

artn

ersh

ip a

gree

men

t is n

ot (y

et) i

n pl

ace

-

Köni

z, Lu

gano

Si

on, S

olot

hurn

, Thu

sis

and

Zug

–

and

is th

eref

ore

pres

sing

ahe

ad w

ith fi

bre-

optic

exp

ansi

on in

Sw

itzer

land

>

The

part

ners

hip

agre

emen

ts a

lone

will

secu

re fi

bre-

optic

con

nect

ions

for m

ore

than

23%

of a

ll ho

useh

olds

>

Swis

scom

is in

vest

ing

arou

nd C

HF

2 bi

llion

in fi

bre-

optic

exp

ansi

on u

ntil

2015

>

Hig

h co

vera

ge fo

r bro

adba

nd In

tern

et: T

he a

im is

to p

rovi

de a

roun

d 95

% o

f the

pop

ulat

ion

with

VD

SL

with

in th

ree

year

s and

the

rem

aini

ng 5

% w

ith m

obile

bro

adba

nd te

chno

logy

Fibr

e-op

tic e

xpan

sion

is

pro

ceed

ing

at a

rapi

d pa

ce in

Sw

itzer

land

Gen

eva

Base

l

Zuric

hSt

. Gal

len

Frib

ourg

Laus

anne

Bern

Pfyn

Cons

truc

tion

by S

wis

scom

onl

y

Part

ners

hip

in n

egot

iatio

n

Part

ners

hip

agre

emen

t sig

ned

Cons

truc

tion/

acqu

isiti

on

st

arte

dLu

cern

e

Luga

no

Win

tert

hur

Sion

Thus

is

Die

tliko

n

Obe

rwal

lis

Ust

er

Köni

z

Dat

e of

the

map

: 11

.1.2

011

Solo

thur

n

Belli

nzon

a

Zug

Biel

Obw

alde

n


1818

Hig

hly

dyna

mic

23

0,00

0 ho

useh

olds

and

bus

ines

ses c

onne

cted

by

fibre

-opt

ic c

able

13,0

00

By 2

015,

1 m

illio

n ho

useh

olds

and

bus

ines

ses w

ill b

e co

nnec

ted

by fi

bre-

optic

ca

ble

-

equi

vale

nt to

a th

ird o

f the

Sw

iss p

opul

atio

n

250,

000

200,

000

150,

000

100,

000

50,0

00 0

19,0

0040

,000

67,0

00

120,

000

150,

000

180,

000

200,

000

230,

000

Q4

08Q

1 09

Q2

09Q

3 09

Q4

09Q

1 10

Q2

10Q

3 10

Q4

10


19

Fibr

e op

tic p

artn

ersh

ips

en

sure

com

petit

ion

and

prev

ent

para

llel c

onst

ruct

ion

Estim

ated

mar

ket s

hare

s of b

road

band

fixe

d ne

twor

k in

tow

ns w

ith

part

ners

hips

:

>

45%

: Cab

le n

etw

orks

>

40%

: Sw

issc

om

>

15%

: Res

elle

rs

Swis

scom

fina

nces

60%

of i

nves

tmen

ts, e

lect

rical

util

ities

40%

Part

ners

hip

mod

el is

>

open

to o

ther

par

tner

s who

will

shar

e th

e in

vest

men

t ris

k

>

open

to n

on-in

vest

ing

part

ners

(ren

tal m

odel

)

>

deve

lope

d w

ith th

e Fe

dera

l Com

mun

icat

ions

Com

mis

sion

(Com

Com

)

Excl

usiv

ity cl

ause

>

Elec

tric

al u

tiliti

es re

quire

hed

ging

of t

heir

pref

inan

cing

for t

heir

thre

e po

tent

ial c

usto

mer

s Sun

rise,

cab

le n

etw

orks

and

Ora

nge


20

Sunr

ise

Ora

nge

Swis

scom

Mob

ile te

rmin

atio

n ra

tes (

MTR

)

Nat

iona

l pric

e tr

ends

sin

ce 1

999

Mob

ile te

rmin

atio

n ra

tes (

MTR

) dec

lined

by

85%

bet

wee

n 19

99

and

the

end

of 2

011

50 40 30 20 10 019

99

60

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Cent

imes

per

min

ute


21

End

cons

umer

pric

es

OEC

D C

omm

unic

atio

ns O

utlo

ok 2

009

In a

n in

tern

atio

nal c

ompa

rison

mob

ile te

leph

ony

pric

es in

Sw

itzer

land

ar

e in

the

low

er m

id-r

ange

whe

n ad

just

ed fo

r pur

chas

ing

pow

er

0

100

200

300

400

500

600

700

USD

adj

uste

d fo

r pur

chas

ing

pow

er

NL

FIN

SD

KN

ISA

LN

ZCH

JPL

TRG

BH

OEC

DIR

LAU

SKO

RP

FI

GR

DM

EXSK

CZCD

NSP

USA

Basi

c ra

te

U

sage

M

essa

ges

Sour

ce: O

ECD

mob

ile m

ediu

m-u

sage

bas

ket,

Augu

st 2

008,

tax

incl

uded


22

Roam

ing

pric

es a

t EU

leve

l>

Ev

en w

ithou

t reg

ulat

ion

Swis

scom

has

cont

inuo

usly

low

ered

roam

ing

char

ges i

n re

cent

yea

rs>

1

Dec

embe

r 201

0: m

assi

ve re

duct

ion

in d

ata

roam

ing

pric

es>

Sw

issc

om h

as b

een

offe

ring

the

mos

t att

ract

ive

stan

dard

roam

ing

pric

es in

Sw

itzer

land

for y

ears

-

tren

d to

war

ds fu

rthe

r pric

e re

duct

ions

co

ntin

ues

Enha

nced

cost

cont

rol f

or d

ata

roam

ing

>

In th

e fir

st h

alf o

f 201

1, a

cost

lim

it is

bei

ng o

ffer

ed fo

r dat

a ro

amin

g to

pro

tect

cust

omer

s aga

inst

hig

h m

obile

pho

ne b

ills

>

Cust

omer

s rec

eive

an

SMS

with

det

ails

of t

he p

rices

app

licab

le o

utsi

de

Switz

erla

nd

Mea

sure

s fo

r the

ben

efit

of c

usto

mer

s

Cost

lim

it fo

r dat

a ro

amin

g pr

otec

ts a

gain

st h

igh

bills


23

Swis

scom

IT S

ervi

ces

O

ne o

f the

big

gest

pro

vide

rs in

the

Swis

s ou

tsou

rcin

g m

arke

t

>

Out

sour

cing

bus

ines

s is a

n op

port

unity

to h

elp

cust

omer

s kee

p co

sts

dow

n in

unc

erta

in ti

mes

:–

N

ew o

rder

s of C

HF

464

mill

ion

rece

ived

by

Swis

scom

IT S

ervi

ces

–

One

of t

he b

igge

st p

rovi

ders

in th

e Sw

iss I

T ou

tsou

rcin

g bu

sine

ss

>

Acqu

isiti

on o

f Pan

atro

nic,

Eco

trus

t

Solu

tions

AG

and

IT

Ser

vice

s+Lo

gist

ik

AG

>

Swis

scom

IT S

ervi

ces W

orkp

lace

: Ren

amin

g of

Pan

atro

nic

an

d in

tegr

atio

n in

to th

e IT

Ser

vice

s Div

isio

n


24

Fast

web

M

arke

t suc

cess

with

cor

pora

te c

usto

mer

s

>

2010

was

a ch

alle

ngin

g ye

ar fo

r Fas

tweb

pa

rtic

ular

ly d

ue to

the

VAT

proc

eedi

ngs a

nd to

diff

icul

ties i

n ac

coun

ting

for r

ecei

vabl

es>

Th

e w

eakn

ess o

f the

eur

o re

duce

d th

e co

ntrib

utio

n m

ade

by F

astw

eb

to

Swis

scom

’s

resu

lts: i

n CH

F, F

astw

eb’s

re

venu

e fr

om e

xter

nal c

usto

mer

s fe

ll by

7.9

%, c

ompa

red

to a

n in

crea

se o

f 1.3

% in

EU

R.>

Fa

stw

eb’s

pe

rfor

man

ce w

ith c

orpo

rate

cust

omer

s is v

ery

posi

tive

(it w

as

awar

ded

som

e 60

% o

f ten

ders

). N

ew in

itiat

ives

in re

side

ntia

l cus

tom

er

busi

ness

are

aim

ed a

t str

engt

heni

ng g

row

th>

Fa

stw

eb’s

10

0 M

bps o

ffer

ing

intr

oduc

ed in

Sep

tem

ber 2

010

is

test

imon

y to

the

com

pany

’s le

adin

g ro

le in

the

Euro

pean

bro

adba

nd

mar

ket:

the

serv

ice

is a

vaila

ble

to 2

mill

ion

hous

ehol

ds. F

astw

eb

aim

s to

furt

her e

xpan

d th

e re

ach

of it

s fib

re-o

ptic

net

wor

k an

d to

this

end

is

ente

ring

into

coo

pera

tion

agre

emen

ts


25

Out

look

for 2

011

Sl

ight

dec

line

in re

venu

e ex

pect

ed

>

Expa

nsio

n of

pos

ition

in th

e di

gita

l TV

mar

ket

>

Attr

activ

e ne

w b

undl

ed o

ffer

ings

>

Expa

nsio

n of

clo

ud se

rvic

es fo

r cor

pora

te c

usto

mer

s>

Expa

nsio

n of

bro

adba

nd in

fras

truc

ture

: fix

ed-li

ne

(opt

ical

fibr

e FT

TH/F

TTC)

and

mob

ile n

etw

ork

(LTE

)

Fina

ncia

l inf

orm

atio

n>

Min

. net

reve

nue

CHF

11.8

bill

ion,

EBI

TDA

in e

xces

s of C

HF

4.6

billi

on, c

apita

l ex

pend

iture

und

er C

HF

2 bi

llion

(exc

l. pr

ices

for m

obile

freq

uenc

y au

ctio

n)>

We

expe

ct F

astw

eb, a

fter

a tr

ansi

tion

year

in 2

011

–

with

no

reve

nue

grow

th, b

ut

slig

htly

hig

her E

BITD

A –

to a

chie

ve st

rong

reve

nue

grow

th a

nd c

ash

flow

gro

wth

in

the

follo

win

g ye

ars a

s a re

sult

of m

arke

ting

initi

ativ

es a

nd e

ffic

ienc

y ga

ins

>

Unc

erta

in c

urre

ncy

tren

d: c

onve

rsio

n of

Fas

tweb

’s

resu

lts is

bas

ed o

n an

as

sum

ed e

uro

exch

ange

rate

of C

HF

1.30

(prio

r yea

r CH

F 1.

37)

>

Subj

ect t

o ex

pect

atio

ns b

eing

met

, Sw

issc

om w

ill p

ay a

min

imum

div

iden

d of

CH

F 21

per

shar

e fo

r fis

cal 2

011


26

Uel

i

Die

tiker

CF

O


2727

Inco

me

stat

emen

t

Net

inco

me

belo

w p

revi

ous y

ear d

ue to

exc

eptio

nal i

tem

(F

astw

eb

VAT)

and

hig

her t

ax e

xpen

se

11,9

88-2

,665

-2,5

20

-2,5

10

+304

-1,9

724,

597

(In CHF millions)

2,62

5-3

65+2

8-5

02+2

51,

811

-0.1

%

-1.9

%

-2.4

%-6

.0%

1) In

cl. r

ecog

nitio

n of

pro

visi

on in

201

0 fo

r VAT

pro

ceed

ings

aga

inst

Fas

tweb

2) In

cl. c

apita

lised

cos

ts

(200

9)(1

’926

)(2

’689

)(4

’684

)(1

2’00

1)(-2

,648

)(-2

,577

)(-2

,509

)(+

417)

(-1,9

95)

(-349

)(+

43)

(-460

)(+

3)N

et re

venu

e Goo

ds &

se

rvic

es

pu

rcha

sed

Pers

onne

l exp

ense

Oth

er

expe

nses

1Oth

er in

com

e2 EBITDAD

epre

ciat

ion

&

am

ortis

atio

nEB

ITFina

ncia

l exp

ense

Asso

ciat

ed

co

mpa

niesTa

x ex

pens

e

Min

ority

in

tere

sts

Swis

scom

ne

t inc

ome


2828

Reve

nue

So

lid d

evel

opm

ent i

n co

re b

usin

ess,

wea

k eu

ro

dam

pens

Gro

up re

venu

e

12,0

0110

254

6(2

57)

11,9

88

1) In

cl. u

sage

and

cust

omer

gro

wth

2) In

cl. S

wis

scom

Par

ticip

atio

ns a

nd H

ospi

talit

y Se

rvic

es3)

Cur

renc

y ef

fect

Fas

tweb

CHF/

EUR:

1.5

078

(200

9) v

s. 1

.370

0 (2

010)

-> C

HF

-257

mill

ion

86

Net

reve

nue

2009

Net

reve

nue

2010

(In CHF millions)

Swis

scom

Sw

itzer

land

Oth

er

se

gmen

tsFa

stw

eb

2)3)

(526

)

1)

Swis

scom

exc

l. Fa

stw

eb

Pric

e ef

fect

Volu

me

Term

inal

de

vice

san

d ot

her

se

rvic

es

208

IT se

rvic

esO

ther

At

co

nsta

nt

ex

chan

ge ra

tesCu

rren

cy

effe

ct

36

(13)

(0.1

%)


2929

Ope

ratin

g in

com

e

Spec

ial e

ffec

ts w

eigh

on

EBIT

DA

4,68

423

(7)

(222

)

4,59

7

1) In

cl. r

even

ue w

ith o

ther

seg

men

ts

2) In

cl. o

ther

inco

me

and

capi

talis

ed c

osts

3) In

cl. S

wis

scom

Par

ticip

atio

ns, H

ospi

talit

y Se

rvic

es, G

roup

Hea

dqua

rter

s an

d in

terc

ompa

ny

elim

inat

ions

4) C

urre

ncy

effe

ct F

astw

eb

CHF

-63

mill

ion.

; VAT

pro

ceed

ings

CH

F -1

02 m

illio

n, ch

ange

in re

venu

e re

cogn

ition

an

d re

stru

ctur

ing

expe

nse

CHF

-57

mill

ion

26

EBIT

DA

2009

EBIT

DA

2010

(In CHF millions)

Swis

scom

Sw

itzer

land

Fast

web

3)

4)

113

2)

Swis

scom

with

out F

astw

eb

Reve

nue

Dire

ct

co

sts

Indi

rect

cost

s

155

IT S

ervi

ces

Oth

erAt

co

nsta

nt

ex

chan

ge ra

tes

Spec

ial

ef

fect

s

(20)

(87)

(1.9

%)

1)

Oth

er

se

gmen

ts


3030

Cash

flow

O

pera

ting

free

cas

h flo

w o

f CH

F 2.

5 bi

llion

.

4,59

7

(In CHF millions)

EBIT

DA

Capi

tal

expe

nditu

re

Δ

NW

C &

oth

er

oper

atin

g ca

sh

flow

s

Div

iden

ds p

ayab

le

to m

inor

ity in

tere

sts

2,51

2

1,86

3

-9

-174

-8

-1,9

03

OpF

CF

Free

cash

flow

Δ

Cash

and

cash

eq

uiva

lent

s

Net

inte

rest

pa

ymen

ts

Inco

me

taxe

s

pa

idN

et c

ash

flow

s fr

om fi

nanc

ial

inve

stm

ents N

et re

paym

ent

of fi

n.

liabi

litie

s

Div

iden

ds p

aid

to

equ

ity h

olde

rs

of S

wis

scom

Ltd

Net

cas

h flo

ws

from

oth

er

fin. a

ctiv

ities

-284

-365

-6-5

44

-1,0

36

-286

(200

9)(4

,684

)(-1

,987

)(4

2)(-5

4)(2

,685

)(-2

36)

(-300

)(2

,149

)(8

59)

(-1,9

65)

(-984

)(-4

84)

(-425

)


3131

Fast

web

Cu

rren

t off

er to

min

ority

sha

reho

lder

s an

d su

cces

sful

im

pairm

ent t

est

Impa

irmen

t tes

t

>

Carr

ying

val

ue o

f goo

dwill

rela

ted

to

Fast

web

in th

e Sw

issc

om c

onso

lidat

ed

finan

cial

stat

emen

ts: E

UR

1.8

bill

ion

>

Afte

r the

take

over

at a

pric

e of

EU

R 47

per

sh

are

in 2

007,

the

net c

arry

ing

valu

e up

to

end-

2010

dec

lined

to E

UR

33 p

er sh

are

>

Valu

atio

n of

the

carr

ying

val

ue w

as

conf

irmed

by

the

impa

irmen

t tes

t>

Pric

e fo

r min

ority

inte

rest

s of E

UR

18 is

ba

sed

prim

arily

on

the

deve

lopm

ent o

f the

sh

are

pric

e>

Reas

ons f

or th

e di

scre

panc

y be

twee

n th

e sh

are

pric

e an

d es

timat

ed e

nter

pris

e va

lue:

gr

owth

exp

ecta

tions

and

acc

ess t

o ca

sh

flow

from

loan

s fro

m sh

areh

olde

rs

Publ

ic ta

keov

er b

id

>

Anno

unce

men

t of v

olun

tary

pub

lic ta

keov

er

bid

(EU

R18/

Fast

web

shar

e) in

Sep

t 201

0>

On

12 N

ovem

ber 2

010,

Sw

issc

om h

eld

a 94

.834

% st

ake

in F

astw

eb>

It ha

s sin

ce ra

ised

this

to 9

4.99

7% v

ia

purc

hase

s on

the

stoc

k ex

chan

ge

>

A se

ll-ou

t is c

urre

ntly

und

er w

ay

(EU

R18/

shar

e) fr

om 1

4 Fe

brua

ry to

14

Mar

ch 2

011

>

As th

e

95%

thre

shol

d w

as

exce

eded

on

14

Febr

uary

201

1, S

wis

scom

will

exe

rcis

e its

sq

ueez

e-ou

t rig

ht>

Del

istin

g ex

pect

ed a

s of 2

2 M

arch

201

1>

100%

ow

ners

hip

of F

astw

eb

will

allo

w

Swis

scom

to in

crea

se it

s str

ateg

ic a

nd

oper

atin

g fle

xibi

lity

and

redu

ce g

over

nanc

e an

d lis

ting

cost

s


3232

Deb

t por

tfol

io

Succ

essf

ul re

finan

cing

(In CHF millions)

-500

1'00

0

1'50

0

2'00

0

2'50

0

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

>2019

(in CHF millions)-50

0

1'00

0

1'50

0

2'00

0

2'50

0

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

>2020

Mat

urity

pro

file

31.1

2.20

09*

Mat

urity

pro

file

31.1

2.20

10*

Excl

. sho

rt-t

erm

mon

ey m

arke

t bor

row

ings

of C

HF

700

mill

ion

(200

9: C

HF

300

mill

ion)

*

Oth

er in

tere

st-b

earin

g fin

anci

al li

abili

ties

Fina

nce

leas

esN

et d

ebt f

rom

CBL

leas

ing

tran

sact

ions

Priv

ate

plac

emen

tsBo

nds

Bank

loan

s


33

swisscom · 2011. 3. 24. · swisscom ltd, press conference, zurich, 17 february 2011. 2010 strong...

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