Swisscom Annual Press Conference. 17 February 2011, Zurich
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1 Swisscom Annual Press Conference 17 February 2011, Zurich
2 2 Dr Anton Scherrer Chairman of the Board of Directors
3 3
4 Strong consolidated results > Rise in consumer confidence in a still uncertain business environment > Overall a successful year for Swisscom, despite stable revenue and lower net income > Adjusted for currency effects, revenue up 2.1% > Without special effects, net income up 1% > Double-digit growth in mobile data services and TV business > Fastweb achieves revenue and customer growth despite difficult conditions > Strategy defined in 2006 proven effective
5 5 Swisscom s three-pillar strategy has proven its worth and is bearing fruit Maximise Extend Expand Price erosion offset by customer growth and higher revenue from mobile data traffic Swisscom TV s market success: customer numbers almost doubled Revenue and customer growth at Fastweb Growth at Swisscom IT Services
6 6 Switzerland s commitment Investment in network expansion > Investments of around CHF 1 billion in expanding the Swiss fixed and mobile network > Creating several thousand jobs at suppliers > Focus on expansion Fibre-optic network to households and businesses Broadband VDSL network Mobile broadband network > Guarantee that the Swiss information society will continue to have one of the world s best infrastructures > Not only in urban areas: every year Swisscom deploys fibre to the cabinet in around 300 municipalities
7 7 Regulation No revision of the Telecommunications Act legal assurance for large investments > The new Telecommunications Act (TCA) has been in force since April 2007: No other European country has unbundled the local loop as quickly as Switzerland. Prices are now fixed. Dynamic development: 255,000 unbundled lines by the end of 2010 Huge investments are currently being made in upgrading and expanding the networks > Revision of the Telecommunications Act would jeopardise investments and provoke legal uncertainty among all providers > Swisscom welcomes the Federal Council s recommendation to forego revision of the Telecommunications Act - thereby providing the necessary legal assurance for the huge investments involved
8 8 Successful 2010 financial year allows dividend of CHF 21 per share Dividend policy > Up to half of operating free cash flow > At least as high as the previous year Proposal to the Annual General Meeting: CHF 21 per share > Of which CHF 9 from reserves from capital contributions, not liable to tax for Swiss private investors > Net payment on 29 April 2011 of CHF (CHF 21 less 35% withholding tax on remaining CHF 12 amounting to CHF 4.20) Share performance until end 2010: > 3.9% up on previous year to CHF > Performed better than SMI Index (-1.7%) and European Telco Index (-13.3% in CHF) > Total return of +9% better than SMI Index (+1.3%) and European Telco Index (-7.1% in CHF)
9 9 Changes to the Board of Directors Hansueli Loosli New Chairman Dr Hans Werder New member Theophil Schlatter New member
10 10 Personal message > Strong corporate culture: expertise, reliability, confidence > Employees make the difference > Competition with strong providers > Swisscom is an important pillar in the Swiss economy and information society > Company is healthy and on track
11 11 Swisscom Ltd, Press Conference, Zurich, 17 February 2011 Thank you > Media representatives > Group Executive Board and staff > Shareholders > Thank you all for your attention!
12 12 Carsten Schloter CEO
13 13 Success in the Swiss market Customer growth in the face of intensive competition Swisscom excluding Fastweb > Revenue: +2.3%; EBITDA: +4.0% Fixed network > Total 1.58 million retail broadband access lines (+7.2%) > Successful bundled offerings with 327,000 customers (fixed-line telephony, broadband and TV) > Swisscom TV customer base almost doubled to 421,000 Mobile > Total 5.83 million customers (+4.0%) > Annual price erosion of around 13% > Revenue from data services (excl. SMS) up 33% to CHF 435 million > Around 50% of mobile phones sold are smartphones
14 14 Revenue dynamics 2010 in Swiss business currency effect at Fastweb Price effect Volume prices core business Customer growth + new offerings Mobile Traditional Data services (excl. SMS) Σ Traditional Data services (excl. SMS) Σ CHF millions Fixed network Convergent products Σ Handsets and other services +102 Other segments +86 Swisscom excluding Fastweb +208 Fastweb At constant exchange rate +36 Currency effect Swisscom Group -13
15 15 Mobile broadband Rapid increase in data volume Doubling of traffic volume in mobile business every seven months. Traffic volume Mobile Internet Access (smartphones, iphone) Mobile Unlimited (PCs)
16 16 Competition and rising volumes lead to a sharp drop in average prices, in particular for data traffic 100 % % Fixed network telephony CHF/min. Mobile telephony CHF/min. Fixed network data traffic CHF/MB Mobile data traffic CHF/MB Average values per year, incl. roaming
17 17 Fibre-optic expansion is proceeding at a rapid pace in Switzerland Construction by Swisscom only Pfyn Basel Winterthur Partnership in negotiation St. Gallen Zurich Dietlikon Partnership agreement signed Solothurn Uster Zug Construction/acquisition Biel started Bern Lucerne Köniz Obwalden Fribourg Thusis Geneva Lausanne Oberwallis Sion Bellinzona Lugano Date of the map: More facts > Swisscom is also expanding in areas where a partnership agreement is not (yet) in place - Köniz, Lugano Sion, Solothurn, Thusis and Zug and is therefore pressing ahead with fibre-optic expansion in Switzerland > The partnership agreements alone will secure fibre-optic connections for more than 23% of all households > Swisscom is investing around CHF 2 billion in fibre-optic expansion until 2015 > High coverage for broadband Internet: The aim is to provide around 95% of the population with VDSL within three years and the remaining 5% with mobile broadband technology
18 18 Highly dynamic 230,000 households and businesses connected by fibre-optic cable By 2015, 1 million households and businesses will be connected by fibre-optic cable - equivalent to a third of the Swiss population 250, , , , , , , , ,000 67,000 50,000 40,000 13,000 19,000 0 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10
19 19 Fibre optic partnerships ensure competition and prevent parallel construction Estimated market shares of broadband fixed network in towns with partnerships: > 45%: Cable networks > 40%: Swisscom > 15%: Resellers Swisscom finances 60% of investments, electrical utilities 40% Partnership model is > open to other partners who will share the investment risk > open to non-investing partners (rental model) > developed with the Federal Communications Commission (ComCom) Exclusivity clause > Electrical utilities require hedging of their prefinancing for their three potential customers Sunrise, cable networks and Orange
20 20 Mobile termination rates (MTR) National price trends since 1999 Mobile termination rates (MTR) declined by 85% between 1999 and the end of Centimes per minute Sunrise Orange 30 Swisscom
21 21 End consumer prices OECD Communications Outlook 2009 In an international comparison mobile telephony prices in Switzerland are in the lower mid-range when adjusted for purchasing power 700 USD adjusted for purchasing power NL FIN S DK N IS A L NZ CH J PL TR GB H OECD IRL AUS KOR P F I GR D MEX SK CZ CDN SP USA Basic rate Usage Messages Source: OECD mobile medium-usage basket, August 2008, tax included
22 22 Measures for the benefit of customers Cost limit for data roaming protects against high bills Roaming prices at EU level > Even without regulation Swisscom has continuously lowered roaming charges in recent years > 1 December 2010: massive reduction in data roaming prices > Swisscom has been offering the most attractive standard roaming prices in Switzerland for years - trend towards further price reductions continues Enhanced cost control for data roaming > In the first half of 2011, a cost limit is being offered for data roaming to protect customers against high mobile phone bills > Customers receive an SMS with details of the prices applicable outside Switzerland
23 23 Swisscom IT Services One of the biggest providers in the Swiss outsourcing market > Outsourcing business is an opportunity to help customers keep costs down in uncertain times: New orders of CHF 464 million received by Swisscom IT Services One of the biggest providers in the Swiss IT outsourcing business > Acquisition of Panatronic, Ecotrust Solutions AG and IT Services+Logistik AG > Swisscom IT Services Workplace: Renaming of Panatronic and integration into the IT Services Division
24 24 Fastweb Market success with corporate customers > 2010 was a challenging year for Fastweb particularly due to the VAT proceedings and to difficulties in accounting for receivables > The weakness of the euro reduced the contribution made by Fastweb to Swisscom s results: in CHF, Fastweb s revenue from external customers fell by 7.9%, compared to an increase of 1.3% in EUR. > Fastweb s performance with corporate customers is very positive (it was awarded some 60% of tenders). New initiatives in residential customer business are aimed at strengthening growth > Fastweb s 100 Mbps offering introduced in September 2010 is testimony to the company s leading role in the European broadband market: the service is available to 2 million households. Fastweb aims to further expand the reach of its fibre-optic network and to this end is entering into cooperation agreements
25 25 Outlook for 2011 Slight decline in revenue expected > Expansion of position in the digital TV market > Attractive new bundled offerings > Expansion of cloud services for corporate customers > Expansion of broadband infrastructure: fixed-line (optical fibre FTTH/FTTC) and mobile network (LTE) Financial information > Min. net revenue CHF 11.8 billion, EBITDA in excess of CHF 4.6 billion, capital expenditure under CHF 2 billion (excl. prices for mobile frequency auction) > We expect Fastweb, after a transition year in 2011 with no revenue growth, but slightly higher EBITDA to achieve strong revenue growth and cash flow growth in the following years as a result of marketing initiatives and efficiency gains > Uncertain currency trend: conversion of Fastweb s results is based on an assumed euro exchange rate of CHF 1.30 (prior year CHF 1.37) > Subject to expectations being met, Swisscom will pay a minimum dividend of CHF 21 per share for fiscal 2011
26 26 Ueli Dietiker CFO
27 27 Income statement Net income below previous year due to exceptional item (Fastweb VAT) and higher tax expense 11,988-2, % -2,520-2, ,597-1,972 (In CHF millions) -1.9% 2, , % -6.0% (2009) (12 001) (-2,648) (-2,577) (-2,509) (+417) (4 684) (-1,995) (2 689) (-349) (+43) (-460) (+3) (1 926) Net revenue Personnel expense Other income 2 Financial expense Tax expense Goods & services purchased Other expenses 1 EBITDA Depreciation & amortisation EBIT Associated companies Minority interests Swisscom net income 1) Incl. recognition of provision in 2010 for VAT proceedings against Fastweb 2) Incl. capitalised costs
28 28 Revenue Solid development in core business, weak euro dampens Group revenue Swisscom Switzerland Other segments Fastweb 12, (526) (257) Net revenue ) Incl. usage and customer growth 2) Incl. Swisscom Participations and Hospitality Services 3) Currency effect Fastweb CHF/EUR: (2009) vs (2010) -> CHF -257 million 11,988 Net revenue 2010 (In CHF millions) Price effect 1) Volume Terminal devices and other services Swisscom excl. Fastweb (13) (0.1%) IT services Other At constant exchange rates Currency effect 2) 3) 208
29 29 Operating income Special effects weigh on EBITDA 4, Swisscom Switzerland Other segments Fastweb (7) (20) (222) EBITDA ) Incl. revenue with other segments 2) Incl. other income and capitalised costs 3) Incl. Swisscom Participations, Hospitality Services, Group Headquarters and intercompany eliminations 4) Currency effect Fastweb CHF -63 million.; VAT proceedings CHF -102 million, change in revenue recognition and restructuring expense CHF -57 million 4) 4,597 EBITDA 2010 (In CHF millions) 1) Revenue Direct costs Indirect costs 2) (87) (1.9%) IT Services 3) Other At constant exchange rates Special effects Swisscom without Fastweb 155
30 30 Cash flow Operating free cash flow of CHF 2.5 billion. 4,597-1, , , ,036 (In CHF millions) (2009) (4,684) (-1,987) (42) (-54) (2,685) (-236) (-300) (2,149) (859) (-1,965) (-984) (-484) (-425) EBITDA Capital expenditure Δ NWC & other operating cash flows Dividends payable to minority interests OpFCF Net interest payments Income taxes paid Free cash flow Net cash flows from financial investments Net repayment of fin. liabilities Dividends paid to equity holders of Swisscom Ltd Net cash flows from other fin. activities Δ Cash and cash equivalents
31 31 Fastweb Current offer to minority shareholders and successful impairment test Public takeover bid Impairment test > Announcement of voluntary public takeover bid (EUR18/Fastweb share) in Sept 2010 > On 12 November 2010, Swisscom held a % stake in Fastweb > It has since raised this to % via purchases on the stock exchange > A sell-out is currently under way (EUR18/share) from 14 February to 14 March 2011 > As the 95% threshold was exceeded on 14 February 2011, Swisscom will exercise its squeeze-out right > Delisting expected as of 22 March 2011 > 100% ownership of Fastweb will allow Swisscom to increase its strategic and operating flexibility and reduce governance and listing costs > Carrying value of goodwill related to Fastweb in the Swisscom consolidated financial statements: EUR 1.8 billion > After the takeover at a price of EUR 47 per share in 2007, the net carrying value up to end-2010 declined to EUR 33 per share > Valuation of the carrying value was confirmed by the impairment test > Price for minority interests of EUR 18 is based primarily on the development of the share price > Reasons for the discrepancy between the share price and estimated enterprise value: growth expectations and access to cash flow from loans from shareholders
32 32 Debt portfolio Successful refinancing 2'500 2'500 2'000 2'000 1'500 1' '500 1' (In CHF millions) > (in CHF millions) 2020 >2020 Maturity profile * Maturity profile * - Other interest-bearing financial liabilities Finance leases Net debt from CBL leasing transactions Private placements Bonds Bank loans * Excl. short-term money market borrowings of CHF 700 million (2009: CHF 300 million)
33 33
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