Price erosion and currency effects reduce net revenue
Swisscom's net revenue declined by 4.3% to CHF 11,467 million and operating income (EBITDA) was down by 0.3% to CHF 4,584 million. At constant exchange rates and adjusted for one-off items, revenue and EBITDA were down by 2.3% and 1.1% respectively year-on-year. Price erosion in Swiss core business amounting to around CHF 500 million could not be fully offset by customer and volume growth, which totalled around CHF 400 million. The net revenue of Italian subsidiary Fastweb decreased in local currency terms by 7.1% to EUR 1,746 million. The CHF 1,094 million fall in the Group's net income to CHF 694 million is due to a one-off impairment in the carrying amount of Fastweb.