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Share buy-backs as part of the payout policy 
 
Under the revised 2007 payout policy, up to half of OpFCF is available for distribution to shareholders, subject to the proviso that the dividend must at least be on a par with the prior-year dividend. No dividend or capital reduction is paid out on shares acquired by Swisscom under its share buy-back programme.
 
In 2004, 2005 and 2006 Swisscom distributed 100% of equity free cash flow (EFCF), with the difference between EFCF and dividends taking the form of share buy-backs. Here you can find all the information on Swisscom's share buy-backs.

2006 share buy-back
Equity free cash flow generated in the 2005 financial year amounted to CHF 2.2 billion. Of this, CHF 907 million was distributed in dividends (CHF 16 per share) on 28 April 2006. The remainder of the equity free cash flow of CHF 1.25 billion, plus a special distribution of CHF 1 billion (in accordance with the federal government's strategic targets for 2006-2009), was paid out in the second half of 2006. The 2006 share buy-back of around CHF 2.2 billion took the form of free put options.
 
Click on the link to find out more about the terms and results of the 2006 share buy-back.
Further information

2005 Share buy-back

Equity free cash flow generated in the 2004 financial year amounted to CHF 2.9 billion (2003: also CHF 2.9 billion). Of this, CHF 861 million was paid out in dividends (CHF 14 per share), while the remainder of the equity free cash flow was distributed to shareholders in the form of a CHF 2 billion share buy-back. A total of 4,764,200 registered shares, at an average price of CHF 419.80 per share and equivalent to 7.75% of the share capital, were repurchased via a second trading line.

Further information on the 2005 share buy-back:
Further information

2004 Share buy back

Equity free cash flow generated in the 2003 financial year amounted to CHF 2.9 billion (previous year: CHF 1.1 billion), of which CHF 861 million was paid out as dividends (CHF 13 per share), while the remainder of the equity free cash flow was distributed to shareholders in the form of a CHF 2 billion share buy-back, in line with the payout policy. A total of 4,720,500 registered shares, at an average price of CHF 423.68 per share and equivalent to 7.13 % of the share capital, were repurchased via a second trading line.

Further information on the 2004 share buy-back:
Further information

2002 Share buy back

Swisscom launched its first share buy-back programme in 2002, when it bought back treasury shares totalling CHF 4.3 billion. Repurchase of 10 % of the outstanding share capital took the form of put options.

Further information:
Background information regarding the 2002 share buy-back (PDF, 90 KB)
Press Release