Group and capital structure
Swisscom Ltd, a company governed by Swiss law and headquartered in Ittigen (the canton of Bern, Switzerland), is the holding company which, with a share capital of CHF 52 million, is responsible for the strategic and financial management of the Swisscom Group.
Group structure
Interactive organisational chart of the Swisscom operational Group structure. The company is composed of the Board of Directors, CEO, business and group divisions and group companies.
Group Divisions
Member of the Group Executive Board
Group Companies
Further Business Divisions
Capital structure and changes
Swisscom Ltd has a share capital of CHF 51,801,943. The share capital is divided into registered shares with a nominal value of CHF 1 each. The shares are fully paid up.
| In CHF million | Share capital |
Capital reserves |
Retained earnings |
Currency translation adjustments |
Hedging reserves |
Shareholders’ equity |
Non-controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|---|
| Balance at 1 January 2019 |
52 | 136 | 9,781 | (1,728) | 4 | 8,245 | (15) | 8,230 |
| Net income | - | - | 1,672 | - | - | 1,672 | (3) | 1,669 |
| Other comprehensive income | - | - | 148 | (53) | 7 | 102 | - | 102 |
| Comprehensive income | - | - | 1,820 | (53) | 7 | 1,774 | (3) | 1,771 |
| Dividends paid | - | - | (1,140) | - | - | (1,140) | (1) | (1,141) |
| Other changes | - | - | (7) | - | - | (7) | 22 | 15 |
| Balance at 31 December 2019 |
52 | 136 | 10,454 | (1,781) | 11 | 8’872 | 3 | 8,875 |
| Change in accounting policies (1) | - | - | 22 | - | - | 22 | - | 22 |
| Balance at 1 January 2019 |
52 | 136 | 9’781 | (1'728) | 4 | 8’245 | (15) | 8’230 |
| Net income | - | - | 1,530 | - | - | 1,530 | (2) | 1,528 |
| Other comprehensive income | - | - | 252 | (10) | (3) | 239 | - | 239 |
| Comprehensive income | - | - | 1,782 | (10) | (3) | 1,769 | (2) | 1,767 |
| Dividends paid | - | - | (1,140) | - | - | (1,140) | (1) | (1,141) |
| Other changes | - | - | (11) | - | - | (11) | 1 | (10) |
| Balance at 31 December 2020 |
52 | 136 | 11,085 | (1,791) | 8 | 9,490 | 1 | 9,491 |
Group structure
Material changes 2020
Acquisitions and disposals of subsidiaries in 2020 are not individually material. These include the full acquisition of Cutaway S.r.l., the 70% acquisition of 7Layers S.r.l. in Italy and the sale of Mila AG. Cutaway S.r.l. was merged with Fastweb S.p.A. following the acquisition.
Material changes to the group structure 2019
On 16 November 2018, Italian subsidiary Fastweb acquired the fixed wireless division and a 3.5 GHz frequency spectrum from Tiscali for EUR 185 million (CHF 208 million). The transaction, which qualified as a business combination in accordance with IFRS3, was provisionally recognised in the consolidated financial statement of 31 December 2018. No transaction costs were incurred. The deferred purchase price was paid off by a cash payment of EUR 80 million (CHF 90 million) in 2019 and the provision of services amounting to EUR 55 million (CHF 62 million). This did not have a material effect on Swisscom’s 2018 revenue and net income.
In December 2018, Swisscom exercised its call option to acquire the remaining 31% stake in Swisscom Directories Ltd for a purchase price of CHF 240 million. On 31 December 2018, the exercising of the call option gave rise to a CHF 14 million increase in the other financial liabilities previously recognised in Swisscom’s consolidated financial statements with no impact on profit and loss.
The remaining acquisitions and divestitures of subsidiaries in 2019 were not material individually. These included the acquisition of United Security Provider AG and Ajila AG, the divestiture of Datasport AG and the loss of control over tiko Energy Solutions AG.
Material changes to the group structure 2018
In December 2018, Swisscom exercised its call option to acquire the remaining 31% stake in Swisscom Directories Ltd for a purchase price of CHF 240 million. At the end of July 2018, Italian subsidiary Fastweb signed an agreement to acquire the fixed-wireless division and a 3.5 GHz frequency spectrum from Tiscali in order to strengthen its mobile and convergence business over the long term. The value of the transaction was EUR 185 million (CHF 208 million) and was completed on 16 November 2018.
Material changes to the group structure 2017
Swisscom founded Swisscom Blockchain Ltd in 2017 to accelerate the development of blockchain applications. Swisscom holds a 70% majority stake while 30% is owned by the management. In 2017, Italian subsidiary Fastweb acquired Tiscali’s wholesale business for a purchase price of EUR 45 million (CHF 50 million). In November 2017, Swisscom acquired the remaining minority interests in Mila Inc., Sellbranch AB and CT Cinetrade Ltd, including subsidiaries Teleclub Ltd, Kitag Kino-Theater Ltd and PlazaVista Entertainment AG. In 2017, Swisscom also increased its stake in Swisscom Digital Technology SA from 51% to 75%. In September 2017, Swisscom divested its shares in AWIN AG for a purchase price of EUR 62 million (CHF 71 million).
Material changes to the group structure 2016
At the beginning of 2016, Swisscom acquired a 50% stake in the Geneva-based company Open Web Technology SA, which was renamed Swisscom Digital Technology SA following the acquisition. The acquired company specialises in the digital transformation of companies. The aim of the acquisition was to allow Swisscom to further expand its digitisation capabilities for corporate customers. In 2016, organisational adjustments and process simplifications prompted the merger of different companies with Swisscom (Switzerland) Ltd within Switzerland’s core business; specifically, Swisscom Banking Provider Ltd, Wingo Ltd and all Veltigroup companies. At the end of 2016, Swisscom divested its 10.6% minority stake in Italy for a purchase price of EUR 80 million (CHF 86 million). In the context of a cooperation between Italian subsidiary Fastweb and Telecom Italia (TIM) for the installation of fibre-to-the-home (FTTH), the two companies founded Flash Fiber S.r.l., in which Fastweb holds a 20% stake.