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Annual Report
Editorial
Year in review
Sustainability
Financial Report
Management Report
Financ­ial state­ments Swiss GAAP FER
Income statement
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Independent Auditor's Report
Statutory financial statements
Income statement
Balance sheet
Cash flow statement
Notes
Proposed appropriation of retained earnings
Statutory Auditor's Report
Corporate Governance
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Annual Report
Editorial
Year in review
Sustainability
Financial Report
Management Report
Financ­ial state­ments Swiss GAAP FER
Income statement
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Independent Auditor's Report
Statutory financial statements
Income statement
Balance sheet
Cash flow statement
Notes
Proposed appropriation of retained earnings
Statutory Auditor's Report
Corporate Governance
Generate PDF

Financial statements Swiss GAAP FER

Income statement

In millions of CHF Notes 2021 2020
Net turnover 4, 5 715.1 588.2
Other operating income 4, 6 17.1 14.5
Change in volume- and tariff-related timing differences 4, 15 279.7 107.9
Capitalised self-constructed assets 17.3 14.2
Total operating income 1,029.2 724.8
Procurement costs 4, 5 417.5 228.5
Gross profit 611.7 496.3
Cost of materials and third-party supplies 7 94.5 94.5
Personnel expenses 8 105.9 101.5
Other operating expenses 9 28.0 28.8
Earnings before interest, income taxes, depreciation and amortisation 383.3 271.5
Depreciation on property, plant and equipment 13 146.0 125.4
Amortisation on intangible assets 13 33.0 29.4
Earnings before interest and income taxes (EBIT) 4 204.3 116.7
Financial income 10 0.9 1.0
Financial expenses 11 53.5 26.0
Earnings before income taxes 151.7 91.7
Income taxes 12 45.5 16.0
Net income 106.2 75.7

Earnings per share

CHF 2021 2020
Net income 106,221,536 75,735,726
Weighted average number of shares outstanding 325,097,150 320,398,149
Non-diluted earnings per share 0.33 0.24
Dilution from the conversion of the convertible loans –0.04 –0.03
Diluted earnings per share 0.29 0.21

The dilution arises from the potential conversion of the convertible loans to equity. Assuming that conversion had taken place on 1 January of the reporting year, the interest expense would have been reduced by CHF 12.4 million (previous year: CHF 15.7 million). Given that taxes are chargeable in Swissgrid’s regulated business model, the conversion would have increased net income by CHF 12.4 million (previous year: CHF 15.7 million). At the same time, the average number of shares outstanding would also have increased by 90,263,869 units (previous year: 119,907,035 units). This leads to a potential dilution of CHF –0.04 per share (previous year: CHF –0.03 per share).