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).