Financial statements Swiss GAAP FER
Income statement
| In millions of CHF | Notes | 2022 | 2021 |
|---|---|---|---|
| Net turnover | 4, 5 | 987.1 | 715.1 |
| Other operating income | 4, 6 | 19.7 | 17.1 |
| Change in volume- and tariff-related timing differences | 4, 15 | 370.7 | 279.7 |
| Capitalised self-constructed assets | 20.2 | 17.3 | |
| Total operating income | 1,397.7 | 1,029.2 | |
| Procurement costs | 4, 5 | 866.2 | 417.5 |
| Gross profit | 531.5 | 611.7 | |
| Cost of materials and third-party supplies | 7 | 104.3 | 94.5 |
| Personnel expenses | 8 | 117.0 | 105.9 |
| Other operating expenses | 9 | 29.3 | 28.0 |
| Earnings before interest, income taxes, depreciation and amortisation | 280.9 | 383.3 | |
| Depreciation on property, plant and equipment | 13 | 130.8 | 146.0 |
| Amortisation on intangible assets | 13 | 24.9 | 33.0 |
| Earnings before interest and income taxes (EBIT) | 4 | 125.2 | 204.3 |
| Financial income | 10 | 1.7 | 0.9 |
| Financial expenses | 11 | 14.7 | 53.5 |
| Earnings before income taxes | 112.2 | 151.7 | |
| Income taxes | 12 | 15.8 | 45.5 |
| Net income | 96.4 | 106.2 |
Earnings per share
| CHF | 2022 | 2021 |
|---|---|---|
| Net income | 96,410,768 | 106,221,536 |
| Weighted average number of shares outstanding | 334,495,151 | 325,097,150 |
| Non-diluted earnings per share | 0.29 | 0.33 |
| Dilution from the conversion of the convertible loans | –0.01 | –0.04 |
| Diluted earnings per share | 0.28 | 0.29 |
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 2.5 million (previous year: CHF 12.4 million). Given that taxes are chargeable in Swissgrid’s regulated business model, the conversion would have increased net income by CHF 2.5 million (previous year: CHF 12.4 million). At the same time, the average number of shares outstanding would also have increased by 19,181,327 units (previous year: 90,263,869 units). This leads to a potential dilution of CHF –0.01 per share (previous year: CHF –0.04 per share).