Good afternoon, ladies and gentlemen, and welcome to Swisscom full year results presentation 2020, this year in a virtual format. My name is Louis Schmid, Head of Investor Relations. We start today's online meeting with the program and the short introduction on page number two. Our CEO, Urs Schaeppi, presents in the first chapter the highlights, the main achievements of last year, commercially, operationally, and financially. In chapter two, he gives a strategy update and elaborates on the Roadmap 21 and beyond. In chapter three, our CEO gives a short overview of the achievements 2020 within Swisscom Switzerland before updating on the network developments and ambitions, explaining our roadmap of activities along our strategic roadmap for B2C and B2B, and presenting the operational excellent results and plans. Alberto Calcagno, CEO of Fastweb, will then discuss in chapter four the industrial and financial results and performances of our Italian business and its plans going forward. After Alberto's presentation, Mario Rossi, our Chief Financial Officer, will present in detail in chapter five our financials 2020, including the outlook for 2021. In the last chapter six, a wrap-up with some final remarks from our CEO, Urs Schaeppi. After the presentation of approximately 90 minutes, we will then move into the Q&A session, which will start at around 3:30 P.M. If it's earlier, then we start directly. For this part, Dirk Wierzbitzki, Head of B2C Swisscom Switzerland, and Urs Lehner, Head of B2B Swisscom Switzerland, will also attend and support us in any specific Swiss questions. With that, I would like to open officially today's meeting and hand over to Urs for his presentation. Urs? Good afternoon, ladies and gentlemen. I'm happy to present to you good and solid results of Swisscom. We have EBITDA of CHF 4.38 billion, stable compared to previous year. We have a free cash flow of CHF 1.7 billion, our dividend is well-covered, we have a good and stable market performance. Overall, a good and solid result. If I go to our highlights, I just wanted to point some of them. The first one is our leading network. We were able to win all the mobile tests in Switzerland. We have a high-performing network. We also showed our leadership on fixed net. We were able to have a pilot on our network where we transported a bandwidth of 10 Gbps in our fiber environment. Another example that shows our performance on the technology side. On the customer side, customer experience side, we have good and strong net promoter figures. Very high figures in B2B, I would say one of the highest ever. Good and strong performance in SME and also in the retail market. On ICT, we were able to show our leading position. We have a broad product portfolio in the B2B market, which includes cloud solution, security solution, and a lot of specialists position ourself as the number one cloud provider with a hybrid cloud strategy in Switzerland. On Fastweb, certainly another highlight, we were able to grow. We have a strong growth of approximately 4%-5% in a very competitive Italian market, good performance of Fastweb. Maybe the last point to mention on this slide is our sustainability roadmap. We were ranked as the number one telecom company worldwide on ESG. It shows that our ambition also results in a good ranking. We were also the first company in Switzerland-listed company which published a green bond, which also underline our strategy of sustainability. On the next slide, slide five, some remarks to our performance during the COVID crisis. Swisscom is resilient. We were resilient in this COVID crisis. We hadn't any problem. We're always very performing networks, even with a much higher load during the lockdown phase. It shows that our investments looking forward were good. We had enough capacity in our networks. Also on the customer side, we performed well. We get very good feedbacks from our customers. During the COVID crisis, we were very flexible. We helped our customer to install home office solutions, as an example. We helped customer which were blocked outside Switzerland with roaming reduction, roaming rebates, which actually results then also in a good Net Promoter Score. COVID has not only caused some disruption in the economy. I would say COVID also brings, for a company like [Swisscom Switzerland], a lot of chances. What we certainly get is a push in digitalization. Digital transformation is an opportunity for a company like Swisscom. I will come later to it. Certainly, also the reputation of telecommunication companies during this crisis went up. I think the whole population remarked that without telecommunication, such a lockdown wouldn't have worked. It shows the importance of our industry. On slide six, some remarks to our market performance. If you look to [Swisscom Switzerland], and if I have to summarize it in one word, I would say flat or stable. We have from the subscriber side, also from the market share side, approximately a stable situation. It shows that the market is totally saturated, and that we have a kind of washing machine at the lower end of the market. Swisscom performed well. You see on postpaid, in the fourth quarter, we were able to have net adds of 31,000. On TV and broadband, we were flat. On the right side of the chart, you see also that the market shares, approximately stable market shares. Good performance in Switzerland in a very promotion-oriented market. If you look to Italy, you see that there we had a very strong fourth quarter, that we were able to have a good growth on mobile and on broadband. It shows that Fastweb performs well in the Italian market. Here on this slide seven, our key financials. What you can say is actually that we have a stable EBITDA. On the lower line, you see the development of the whole group. EBITDA compared to previous year. In Switzerland, Swisscom Switzerland, it was minus CHF 19 million, and Fastweb had a growth of CHF 38 million, which results overall on an underlying performance approximately at zero. The main effect on it were in Switzerland, we were able to decrease our cost, indirect costs by CHF 129 million. We had a better direct cost because of the device decoupling of CHF 66 million, and then something slightly better subscriber acquisition costs by CHF 19 million, and then some other effects which results in this CHF -19 million EBITDA in Switzerland. The service revenue is mainly impacted by pricing, by the ARPU mix, where we have a better dynamic in the lower end of the market. That's why we have some dilution of the revenue mix in the retail market. The service revenue or the net revenue overall, you see it is CHF 11.1 billion. The main effects on it are pricing and also some roaming revenues, which went down because of COVID. Overall, the major driver behind it is the pricing in Switzerland. CapEx were in a region of CHF 2.2 billion. They are lower than previous year, but here I have to mention that in the previous year, we had the spectrum auction where we had to pay CHF 119 million, approximately CHF 119 million for the 5G spectrum. If you would take this out, you see that the CapEx are stable to previous year. Operating free cash flow is at CHF 1.8 billion. We were able also to reduce our net debt. Overall, good and strong performance for the group. Some words to our strategy. Our strategy works and some messages to our environment. I think these are not new for you, but it's good to have them in behind. Our sector is a CapEx and will stay a CapEx intensive business. The business and the competition will keep CapEx high. The main challenge is how do we monetize this CapEx? We'll come later to it. That's only the major challenge. Because we are in a fixed cost business, market shares are important, and that's why we are fighting to defend our market shares. Digitalization is an opportunity for our industry and especially also for Swisscom Switzerland. In Switzerland, we have a mature market, but also a robust environment. A stable economy and good environment, but high competition and maybe as an opportunity, that's also because of the strong positioning of Swisscom in the B2B market. There are opportunities in the ICT market. Italy, Alberto knows it much better than I, but Italy is a price-sensitive market, a very competitive market. Also there, we have opportunities to increase our market shares and to have growth in the B2B market or in the ICT business. The fundamental or the assets of Swisscom are on this chart. I don't want to read them all. Certainly, our leading market position with a clear market leader on market shares in the region of 50%-60%, in B2B even much higher market shares. Our strong brand. We have a strong, credible brand. We have a good reputation. This is the base for upselling and cross-selling. We are a technology leader, a very innovative company. In Italy, we are certainly a successful challenger. These are a bit the fundamentals of our business on which we can build our strategy. Here are the main pillars of our strategy. Summarized in a very simple way. Our ambition is to have the best customer experience. This is a combination of an excellent network with innovative products and an excellent customer service. These three ingredients together bring a superior customer experience, which enable us to charge a price premium. The second topic is an important one for our industry, but also in the situation of Swisscom as the market leader, where we have also some imbalanced market shares in the Swiss market. That's operational excellence. We have to work on our cost structure. The management is very committed to work on operational excellence. The main question is: What are the main pillars to increase our efficiency? That's certainly on the operational side. Do it better, do it more efficient, do it cleaner. That's one pillar. The second pillar, that's digitalization. There we can do a lot through digitalization. Also smart investments is an important pillar for this operational excellence. The third pillar of the strategy in Switzerland is creating new growth. That's mainly in Switzerland, if you look outside the telecommunication business where each CHF in ARPU counts, it's the IT business. In IT, we can do more. If I look to our cloud business or security business, we were able to have a growth, which is slightly below 10% in the last year. That shows the momentum, what we can get there. Certainly the fourth important pillar of our strategy, that's Italy, where we have a successful challenger, which can increase market shares, which can have a stronger position in the wholesale market, but also in the B2B market. Here some messages to our roadmap for 2021. I don't want to go in deep in it, you see it's a combination of leading market position, defending our leading position in the Swiss market through attack and defense strategy. Defense mean on our core brand through a superior value proposition to get a high customer loyalty with a good ARPU in our Swisscom community. On the attacking side with the second and third brand to be present, to have a strong position in the low end of the market, in the more price-sensitive market. Innovation will be important to differentiate ourselves, and transformation is also important because with this, we will be able to reduce our cost structure. Shareholder remuneration is important. We know that we are a dividend stock, that we have to deliver an attractive dividend. That's a bit overall the roadmap. Some remarks to our innovation roadmap. Innovation is an important topic for us because of growth, but also because of reputation and differentiation in the market. You see on this slide the areas of innovation for Swisscom. It's not astonishing that network and infrastructure remains an important topic for innovation. We want to be leading on the network side. That's why we're also looking to the next chamber of innovation. Security is important in a connected world. In a digitalized world, security is extremely important. I think I don't have to mention it. It's a battle, an uphill battle each day. The attackers are more intelligent, you have to ramp up your security capabilities each day. Also here with artificial intelligence and such things, we can do a lot. That's the third innovation area. We have a strong artificial intelligence department and strong capabilities in Switzerland. We can use artificial intelligence not only for new products but also to simplify, to optimize our whole company. Internet of things is important. Entertainment is an important topic. You certainly remember that last year, we launched our blue offer. That's a converged offer in the entertainment market. The market is coming together more and more. Big screen, small screen, and Swisscom has a strong positioning in this market. Also digitalization, digital business as new business opportunities, digital Swisscom to optimize, to reduce our cost structure. On our corporate responsibility. We have a corporate social responsibility strategy. Sustainability is an important topic, and there we have a lot of initiatives to drive these goals, these SDG goals. On the people side, its important topic is to educate our people to avoid the digital divide in our population. Swisscom is, I would say, the biggest education company on this topic. Just to give you an example, last year, we had 25,000 people which visited lessons of Swisscom, how to use these new tools in our industry. Reducing CO2, that's clear. There, we have a lot of different initiatives. We have a roadmap also to decrease our consumption of electricity. It's important. You can also reduce then the cost. That's clear. More on the Switzerland level, we have the ambition to ramp up these broadband networks. Our goal is to have a coverage of 60% for our fiber networks in 2025. Some words to Switzerland. The achievements in 2020, good operational performance on network side but also in the market. On the network side, some figures. We have today a footprint of over 80% in the broadband market, over 80 Mbps. We have a footprint of 32% for speeds up to 10 Gbps. This is increasing, I will come later to it, year by year. We have a mobile 5G population coverage of 96%. 96% population coverage. It's on 5G wide with this dynamic spectrum sharing. We have more than 500 communities in Switzerland with 5G fast coverage. That's the 5G where we use the 3.5 Ghz to deliver even higher speeds. What is also astonishing was our pilot, which we made with in-train coverage. We made a 5G demo, and we were able to get the speed on 5G of 1.2 Gbps in a train. That's astonishing. That shows actually the potential of this 5G technology. We are phasing out 2G now in this year, in the beginning of this year. At the end of first quarter, we will do the phase out, and then we can use the spectrum for 4G and 5G. B2C, maybe some remarks. It's important to increase our converged offer. FMC penetration. That's an important initiative. We have there a good product portfolio with our inOne Home and inOne Mobile value proposition. Approximately 70% of customers are on this inOne, and our ambition is to further increase this penetration. B2B, certainly cloud business was an important topic and will remain an important topic. On the financial of Swisscom Switzerland, I already mentioned some of it. We have an EBITDA of CHF 3.5 billion. Compared to previous year, it's approximately stable. The main dynamics is lower service revenues and also lower costs, which brings us to approximately flat situation. Our ambition is also for the next year to decrease our costs on a yearly base in the region of CHF 100 million plus. If you look back to the last year since 2017 up to 2020, that means in four years, we were able to decrease our costs by more than CHF 400 million in the region of CHF 500 million. To the road map on our network side. Our ambition is to have the best networks. It's a core pillar of our strategy. We have also vision. You see it on the lower part of this slide, on the right side. We are convinced that mobile and fixed networks will converge more and more, and our ambition is to deliver a seamless network between these two access technologies. On the fiber side, we will invest strongly in the rolling out of a fiber to the home. Today, we are at 30%. We will go up to 60%, up to 25. Why we are doing this? To be more competitive, on the one side, against cable operator. Other points are also an increased Net Promoter Score. On fiber network, the Net Promoter Score is higher. We are also able to have a better ARPUs and lower churn. Also a lot of market aspects shows that 5G investments actually has a value. On mobile, our ambition is to roll out as fast as possible the 5G networks. We are challenged in Switzerland to roll them out because there is a lot of opposition against building 5G antennas. The whole market is challenged. Midterm, long-term, I'm convinced that we will be able to get a much better momentum on this rolling out of 5G networks. Here, and I think that's an important chart, you see our ambition in the network rollout. In 2021, on the ultra broadband network, wireline network, our ambition is to increase the footprint to 90%. Today, we are at 80%- 90% for speeds above 80 Mbps. On high speed fiber to the home technologies, we will increase our footprint from 32% - 39%. On mobile, you see also that we will further increase our population coverage footprint on 5G. On 5G wide, we will have a population coverage of 99%. Today, we are at 96%. We will further extend our 5G+ footprint. These are important initiatives for us. Here, some figures, I don't want to go in detail in it, on the value of the ultra broadband rollout. You see in 2025, what will be the mix of our technology. 60% will be on fiber to the home, 35% will be on fiber to the street in combination with G.fast technology. We are able to have in the 35% footprint speeds up to 500 Mbps. That means we will have in 2025, 95% in Switzerland, which has speeds up to 500 Mbs and only about 5% with speeds in the region of 80 Mbs. A very fast network, and you see the evolution in the next year on this slide. You see also the effects on this strategy. You see the take-ups in brand penetration. If we make this rollout to faster networks. That means in areas where we roll out these networks, we were also able to gain some penetration increases. Some remarks to the architecture, how we do this fiber to the home rollout. In the past, we had an architecture of point-to-point because we were in the city with a very high density. Now we are going more in rural areas, and we use the point-to-point technology. This technology, that's the established technology worldwide. The 95% of the countries are doing the rollout on point-to-multipoint architecture. This technology or this approach is faster and cheaper. We can use actually our investments in fiber to the street. We are doing an upgrade of our fiber to the street network to fiber to the home. We will be, with this approach, much faster to increase our fiber to the home footprint. You see also that we are willing, on an opportunistic approach, to cooperate on a case by case. We have not a strategy to be a buyer of such infrastructure. We are willing to cooperate if this makes business sense for us. Now some remarks to the Competition Commission in Switzerland. At the end of the last year, they actually made a claim against us, they actually ask for a Layer 1 access in the central office. If we build out on a point-to-multipoint architecture, as it is on this chart on the left side. If we do it in such an architecture rollout, the Competition Commission ask for a Layer 1 access for our competitor in the central office. That's the main request of the Competition Commission. That's a very special case because we are offering already today access on a wholesale product on a nondiscriminatory way to all our competitors. They are asking for a Layer 1 access. We are appealing against this, and also against these precautionary measures, because we are convinced that we have a good solution, a good wholesale access. Point-to-multipoint technology, that's the common architecture in the whole world. I think we have good arguments to fight against this request of the Competition Commission. We don't have clarity up to now. I think in the next weeks, we get some more clarity on these precautionary measurements or measures. Then we will certainly communicate the next steps. I think we have strong arguments, because that's a common approach how to roll out the fiber to the home networks. On 5G, on page 22. I can be short. We are also proud. We won all the mobile tests in Switzerland. You see all the claims on it. We were also able to have the largest 5G coverage in Switzerland. We are here on a good way. On this slide, on page 23, our vision on the development of the network. This simple converged network, which is powered with cloud fiber to the home and 5G. That's our vision. This will bring us a lot of advantages. It will reduce the complexity of our networks. We can do legacy phase outs, which also reduce our costs. It will also bring us a higher reliability because we have less complexity, more standardized network components in it. To the B2C business. Here the roadmap. I don't want to go in deep for all these points, here you see that the main focus. At the end, simply said, we have to protect our customer base. That's the value-based management of our customer base. We have a multi-brand strategy. This strategy works. We have to increase our performance in the lower end of the market. With entertainment, we will be able to differentiate us even more. We have by far the best TV proposition, by far the best entertainment proposition, and that counts. Certainly, also in the multichannel evolution, there we can do more. The different channels, physical channels and online channels are converging more and more, and there we see opportunities for us. InOne is our key product in the retail market. We have two main families in it, inOne Home and inOne Mobile. You see the penetration on the right side of the chart of these products. We have 76% inOne Home penetration and 68% inOne Mobile penetration. It shows the success of this inOne Mobile product family. Convergence is important. It's important because we can decrease churn. You see we have a churn in converged offers of 6.9%, and we have a better ARPU. That's why we are pushing converged offers, and we are in the region of 40%-46% converged penetration. Entertainment, I mentioned it before, that's an important topic. Last year we launched our new product line, blue. That's a combination of blue TV, of blue+. This is the pay content business, with sports, with movies, where we have also a lot of exclusive content. This proposition had a very good start. We have a high Net Promoter Score, we have better sales figures on content business, and we can even enforce our value proposition in the entertainment business. SmartLife or Smart Home, that's still a small plant. It's astonishing the take-up of it actually. If you look on the right side of the chart and if you look to the connected devices with our Swisscom Home App, you see that we were able to increase it by 200%. It shows that there is coming a take-up in SmartLife and Swisscom, which is in the majority of the households with the platforms which we have. The internet platforms can be a platform for Smart Home application, and that's why we are pushing it. You see also that the monthly active users of the Home App went up by 40%. That shows that if we manage the Smart Home ecosystem well, there is potential to grow. Security. Security is an important topic. There we have a lot of initiatives. We were able to create growth. If you compare 2016 to 2020, we see that we were able to double the revenues. They are still on a lower level, but we are growing there. It's not only a revenue topic, it's also a chance for differentiation ourself in this market. Wingo, that's our attacker brand. We have a successful year behind it. We had also a good January with Wingo. You see the penetration of the second and third brand. Second and third brands are working much better in the mobile space than in the broadband space. The penetration of the second and third brand is at 18% in postpaid mobile and on broadband it's growing, but it's still only at 4%. To our omnichannel approach, how we optimize the channels. Here you see the different ambitions, the roles. We define roles for these different channels. The shops more with inspirational focus. Call centers for more complex and more emotional transactions or requirements. The online channels also with the My Swisscom App, more for digital self-care. Field force then certainly for more complicated actions. The field force intervention are really going down year by year because we have more simple products and more stable products. On B2B, not a lot to mention. I already told it. Here it's important to increase our positioning in the ICT SME market. We have now a good product portfolio. We have to penetrate this product portfolio in the SME market. Also, cloud security remains important, but also omnichannel approach is important. On the B2B transformation, we are on track. We have there a program to make the B2B business more efficient because we have always also price erosions in it, so we have to work on the efficiency side. We are on the way and this program is on track. Some remarks to our service revenue figures in the B2B market. On the left side, you can see that we are able to defend our strong market position in the B2B market. The revenue-generating units in the B2B business are stable. We have 2.5 million revenue-generating units stable, but we have high competition in this market. This leads us actually to an erosion of the service revenue, which you can see on the right side of the chart. We had 6% erosion in the service revenue business, and we have an ARPU of CHF 33 in the mobile business. We have a lot of also strengths in it where we can differentiate ourselves, and that's the reason why we are able to keep our market share plus/minus stable in the B2B market. With new technologies like 5G, campus networks, IoT solutions, I'm convinced also in combination with our IT capabilities, that we are able to get a strong position and we see there further potentials. 5G here, what could be such potentials? These campus networks. Industry 4.0 was a buzzword. There we see opportunities, these mobile private networks. This will not explode, but this will be project business, case by case, and I'm convinced in five years we will have here a much bigger business. IoT is growing. We are the leading IoT provider for these smaller value-added resellers or value-added companies. It's a low margin or low ARPU business, but a high volume business. On IT, on the bottom of the right side, you can see where we are in, what are the Swisscom initiatives for it. I already mentioned them. The most important is cloud security and then these SME ICT offers. End-to-end solutions are important in the B2B market because it differentiate ourself. This strategy is working. That's why we are able to defend also our high market share in this B2B market. Now I would like to come to the end. You see the proposition in the SME market to what we are doing. Service, that's important to say in the B2B market, not only product and network is important, extremely important is the customer service. There we are certainly strong. We have high capabilities to serve our B2B customers, that's an asset which you can't actually copy in a very short term. This makes us also resilient to competition. On operational excellence, I already mentioned it. It's important we are committed to do it. On this slide, you see our solid track record, the savings, the achievements, and also our ambition for the next years. We are convinced that we can deliver cost reductions in the region of CHF 100 million also in the next years. Here you see how we will do it. It's a combination of different elements on the network side, on operational excellence, also on the way how we collaborate. Agile collaborative approaches can also save costs. Good. This was a bit the introduction. Now I would like to hand over to Alberto. Alberto, please. Thank you, Urs. Good afternoon also from my side. I will go directly to the next slide, please. Basically, here you see our achievement in 2020. 2020 has been clearly an exceptional year. Also, Italy has been impacted in a very severe, I would say, way from COVID, but I would say that from what concerns Fastweb, we were able to manage and transform an exceptional year into a normal year. We achieved all our guidance. We have been able to grow across all segments, from consumer to enterprise and to wholesale. Especially in enterprise, we are continuously leading over the market with the market share that has reached approximately 34%. Everywhere, all across markets, we have the best NPS in our territory. We are quite a unique, if not the unique, let's say, case, where we continue to grow in a very challenging market. With the fourth quarter, we achieved 30 quarters of consecutive growth. We are the only one, at least in the last five years in Italy, to have achieved such growth. I bet also it could be the same if we expand and enlarge the scope of the analysis. Vis-à-vis our ambitions in infrastructure, our 5G FWA rollout is fully on track with approximately 200 sites activated. Same thing for our 5G mobile rollout with approximately 700 active sites. Also with FiberCop, FlashFiber is finalizing the last pieces of the network. In 2021, FiberCop will take up with the operation. On the other main objective, which is to become an infrastructure OTT, over-the-top, we have completely merged the cloud company, Cutaway, that we have been acquiring in 2020. Also, we have launched the 5G fully digital FWA services, and we have accomplished the purchase of 70% of 7Layers, which is the second company that we acquired, specialized in security. If we move to the next page, please. If we transform such, let's say, market KPIs into financial and quantitative, I would say, KPIs, we can see that overall, the broadband performance is quite strong, plus 4% year-on-year. Clearly, we are much more interested in the ultra-broadband, where the growth has been significantly higher. Today, roughly almost 75% of our customer base relies already in ultra-broadband technology. And also, our mobile performance has been continuously growing, and we achieve a 12% growth year-on-year with the fixed to mobile convergence penetration on our customer base that is around 34%. That was the consumer. Also, when it comes to enterprise and wholesale, we are keeping a strong momentum. On enterprise, we have grown our revenues by 5%. Also, we have an NPS that is very, very high, almost 80%, and has grown over 15% over the year. We are keeping in acquiring new contracts as it's happening since a lot of years. In the wholesale, also this is becoming a very strong engine for our growth. We have been able to grow our ultra-broadband lines that we provide through wholesale contracts by 35%. We have also been able to doubling the revenues basically generated by this ultra-broadband wholesale business. Please, if we go to the next slide. If we look also financials, I think that are following the good momentum of the operations. Revenues growth by 4% in every single segment, so both wholesale, enterprise and consumer. If I look at just the fourth quarter result, you can see there is always, let's say, a minus in the wholesale segment, but that has specifically to do with the dynamic of the BTS network rollout and the fiber rollout. Back in the fourth quarter of 2019, there was a strong BTS rollout. It's, I would say simply, a dynamic. What is important that in the year we have been able to grow. As far as it concern EBITDA, also here, we fully achieved our guidance with a 5% overall growth that is coming from every segment. Also, I would say that in the free cash flow proxy KPI, we have been able to grow nicely and to post almost a CHF 50 million increase year-over-year at operating free cash flow proxy. If we move to next slide, please. This is our page on how we see 2021 and clearly beyond. We have four objective. The first one is to be and to offer the best performance everywhere, so to be the best network everywhere. We will clearly concentrate not only on our historical, let's say, fiber network, but also we leverage our new 5G FWA network, the FiberCop venture, and also our 5G mobile. When it comes for the enterprise, clearly there we have a strong opportunity because we will expand our ability to, let's say, attack or intercept the share of wallet of our established customer base, and so there will be possibilities to further grow and accelerate actually the growth in this segment. Also for the wholesale business, as we said, 2020 has been a very strong year in growth, especially in the ultra broadband wholesale business. We believe that this growth will continue actually accelerate also in 2021 and the following years. As you know, for the consumer, finishing the fourth point, we do expect also to have the similar positive impact of having the best network. Clearly also here in the consumer, we are more than confident that we will be able to offer the best customer experience here in Italy to further increase the gap between our NPS and the NPS of all the others competitor. Now, if we move to the next slide, please. I'll do a deep dive for each of the four pillar. At page 48, you can see our ambition and how we intend to deliver the largest ultra broadband footprint network in Italy. You know already our FTTH, let's say, ambitions, which is the combinations of our network and the FiberCop network. You also see that for us will be extremely important the new rollout of 5G FWA, with almost 4 million coverage already in 2021, and then the development of the following years to reach 12 million in 2024, which represent the 100% of the gray areas and the 50% of the white areas. Also, 5G mobile will be extremely important for us. We have a long-term ambition of coverage of 90%, but already in 2021, our coverage will step up rapidly, reaching a 22%. What is important is to underline that we'll be the only one in Italy, the only operator that cover 100% of black areas, 100% of gray areas, and 50% of white areas. We will do all this project within our CapEx envelope that is as usual in the region of CHF 600 million, clearly in the next years, with more, let's say, portion that will be devoted and allocated to FWA and 5G mobile. If you go to next slide, please. Here you can see our NeXXt Generation 2025 project, which will be a key differentiating factor in our B2C. We want to deliver to our customer base and to prospect client the best of the service experience. We will attack the high density urban areas, as we said, with our offers in FTTH, but we will have a killer application in the gray and the white areas with the Ultra FWA, because this is a technology that has definitely fiber-like performances and allows us to have a very strong technological competitive advantage vis-à-vis all the other competitors. Please, we can go to the next page. As you can see, 2021 will be extremely rich in terms of product roadmap. For the next mobile offer, the 5G, we have launched already 5G, clearly depending on our coverage. We now are covering four major cities, including clearly Milan and Roma. We will progressively expand the coverage nationwide. On the fiber to the home footprint, we have more than double expanded our performances because now we are the only provider to offer 2.5 Gbps. Basically, we move from the concept of 1 Gb per family to the concept of 1 Gb per person. It's already available in 4 million households, I would say, in the 30 main cities of Italy. Also in this case, we will expand progressively this product. Last but not least, the FWA product. As I said, this for us is something unique because in the gray and the white areas, the average performance of the existing technology is quite poor. In a range of probably 30 Mbps-40 Mbps. Here we will be able to offer, or we are already able to offer a giga offer. We've just started, so we need to have a quite established customer base in order to have solid data. Today, the average of the customers that are using this service is around 600 Mbps. It's another order of magnitude. We have launched the first 50 cities. We are targeting 500 cities by the end of 2021, and these cities will become 2,000 by the end of 2024. This service is fully digital, so basically, it's really one-click services because we are aiming at get an over-the-top type of experience. It's not so one click, let's say, onboard process. The most important thing is that we are able today to deliver in one day the activation, which is something that nobody else can assure on the wireline space. I would say that all in all, we are keeping our strategy of fully transparency and to be the champions of the customer, so that way there are no extra charges, no hidden costs, no migration costs, no contract obligation. Also this is extremely important to, let's say, sustain our superior Net Promoter Score and our reputation and trust vis-à-vis the other competitor. If we can move to the next slide, please. Here, just to remind our strong positioning on the B2B market. Remember that overall today, we have a market share of 34%. I'm talking about the big enterprises in Italy. If we just consider the public administration, this market share moves from 34%- 43%. We have the highest Net Promoter Score reputation in the market, and we have the best team, over 500 professionals that are uniquely and exclusively dedicated to this segment. The good thing is that we are in 2020, we have now other core competencies as we bought two of the most interesting companies in the Italian space. One was Cutaway, that is and has, let's say, has been specialized in the cloud services. Now is fully merged with Fastweb. Also we acquired the 70% of 7Layers, which is a leader in Italy on the cybersecurity. This for us has a unique strategic value because it gives us the possibility to increase our share of wallet in the customer, let's say, needs of services as cloud and security will become more and more important in the future. Today, we have already our order book that approximately are coming 50% from value-added services, but we expect in the midterm this 50 to grow up to 70%. Finally, there is a huge opportunity for us in the enterprise space, which is represented by the mobile market. Today, this market accounts for roughly CHF 1 billion and is divided by just two operators. With the 5G, we will launch the services by 2021. Given the reputation and given the strong customer base that we have on the fixed, we do believe that we will be able to radically gain market share also on this specific market and in the long term, we believe that 10% market share is achievable. If you move to the next slide, please. We now consider the wholesale business. Today, we are already the second wholesale operator in Italy with more than EUR 260 million revenues, 15% market share with more than 10,000 BTS already fiber backhauled. Just 2,000 was happening in 2020. We can be really one-stop shop strategy for every, let's say, newcomer, new entrant in the wireline space as we can provide not only our network, but we can combine and bundle also the network of other wholesale providers. In the long term, we will continue to exploit these ultra-broadband volume business opportunity, together with a continuous scale-up of the backhauling business. We do believe also that we will be able to reach 2,000 new BTS in 2021. We are already targeting at beginning from 2022 also to be an MVNO wholesale player in the Italian market. We will need this year to prepare ourself in order to be fully operational. We are already targeting and put this new opportunity in the radar screen, even if it will be from 2022 onwards. If we move to the next slide, please. I try to summarize into a wrap-up and guidance. I think that we are fully on track to deploy and to be the largest, let's say, ultra-broadband player in Italy in terms of network and also in terms of wholesale opportunity. Clearly we want to exploit such superiority of our network, not only in the wholesale space, but clearly also in the consumer, through our retail business unit and also in the B2B. Nevertheless, in B2B, we do believe that in cloud security and also in the 5G mobile, there will be a strong case. We have prepared ourselves to be fully operational in these segments starting from 2021. We have achieved our strategy. It's just a matter of execute, but we are really confident in delivering growth in this space. We will continue to boost the wholesale business as we believe there is a strong opportunity for that. And also, we believe that with the network that is becoming stronger and stronger and deeper and deeper every year, we will be in a position to defend our leadership and actually to accelerate and strengthen our leadership in the wireline consumer business. If I put together all these, let's say, features into some financial guidance for 2021, we are confident to reach a guidance that foresees a 5% growth in revenues and 5% growth in the EBITDA with the CapEx envelope, which will remain, as I said before, stable. That's all for my part, and I leave the floor now to Mario. Thank you. My side. We can present a set of numbers which are in all aspects in line with our guidance and our expectations. On the revenue side, the underlying revenue declined by 2.3%. I give you some explanations on this busy slide. On the service revenue decline, I will come back on the next slide. On point 4, the solution business in B2B, we saw a flattish development of the solution business that amounts of roughly CHF 1.06 billion. We saw a nice growth in cloud data services and UCC and security, which was overcompensated by lower hardware revenues. On point 5, wholesale, we realized quite a strong Q4. We saw growth from MVNO services, broadband connectivity services, and infrastructure. On 6, this nice and steady growth from Fastweb. Alberto already explained the decline of CHF 5 million in Q4, coming from extraordinary high revenues in 2019. Consumer revenues grew in Q4 by 1.4% and the enterprise segment by 4.7%. The segment also showed CHF -57 million. There are two main reasons. In 2019, we realized a large construction project in complex, of around CHF 40 million, very low margin. Secondly, we saw the phase out of the terrestrial video broadcasting at Swisscom Broadcast of about CHF 10 million. That was a high margin business. Some explanation to the service revenue development in Switzerland, which is overall in line with prior year, with different dynamics. The blue one shows the B2C. On the right-hand side, you see the different compositions. Fixed voice line loss and conversions, as expected, lower than in the prior year. The number of change in revenue or the impact of change in RGU mix increased by CHF 66 million to CHF 91 million. Two-third of this impact comes from [VLS]. There we see the growth, as explained by Urs, of the second and third brand, which creates an ARPU dilution. We see ARPU dilution through promotions and quite a lot of right gradings in our customer base. One-third comes from the wireline business. CHF 10 million is the impact of a lower customer base. Then we had a pricing increase in 2019, which amounted to CHF 11 million. The roaming impact is CHF 28 million, thereof COVID impact is CHF 18 million. In B2B, we see an overall decline or a lower impact from price pressure of CHF 120 million. One-third comes from the corporate segment and 2/3 from the mid-market segment. The impact is CHF 78 million lower than in prior year, we expect price pressure to remain high also in 2021. On the roaming, I would say about 2/3 of the CHF 36 million are impacted by COVID-19. On the OpEx, overall, we have met our cost-saving targets in 2020. Goods and services are CHF 110 million lower than prior year. The main elements of the Q4 development are the following. In B2C and B2B, we had lower hardware sales of approximately CHF 35 million. We had lower handset repair costs and less stock adjustments of about CHF 10 million. We had lower direct costs because of closed cinemas and postponed sport events. On indirect costs, we were able to reduce the cost base by net CHF 129 million, which is 4.1% of the total indirect cost base. On workforce, you see an increase of CHF 13 million in Q4. Two main reason. Q4, we had higher capacity costs because of the launch of blue, which caused extra workload in our call centers. The second point, in 2019, we had a bonus relevant achievement of below 100%, which resulted in lower accruals. On the other indirect costs, point 5, we saw a full year saving of CHF 102 million. In Q4, we had relatively high savings because of some seasonal effects in the prior year. Q4 2019 was impacted by higher marketing expenses, approximately CHF 10 million, and higher costs in B2B for customer projects, roughly CHF 25 million. Maybe a remark on the COVID impact on indirect costs. We estimate impact of about CHF 15 million, mainly coming from reduced travel expenses. Group EBITDA, I think we heard all the explanations from Urs with the CHF 19 million decline in Switzerland and the nice 5% growth of Fastweb on EBITDA level. Again, overall, the COVID impact on EBITDA is more or less neutral, maybe CHF -5 million. Another way to look at the EBITDA dynamic in Switzerland. Service revenue CHF -285 million and the indirect cost savings we already discussed. On device decoupling, the positive effect from IFRS 15 on device decoupling amounted to CHF 66 million. This reconciliation item started in Q2 2019 when we introduced the new product portfolio with no handset subsidies anymore. This effect will stop in 2021, where we expect a positive impact of around CHF 30 million- CHF 40 million. On subscriber acquisition costs, Q4 was CHF 23 million above prior year. A bit more than 150,000 TV boxes have been replaced with the newest generation. That helps to increase customer satisfaction and the retention value on mobile contracts were higher than in Q3. Quite a strong Q4 in retention. It was a similar level like in prior year Q4. On wholesale, I already explained. Other, that's the net position of all the elements. I think the main elements are lower outpayments for roaming because we had lower roaming revenues. Lower content costs due to later start of football league, only partly compensated in Q4. Below the EBITDA, there are no special remarks except for taxes. Net income with CHF 1.53 billion is lower than prior year because 2019 was positively impacted by CHF 269 million as a result of the tax reform in 2019. We had a similar effect in 2020 at the lower level of roughly CHF 60 million. Both these impacts are non-cash items. Long term, we expect a tax rate for the Swisscom Group of 19%. On CapEx, without the prior year spectrum expenses of CHF 196 million, CapEx are almost unchanged. Little bit up in Switzerland and slightly down in Italy. The main increases in Switzerland are coming from the fiber rollout, CHF 25 million higher than prior year, mounting to CHF 519 million and some higher CapEx in the wireless network, 10% more than in 2019. As Alberto mentioned, reported CapEx in local currency at Fastweb decreased slightly. Free cash flow stands at CHF 1.7 billion. Excluding spectrum CapEx, we can report an increase of CHF 165 million. There are two elements to discuss. We have a positive net working capital development in 2020 of CHF 140 million. There's a decrease of receivables of CHF 60 million, and we had an advance payment of some corporate customers of CHF 62 million. Tax payments were lower due to time lags in the final tax assessments. That brings me to the net debt situation. Net debt at year-end stands at CHF 8.2 billion, CHF 579 million lower than prior year. That leads to a leverage of 1.9 reported. You see on the right-hand side all the KPIs. Based on our single A rating, we have very attractive funding costs of only 0.9% per year and 88% of our debts are fixed. That brings me to the guidance 2021 and some explanations to this guidance. We expect revenue flat at CHF 11.1 billion. In Switzerland, we expect CHF 8.5 billion, which is weaker than in 2020 due to service revenue pressure we expect that will be in the same magnitude as in 2020, between CHF 250 million and CHF 300 million. On the other side, we will see positive contributions from solutions in the B2B segment and of course from Fastweb, a 5% top-line growth. The EBITDA guidance for 2021 stands at around CHF 4.3 billion, slightly lower compared to 2020. We see the following year-over-year effects. Switzerland with around CHF 3.4 billion EBITDA. There we have the impact of the service revenue decline of CHF 250 million-300 million. A negative impact on the MVNO business of CHF 15 million- CHF 20 million due to the merger Sunrise UPC. Indirect cost savings of around CHF 300 million. The before mentioned decoupling effect, positive of CHF 30 million- CHF 40 million. A margin improvement on the solution business in the B2B segment. CapEx outlook is at around CHF 2.3 billion for the group, of which Switzerland a bit more than CHF 1.6 billion. We expect the CapEx slightly higher because of the FTTH rollout and Fastweb steady at EUR 0.6 billion. This set of guidance allows to forecast an unchanged dividend of CHF 22 per share upon meeting our financial targets in 2021. With that, I hand over to Urs, our CEO, for his final remarks. Thank you very much, Mario, for the explanation of these figures. I will also now come to thank you, Mario. You are still our CFO. You made an excellent job, if I would have to summarize it, I would say solid as a rock. For this, I have a small gift. I will hand it over to you later. On the bottom, you can see the summary, which I will explain now. That you actually remember us when you are at home, when you are doing other things. We know also that you are a big gamer, that you like to do gaming. If you are not in the gaming mode, you can actually look to this solid as a rock feature. Mario was for eight years CFO of Swisscom. He made 32 financial result presentations, he's quite used to it. He had more than 1,000 investor meetings. I think and also another nice figure is he distributed CHF 9.1 billion dividend. CHF 9.1 billion. He also cemented our A rating. He was our financial manager and the good shape of Swisscom. For this, he has a very important role, and we would like to thank you very much for your contribution. I wish you all the best for the future. Switzerland is a small country, we will see certainly in other areas, maybe on the bike or on skiing. A big thank you to you, Mario, for your big contribution to Swisscom. Thank you also. Thank you for your trust. It was a pleasure working with you. Thank you too. That's solid as a rock, Mario. Now I would like to welcome Eugen. He will be our new CFO. He will start on the 1st of March. He has 25 years' experience in management. He is working for Swisscom since 2012 in different roles. The last role was the responsibility for M&A and treasury. He knows Swisscom very well, and I'm happy to work with you, Eugen, and looking forward to see you sooner. Thank you very much also, Eugen, that you are motivated to do this role. Now, my really last and final remark. What can you expect from us? We deliver our leading position in Switzerland. That means we want to outperform on the network side, on the sales side, and service side, operationally being the leader. Second point is we are strongly committed to operational excellence. That's important. Third, that we are executing on our growth ambitions. The main of them are in the area of IT. The fourth pillar is certainly Fastweb, where Alberto and his team is delivering growth as Alberto explained it before. This leads us to a good dividend to be a predictable shareholder remuneration. That's a bit our commitment. Now I would like hand over to Louis for the Q&A. Louis. Urs, Mario, and Alberto for the presentation. Now it's time for the Q&A session. As previously indicated, Dirk Wierzbitzki and Urs Lehner