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 are also joining and supporting in case of any specific question on the Swiss business. Some remarks to people being registered for the Q&A and/or raising questions. First, use the raise your hand feature to ask your questions. Second, I will do the assignment by welcoming the interested analyst by name. Thereafter, the operator will unmute this analyst. If this person wants to activate the camera, feel free, but would be great, so it is more interactive for the total audience. Last, please do indicate your name and institute you're representing. Thank you. Now let's open the Q&A session for the second part of today's meeting with the first question coming from Polo Tang, UBS. Yeah. Hi, it's Polo Tang at UBS. Just have three different questions. Actually, before I start, I would like to say best wishes to Mario Rossi, on his retirement. In terms of the three questions I had, the first one is just really about trying to understand what you're assuming in terms of COVID-19 impacts as you look forward into 2021, in terms of what are you assuming in terms of your guidance. For example, what are you budgeting in terms of any recovery, if at all, in terms of roaming? In particular, what are you assuming in terms of any potential impact in terms of SME revenues? Are you factoring in any significant step up in terms of bankruptcies or closures? That's the first one in terms of COVID-19. The second question is really just about the competitive landscape. In terms of Sunrise, have you seen any change in their behavior since the merger with UPC? In terms of Salt, they've obviously got this new Gigabox fixed wireless access product. How has that changed competitive dynamics, and what's your sense in terms of the take-up? My third question is really just for Alberto, in terms of the Italian mobile market. Iliad seems to be attempting to raise prices in the low end of the market. Where's Alberto's sense in terms of the competitive dynamics here? Are we past the worst? Thanks. Thank you very much, Polo. I think the first question on guidance and consideration of the COVID is for Mario. If Urs Lehner also wants something because of the SME, then fine. Second one is for Urs, and the third one, as you, Polo, already indicated, for Alberto. Okay. I take the first one on the guidance and the COVID-19 impact. In 2019, I would say on the roaming business, we had an impact during two quarters, and our budget has the same assumption that we will see low travel intensity in Q1 and Q2, and then a slight recovery Q3 and Q4. In terms of bankruptcies, we monitor that on a weekly basis, the inflow on payments, both in Italy and in Switzerland. So far, there was no impact. So we have not included any impact from bankruptcies and so on in the guidance for 2021. Maybe one remark, I think there was some misunderstanding when I explained the guidance. The reduction of the indirect costs are approximately CHF 100 million. I think some people understood CHF 300 million. It's CHF 100 million. Good. On the second question on competition in Switzerland, have the competitive dynamic changed? I don't see a change in this dynamic in Switzerland. We have still a very promotion-oriented market. Sunrise and UPC are behaving in a separate way. Both of them are doing, let's say, aggressive promotions. I would say Sunrise is more aggressive on the market or even a bit more than in Q3 or Q4. No change on this. On Salt, the launch of this fixed wireless access product, I think we can't compare Italy, what Alberto explained, and Switzerland. In Switzerland, the landscape is another one. We have a very high ultra-broadband penetration with strong performing networks, also in rural areas. The advantage of a fixed wireless network in Switzerland is smaller than in Italy, where we have really gray areas or even white areas. It will be interesting what is happening with the take-up of this fixed wireless access product in Switzerland. I don't think that this will be a game changer. I take the third question. Maybe also a quick comment on dynamics on debt in Italy in 2020. We didn't experience any impact from COVID-19. Also in 2021, we do expect that we have the same neutrality, let's say. For the question on mobile, yes. It seems that also Iliad is increasing prices. The outlook there, I think, is quite good in general for the market, specifically for us, which means that with our offer, we will be even more competitive in the future, and we will have even more opportunities to grow. Overall, we do share the same view that in the mobile market, in the future, there will be more stability. Thank you. Thank you very much. Next question comes from Georgios, Citi. Hi, thank you for taking my questions. I've got a couple. The first one is around fiber regulation. We had some news about a month ago that the Competition Commission wanted to make some changes. Do you mind just running us through what the debate is and maybe the timing of key decisions that could be made on this? My second question is on Italy. I think, Alberto, when you are going through the wholesale business, you mentioned that you are a key partner for anyone who wants to enter as a wireline provider. Obviously, we all know one that may be launching soon. If you can give us an idea of how you are thinking between the wholesale opportunity versus the risk from that. Finally, I wanted to also thank Mario for all the help he's provided us over the years. I think he's been a great professional. I just wanted to mention, I don't think there's been many CFOs in the last eight years in telcos that can move on and say they've never cut a dividend or issued a covers warning. Congratulations on that record. Thank you. Thanks, Georgios. I will listen to watch the game at the Tottenham stadium. Thank you, Georgios. I think the third point was not a question, it was more a compliment. The first question on fiber regulation is for Urs, the second question is for Alberto. Okay. This fiber regulation from Competition Commission. They asked for this Layer 1 project from the central office. They also ask for pre-condition measures. That means that we are not able to sell products in the new footprint up to now. Now, we claimed against it, and I think in the next weeks, we will get a decision on it. That means if we have a relief there, we can continue to sell in the new footprint. It only hurts the new footprint, this request from the Competition Commission. In the next weeks, I hope that we will have clarity there. I hope that we can continue to sell in the new footprint. Then it will take time. It's hard to say. They will investigate on this competition play. It's hard to say. I think we have now to wait what the court will decide on these precautionary measures. This will be in the next weeks. Maybe the impact today, it's very limited on the business as it is today because it's only on the new footprint where we have this obligation. I take the second question. Actually, when I was talking about wholesale and newcomers, I didn't have in mind a specific name. Iliad is clearly one candidate, but also for us, Sky will be a very important client. We just announced a couple of weeks ago our agreement. Thanks to our network, Sky will be able to cover 1,500 cities in Italy. It has substantially increased the footprint. I think that for us, at the end of the day, yes, there could be some impact on our retail business, but at the end of the day, they will be offset through the wholesale margins. For us, at the end of the day, it's not a game changer. Iliad clearly could be an opportunity. We will see in the future. I think that we are already very well equipped in the wireline to continue to be the leader. In the fourth quarter, we had very good performances. We do believe that also we will continue to have performances in the future. Yes, wholesale business is a good offset in case. Thanks. Thank you, Alberto. Next question comes from Jakob Bluestone. If I can also echo the comments from the previous about Mario, who's been a terrific CFO. Many thanks for all your patience and time over the years. I had a couple questions for Mario. One was, firstly, you mentioned earlier that you've had quite high uptake of second and third brands on the post-paid mobile side. I think it was about 18% of the base, but very little uptake on the wireline side, where I think it was only 4% were on your no-frills brands in wireline. I was hoping you could maybe expand a little bit. Do you think that's something that will change? Why is it so low? I guess, most importantly, we've seen a significant amount of dilution on the mobile from the migration to these second and third brands. Do you see a risk that we see a similar headwind on your fixed line ARPU? Two other questions, slightly shorter. Just on the CapEx side, your fiber to the home coverage went from 30% to 32%, and you spent about half a billion CHF on CapEx. Your guidance for 2021 suggests quite a big step up in the pace of deployment as I think it's increasing by about seven percentage points to 39%. Yet there's only a very modest increase in CapEx. Can you maybe just help us understand what are some of the offsets? What will you be spending less on, given what looks like a fairly significant acceleration in FTTH deployment? Just finally, just on free cash flow. Maybe it's a little bit unfair asking about future items on free cash flow. As you mentioned, you had very strong net working capital, and you also had very low tax. Can you maybe just give a little bit of guidance on those items for 2021, just given how big the boost to free cash flow from those two things were? Thank you. Thank you, Jakob. I think the first question on 1B2B is for Urs or alternatively Dirk. Up to you. Second question on CapEx, probably Mario, and the last question definitely for Mario. I would say, Dirk, take the first one on this second and third brand penetration of broadband. Yeah, certainly I can do that. I really believe that the reason is that, well, how should I say that? We entered the market a little bit later there compared to mobile, because you were making the comparison towards mobile. We were first with mobile and only later with broadband there. We are pursuing the strategy that we call defend and attack. Obviously, we want to defend the value on the own brand offer, yet participate in the market also, particularly in the price sensitive segments with an equal share. We might see certain developments that we have seen in mobile also kicking in on the broadband side. Certainly. We will review our pricing and promotion strategies there to gain a fair traction within the price sensitive market. Jakob on the CapEx. You must be aware that the FTTS rollout was going on in 2020 and will also go on in 2021. In 2021 at a lower level. Part of the FTTS CapEx will be replaced by FTTH CapEx. That's the reason why despite the higher penetration FTTH, the CapEx don't increase more. On the free cash flow, on the networking capital in the future, you can always have a swing of CHF 50 million because that's just the cash in you cannot control in the last months. In the future, there is no structural positive or negative impact on free cash flow. That's just seasonal fluctuations. Yes, we had relatively low tax payments in 2020. I would assume cash out for taxes in the magnitude of CHF 350 million per year at this net income level. Fantastic. Thank you. Thank you. Next question comes from Ulrich Rathe, Jefferies. Yeah. Thanks very much. I have three questions, please. The first one is on the wholesale revenues in Switzerland. Obviously, you are about to lose wholesale revenues there from Sunrise and presumably also UPC. What is baked into there for 2021, and how does that phase out? The second question is on the sort of the overall net effect of the cost cuts versus the revenues. You are saying somewhere in the annual report that you expect the revenue decline in 2021 not to be fully offset by cost cuts and an EBITDA drag for that reason in 2021. That obviously there was a slight effect of that sort also in 2020, but a very small one, like CHF 19 million or so. Is it a similar dynamic in terms of what you expect for the two trends separately, or is there a bigger shift in 2021 in your plans currently? My last question would be on the fourth quarter. There was an EBITDA boost from the indirect cost outside of workforce cost really trending very differently in the fourth quarter than the third quarter. The one item, Mario, that you mentioned there in your presentation was the bonus payment last year. Does this mean that this was really everything, right? Does this mean the fourth quarter 2020, the non-workforce cost and the indirect cost, that there was a normal quarter for next year? Were there any supportive items, unusual items in the fourth quarter 2020 that produced this big trend shift there? Thank you very much. Thank you, Ulrich. I think the first question is either for Urs or financially impact Mario. Thereafter, net cost, Mario, and the last one probably again, Mario. I will take the first one, and then Mario can take the two other ones. Otherwise, he's too busy. The first question on the wholesale impact, which is affected by this merge Sunrise UPC. What is clear, we will lose the MVNO, the mobile revenues from UPC. I think this will be in the first half of this year or middle of this year. The impact will be CHF 15 million-CHF 20 million from this mobile revenue side, MVNO contract. We will lose some broadband business, wholesale business from Sunrise. It will be in the region of CHF 20 million this year. That's a bit our forecast. Next year maybe CHF 30 million. You have to take into account that they will also remain as a wholesale customer on broadband in areas where they don't have a network. I think they will rely on our network also in the future. Our overall impact in this year may be in the region of CHF 30 million-CHF 40 million. We mentioned in the guidance that the negative MVNO impact, which will come short term, is CHF 15 million-CHF 20 million. That's what Urs mentioned in the guidance 2021. On the EBITDA guidance for that's not Swisscom Switzerland, but Swisscom without Fastweb. We mentioned that the guidance will be CHF 3.4 billion. That compares to CHF 3.45 billion in 2020 reported. You're right; we have this service revenue decline of around CHF 250 million-CHF 300 million. Part of it will be compensated by the cost savings of CHF 100 million. We have additional margin contribution margin for the B2B segment. The overall, we will see a decline, or we expect a decline of EBITDA in 2021 in the Swiss business if you do this math. On the indirect costs, Ulrich, yes, in Q4, I mentioned two elements, two seasonal effects in 2019. That's the higher marketing expenses last year of CHF 10 million and the higher costs for B2B customer projects. I would say these were the only extra items in Q4. At the end, as a CFO, I don't look at the quarter. For me, it's important, is it recurring or not? If I look at the last four years, that's really the proof that we are able to reduce the cost base. At the last four years, we were able to reduce the indirect costs by over CHF 400 million. You can do the calculations in 2020. There were net CHF 129 million. We have already some seasonality in the quarter. Just follow up, just to clarify one question there. In the fourth quarter 2020, there was nothing that you would consider extra? No. Out of the usual. No. Okay. Thank you very much. Thank you. Thank you. Next question is coming from Fred Boulan, Bank of America. Hey, good afternoon. Thanks very much for taking the question. Congratulations as well from my side. A couple of questions, please. The first one, to come back on Q4. I understood all the comments related to 2019. Interested in the bridge you show, slide 58, around the +40 million impact you have in wholesale IT and network, and maybe you spend a bit of time on this and where you see that going. Secondly, a follow-up on the ARPU question and the pricing question. Your postpaid ARPU trends remain pretty difficult. We're down around 9% in Q4 from 56 CHF last year to 51 CHF. Can you explain a little bit what in there is COVID-19? Is this decoupling? Is the underlying mix? Where do you see that trend going in the coming years? In particular, I assume you still have an option to charge for higher 5G speeds in your offers. What kind of traction are you seeing on this? Lastly, if you can give us an update on the difficulties you were experiencing initially on the 5G rollout, the pushbacks against the deployment in Switzerland. Thank you very much. Thank you, Fred, for your questions. I think the first question on the wholesale page number 58 goes to Mario. Second question on ARPU dynamics and trend might be a question for Dirk, or alternatively, Urs can add. Then the last question, 5G rollout and complexity for you, Urs. On the wholesale on page 58. In this segment, wholesale is not only the wholesale business but also IT and network. There is the EBITDA impact. This point three on page 58 includes the impact of the higher revenue we had in wholesaling Q4. I mentioned in my presentation, the CHF 30 million coming from broadband connectivity services and some high revenue on infrastructure services. In this CHF 40 million are also included savings cost reductions in the network and IT division. They are mainly coming from the IT elements. We have both impact coming from revenue and coming from costs. Yeah. Thank you, Mario. Perhaps, next question, postpaid value development, Dirk. I think that there's several sources to the ARPU trend that you see. Obviously, there's, particularly for last year, some COVID-19-based stuff in that, particularly on the international roaming side. We talked about it. There is ARPU dilution from promotional activities on our own brand, where increasingly, you see discounts for the first six to 12 months of whatever, half-rate tariffs or so. There is the shift from the first brand, so the Swisscom brand to second and third brand, and we reflected upon that with the subsequent consequences of lower ARPUs. There's a little bit of, let's say, RGU mix in the base where certain movements from, let's say, historical tariffs, I would call them. People optimize themselves for newer tariffs and so on. Although that I would dare to say is probably the smallest part. To your question, will the trend continue? We see a downward trend that's basically triggered by stiff competition there. You see that from second and third brands in the marketplace. You have an anchor price of CHF 30, even a little bit less in the recent weeks for a national flat. That is flat voice and flat data. We don't see any, let's say, relaxation on that. Clearly, the strategy remains to get the best value out from the own brand and then selectively aggressive, particularly on the second and third brands. In the consequence, a bit of the trend that you have been watching will probably continue. Thank you. Maybe to add on it, a good chart to explain it is on slide 56. Mario already showed it. I think that shows quite good the dynamic. The erosion on fixed voice, I think this will be in a region where it is. Fixed mobile converged will maybe slightly going down because of penetration. RGU mix will remain this will remain. Roaming, that's a bit of this is actually COVID-19 impacted. In 2021, we will have still a roaming impact. In 2022, I hope it will be away. That shows a bit what Dirk explained. The major impact is through this RGU mix. Okay. On the third question, 5G rollout. We are facing a kind of blockage. We are blocked on building out new antennas. That's a bit regionally. In some regions, we have much bigger problems than in other ones. Normally, if you go more on the French side, it's more difficult. In the German side, it's less difficult, and in the Italian side, it's becoming more difficult. In the Romandie area, it's more difficult to roll out the networks than in the German areas. I think it has a lot to do with communication, with trust. We have a debate which is driven by emotional minority in Switzerland, and that's why it is important that the government is also communicating and explaining that we have a more fact-oriented communication in Switzerland. I think the situation will become better in the second half of this year. It takes now some time. I hope that it will become better and that we can accelerate rolling out these networks. It will stay difficult because we don't build an antenna without opposition. That will remain. Thank you, Urs. Perhaps Fred, to give you some idea, the CHF 4 decline year-over-year on ARPU, half of it, CHF 2 is RGU mix, CHF 1 is roaming, thereof 2/3 is coming from COVID, and CHF 1 is, to give you an idea, is fixed mobile convergence for the discount. As everyone explained, convergence is coming down, but RGU mix is definitely remaining. Okay. Thank you. Thank you very much. Next question comes from Simon Coles, Barclays. Hi, guys. Thanks for taking the question. It's sort of aggregating some of the questions we've had already. You talked about CHF 250 million-CHF 300 million service revenue impact in 2021, and you're saying RGU mix is probably similar in 2021 and FM convergence gets a bit smaller. Were you including the wholesale impact from, say, Sunrise and UPC in that CHF 250 million-CHF 300 million number, or is there something else we need to be aware of? Because presumably fixed voice lines is pretty much disappearing, and roaming is only one quarter, like you said. If you could just clarify that would be great. Just another question on smart homes. You obviously highlighted that you've had some good traction. Do you see that as sort of the next step after convergence, and is that a way that you think you can continue to increase average revenue per household, which is a metric I think we've talked about in the past? Thank you. Thank you, Simon. Second question about smart life, smart home is definitely for Dirk, and the first question, I think, is for Mario. We start with smart home, smart living. Dirk? Look, the business of now is mostly a, let's say, accessory or device business with the associated margins there, as we don't yet have, let's say, any service package with a recurring monthly fee. We are looking into that. Particularly, that will also then be enriched with, let's say, for instance, in the security space, you can think of certain services that make customers pay a recurring fee for surveillance solutions and alarming solutions and this kind of things. We are looking into that, have not yet made a decision. Right now it's more, let's say, offering that security and convenience into the customers' homes, actually a trend that has been enforced by COVID. People are more at home and looking how they can upgrade and pimp up their home for connectivity, but also for convenience and so on and so forth. It's mostly right now like an accessory or device business with the associated margins there. Also, obviously, there's a benefit, as everybody knows, the more products and services a household has, even if not paid on top, the more loyal and less susceptible to competing offers a customer is. It's really also about loyalty, customer happiness, and a great service. Whether you can monetize it from a recurring monthly fee perspective, I think the future will show. On the service revenue side, the decline of CHF 250 million-CHF 300 million, there is included our assumption that we still will see quite heavy promotions in the B2C segment. That's clear. These promotions will be going on. That's also what we saw in January. We included some expected pressure in B2B, especially in the SME segment, because there we have high market shares and high ARPUs. The CHF 15 million-CHF 20 million decline because of the service revenue of the merge of Sunrise UPC is not included in service revenue. We guide it separately for it. The MVNO revenue and the wholesale revenue are not included in service revenue. As we mentioned, we expect there an impact from the MVNO business because they can move their customers from our network to the ex Sunrise network on fixed line, on broadband connectivity. We don't think that we'll see a material impact already in 2021. Wholesale is not included. If we think RGU mix is flat and price pressure in B2B is similar, like you've given in slide 56, but you also said the other impacts are probably smaller. It sort of doesn't quite get to CHF 250 million, or is it just rounding and there's nothing? Nobody has a crystal ball. They are all assumptions. CHF 250 million to CHF 300 million. We think that the promotion pressure will remain. We will have some pressure on the SME segment. You know there we have high outputs. We think that's, let's say, a reasonable amount included in the guidance. Okay. That's it. it. Thanks very much. You no longer have to answer my questions. Thanks for your help. Wish you the best. Thank you, Mario. Thank you, Simon. By the way, you don't have a crystal ball but a crystal stone, meanwhile, huh? Thanks. Next question comes from Michael Bishop, Goldman Sachs. Thanks. Good afternoon, everyone, and congratulations, Mario, from my side on your tenure and I echo all of the sentiment so far. It's been a real pleasure working with you. I've just got one question, which is around CapEx containment, and it's a slight follow-up. I think you touched on this earlier. When we were here last year in person, I think you were basically saying, "Look, we're going to have to really push in terms of the CapEx containment to achieve our fiber to the home targets in terms of the unitary costs or perhaps do some sharing to achieve that cost." From your earlier comments, it sounds like you're not necessarily going to sign up to any cost-sharing agreements necessarily, or if you do, they'll be very local. Given your reiterating the Swiss CapEx containment message, has the unit cost continued to come down and is that related to the 20% saving, I think you flagged on one of the slides in terms of this move towards point-to-multipoint? I'm just trying to get what the big picture message is in terms of the change in message this year versus last year and what you've done. Thanks. Thank you very much, Michael. I think that question last year already came up and was answered by Mario, huh? You see. Okay. As was mentioned, we are open to cooperations, but that's clear that will be not the big cooperations which we saw when we did the FTTH rollout in the big cities like Zurich, Geneva, Bern, Basel, and so on. In this saving, there is parts we included some cooperations in our calculations. In addition, we have a lot of experience now with the FTTS rollout and with contracting the construction companies in a general contracting way. We want to use this experience also to reduce unitary CapEx in the FTTH rollout. Maybe, Urs, you have to add something. Yeah, no, it's exactly like you say. If we are building on fiber to the street, we can also reduce costs because the feeder is already constructed. We have only to do the drop and the in-house investment. That's why the unitary costs are also coming down. Thank you. All clear, Michael? Great. Thanks so much. Thank you. Next question comes from Luigi Minerva, HSBC. Thank you. Good afternoon. I start also with my best wishes to Mario and many thanks for your great work all over the years. My first question is I have three. The first two on Switzerland. The first is on the B2B competitive dynamics. What do you expect with Sunrise UPC arguably becoming more active in this segment? I think they have a clear ambition to become stronger in B2B. Second is on blue, it's very interesting what you're doing with the over-the-top TV app. If you can share maybe some KPIs on the take-up from the non-Swisscom clients. Is it working, really? Lastly, on Italy, I have a question on FiberCop. I just wanted to understand from Alberto his expectations from FiberCop, whether the contributions that Fastweb will make to FiberCop are included in your CapEx guidance. Ultimately, if you think that FiberCop as a project can stand up as a standalone project if there is no merger with Open Fiber. Thank you very much, Luigi. I think the first question on B2B takes Urs Lehner. The second one on blue, Dirk. The third one, you, Luigi, already addressed to Alberto. Within B2B, we definitely expect additional competition in the SME space, as it was already explained by Mario. In the enterprise space, in corporate business, I don't believe that the behavior in the market will change dramatically or fundamentally by the merger. We definitely are looking much more to the SME space, and we definitely also believe that with our integrated offerings on converged offerings on the telco side, but also in addition with the ICT services covering full service solution, managed service solutions in the security and workplace space integrated with connectivity for our SME customers, we believe we have a strong proposition. Yes, fundamentally speaking, we are prepared for the battle within the SME space, which will keep on in the dynamics. That's what we expect from the merger in the B2B space. Dirk on blue? Yeah. Blue basically is, let's say, the TV solution, which is Swisscom blue. There's a fictional content package with blue+, and then there's a sports package, which is blue Sport. You're right, with all of these, we have also gone like OTT, also to other access operators, which by the way, for sports and fictional to some extent, they have all the time been on cable networks or also with Sunrise. Now we widened up the offering and to also put that under one common brand umbrella, which makes marketing and sales so much easier. Honestly speaking, we had the best months ever in terms of content sales since we launched it in end of September. There's a high demand there. Switzerland is in a way, particularly for sports paid content, an underdeveloped country because there traditionally has been lots of content in the free TV. As that is changing, we see that consumers are more and more adopting to paid TV packages. blue is the right widget to monetize the sports rights, not only within the Swisscom access customer base but also beyond. We see promising first results from that. Thank you very much, Dirk. Now Alberto. Okay. I take the third question. Definitely, FiberCop is a standalone project. Basically has a great ambition to connect and to cover households in the black areas and the gray areas. The company has specific target, specific business plan. Also, the company will be entitled and posting directly the CapEx, is already fully funded. All these CapEx would be financed basically by the wholesale revenues and by the beginning from the copper revenues that they will be translated in the following years in the fiber revenues. Definitely, there will be no impact for what concerns CapEx in Fastweb at all. As I said, we do believe that this is an industrial project. That's why we participate to such project by contributing our, let's say, Flash Fiber assets. With just a matter, starting in 2021 to scale up operations and start to roll out the network. That's what the fiber has to do it. Thank you. Thank you very much. Next question comes from Steve Malcolm, Redburn. Yeah. Good afternoon. Yeah, congratulations, Mario, and best of luck with your retirement. I'm very jealous, I have to admit. Right, three questions. Two on Switzerland, one on Italy, if that's okay. First, just coming back to the COMCO investigation on fiber. I understand it only relates to new areas, if the decision goes against you, will that impact your future fiber plans or will you just have to proceed on a less profitable basis going forward? Interested in your thoughts on that. Secondly, just want to come back to the sort of mobile, the service revenue versus OpEx discussion. I think it's fairly simple. You're losing CHF 250-CHF 300 of service revenues. That's pretty high margin. Call it 80%-85%. You offset that with CHF 100 of OpEx savings, the gap is filled with various things. One of the big focus has been device decoupling and SAC and SRC. Can you just confirm that the 30-40 this year, is that a cash or a non-cash benefit you're going to get? After that, do we assume zero? Also on the SAC and SRC front, are there more savings? You've cut that budget enormously in the last couple of years. Should we assume that that's going to run dry as well looking into 2022 and beyond? Just on Fastweb, can you just shed a bit more color on the 5% revenue growth? It looks like consumers slowed quite a lot in the last couple of quarters. Should we assume good growth in wholesale? How much of that comes from build-to-suit? Is that a big contribution on the wholesale side looking into 2021? Thank you. Thank you, Steve, for your questions. The first question on the COMCO investigation is for Urs. The second question on service revenue OpEx is for Mario. The last question is clear, that is for Alberto. Good. On this COMCO question. They are asking for a Layer 1 product, and it's too early to judge what is coming out. There would be possibilities to offer a Layer 1 product from central office or also from manhole. It's too early to judge. It's not our ambition to change now the rollout plans of fiber to the home. We stake on our plans. We continue, and now we must get more clarity on this COMCO process. Should we assume that the 60% is kind of sacrosanct, and the COMCO decision will determine the overall profitability of the project? I haven't understood you. Could you remind? When we're trying to model, should we assume that you will proceed regardless, the decision that COMCO gets on Layer 1 will determine how profitable your investment in fiber will be over those four or five years? We can't judge this now. Because they don't question point-to-multipoint technology. If we can deliver a Layer 1 product for this, the cost wouldn't be too high. That would be a low investment for a Layer 1 product. I don't have a crystal ball, I don't know what they decide. Out of the view today, we don't think that there will be a big impact. We don't know the decision. Okay. Thank you. Mario, on your question on the guidance. Sure, that's clear. Service revenue CHF 250 million-CHF 300 million, that's high margin revenue. Part of it will compensate, as indicated, with around CHF 100 million cost savings. The decoupling effect that started in Q2 2019 when we introduced a new product portfolio. This item, this reconciliation item, washes through the balance sheet against the revenue. We will have an impact of CHF 30 million-CHF 40 million in 2021. That's a non-cash benefit. Most of it will come in the first half because the contracts typically have a lifetime of 24 months. We introduced that in Q2 2019. On the SAC, I would say in the guidance, they're assumed more or less flattish. You see the acquisition and retention costs nearly on a monthly basis. You saw that also during 2020. We had quite low in Q3, then high acquisition costs and retention costs. Retention costs are more important in Q4. Okay, great. Thank you. Thank you. I take the third question. Even if you clearly the math would suggest a deceleration in the revenues in the fourth quarter, that was entirely due to a huge performance in Q4 2019 in the wholesale business, as I said, specifically to the rollout of BTS. That cannot be calendarized and it depends on the orders from clients. If you neutralize that, definitely all our segments, consumer, both mobile and wireline, enterprise, and I would say the wholesale volume business are growing nicely. You will see also in 2021 a consistent growth in all the three segments. Wholesale will be a contributor, as I explained in the presentation, because clearly we do expect the ultra-broadband connections will increase. Our clients will require and will do more orders. Nevertheless, I think that we will have also a huge opportunity and growth in consumer and mobile and fixed and in the enterprise. Growth will come from both. We see a very strong business. The start of the year has been consistent. All the markets are growing and they will follow this trend all across the year. We should think about 5% being evenly spread across consumer, enterprise and wholesale? I think that is a good start. Let's do the 5%, then we'll see. One final. Can you just give us an idea of the sort of overall magnitude of build-to-suit revenues and what the cash margin is, not the EBITDA margin, on those sales when you're building the CapEx to execute those contracts? It depends. There is always some CapEx attached. Yes, definitely we are talking about high margin. High margin both, I'll say, in the ultra-broadband connection and also on the BTS. With a difference in the BTS. Clearly, when you do a big rollout of the BTS, the first lots are clearly closest or on net. The others, sometimes you do need to do specific links and therefore they are generating CapEx. All in all, I'll say that also typically the high margin CapEx with this specific distinction from BTS and volumes, I'll say. Thank you, Alberto. Thank you, Steve. Thank you. The next question comes from Andreas Müller, ZKB. Yes. Thank you for taking my questions. I've got two or three. One was on the margins. You mentioned that on the solutions side, margins are going up. Can you give us the driver behind this development also? That solutions are growing is probably clear. What are really these drivers also, say, in 2021? Next question on cost savings. You mentioned this CHF 100 million for the next years. What is going to be the driver beyond, say, 2022 for these cost savings? I would have an add-on probably on the point-to-multipoint issue. Okay. Thank you very much, Andreas. I think the solutions outlook and improved profitability is a question for Urs Lehner. Second question, cost savings 2020 and beyond is a mix between Mario and Urs, but I think it is a question for Urs. Then point-to-multipoint, I leave also to you, Urs. Starting with the solution business, the profitability evolution, I would say, has three prime levers. One is, let's say, a better performance in professional services, a higher percentage of workload which was delivered to, let's say, impacts on the way how we managed our professional services business, which have paid off in 2021 and will remain way forward. Second one is, first, let's say, effects of simplicity activities. Mario mentioned the 1 B2B or Urs mentioned the 1 B2B program, which starts to pay off in certain elements on process costs. Last but not least, we definitely have, let's say, good new business, new customers arriving on our managed services solution where, let's say, the foundation of cost is pretty given, and all new customers are also paying off with variable costs. Therefore, I would say these are the three predominant levers, and I say, I see a sustainable trend of these three levers also way forward. Good. On the cost side, how do we want to reduce our costs in the future? What are the main drivers behind it? For 2021, we have a clear roadmap. The main drivers for 2022 and 2023, I would say on a high level, the driver is digitalization. Through digitalization, we can simplify the customer interface, the customer experience, which leads to less calls in the call center, to less visitors in the shops, to less field force intervention. We can reduce this cost, these customer touchpoint costs. Automization is the second important driver. Just to give you an example, with artificial intelligence, we can decrease the operational costs in our networks. This is another topic. The third main driver for cost reduction is simplification. If we can simplify our legacy infrastructure. Now we are phasing out 2G. We have done all-IP migration. We will reduce the complexity of the different platforms in our network and IT area. With such things, we can reduce costs. On the development side, through agile approaches, through sourcing approaches of development resources, we can also reduce costs. It's a bunch of different drivers which will reduce the cost in the future. On the point-to-multipoint issue, just to say how COMCO is thinking. They think if we build in a point-to-point architecture, smaller ISPs don't have the ability to get a dark fiber access. If they don't get a dark fiber access, they can't drive innovation. They can't be innovative, or it would be too expensive to get products on Layer 1. That's the thinking of COMCO. We offer our competitors an access to our network. Just as an example, the biggest wholesale customer of Swisscom, he is using exactly this access, and he is very competitive in the market. That's why we think we have good arguments why we have a compelling wholesale offer. You could do also some other kind of wholesale offers on, you call it colour unbundling. It's a kind of product to decouple the light on the fiber cable. That's not a very mature technology today. I just can tell you, it's too early to say how the way is going. I think at the end, it will not totally change this fiber game. That's why we also stick to our ambition to roll out now this technology and point-to-multipoint. That's the standard how operators are building today fiber networks. Why should it be other in Switzerland? If you had to change the architecture, just theoretically, what would be per line the additional CapEx? You mentioned it is not much. Let us say, what would be the additional percentage, and would that fit into these capital brackets which you have got already, or would that change anything on the CapEx going forward? It's too early to judge because we don't know in which way it is going. Changing a point-to-multipoint architecture to a point-to-point architecture, this would need a lot of time. That's not just a switch. That would also mean that additional CapEx would be stretched over different years. It's too early to say, but I think now we have to wait for the next weeks, and then we have more clarity on these precautionary measures. Yeah. Okay. More I can't say. Okay. Thank you. All the best to Mario. Thank you, Andreas, also for your question. Timing-wise, I think and suggest we do one last question before closing today's meeting. This last question comes from Ulrich Rathe from Jefferies. Yeah, thanks very much. I have just a quick one and a follow-up. When you talk about the fair share in off-net and the activities on the second and third brands, I'm not entirely sure whether you are indicating an increased effort, a dedicated increased effort in 2021, or is this sort of change in go-to-market? What you're indicating here is a continuation of what you have been doing already for some time. If it's a change, what drives that change? That would be my question. Just a quick clarification. Sorry to come back on the Sunrise UPC question. I heard slightly different color there from Mario and Urs. Is it just the MVNOs that are weighing in 2021 with the 15-20, or is there another 20 expected to drop out of the fix, which I heard Urs say, but I am not entirely sure? Thank you. Thank you very much. I think the first question goes to Dirk. Look, I think in the last couple of months, we have seen even an incentivized level of promotional and marketing activity, which we cannot completely ignore. Obviously, we want to be the leader on many dimensions, but not the leader on the lowest price, as you imagine. That's not Swisscom's strategy and stature. Nonetheless, even in the price-sensitive market with the second and third brands, we need to ensure, let's say, what I call fair share or that we have traction there. Yes, I think we want to intensify overall our aggressiveness in that space. To some extent, be more aggressive on promotions and marketing and the overall market approach. I think that's probably fair to say. Maybe I take the second one and Mario can add to that. I was maybe not clear enough. This CHF 15 million-CHF 20 million on MVNO, we are quite clear that this will happening because they will migrate on the Sunrise network. This other CHF 20 million which I mentioned, that's the view of Sunrise, how they saw it when they published the merge UPC Sunrise. That's their view. That was their view. I think that the impact, it's not so easy to migrate customer from one day to the other, from a operator network to a cable operator network. It will need time. It's a bit too early, but I think we will not have such an impact. That's why the guidance Mario explained is that's the right view. Thank you very much. Thank you very much, Ulrich. At this point, it is it from our side. Thanks for your attention and participation. Stay healthy and have a nice evening.