Level of indebtedness
As at 31 December 2015, net debt amounted to CHF 8.0 billion (prior year: CHF 8.1 billion), corresponding to a net debt/EBITDA ratio of 2.0 (prior year: 1.8).
Credit ratings and financing
As at 31 December 2015, Swisscom’s financial liabilities amounted to CHF 8.6 billion. Around 86% of the financial liabilities have a term to maturity of more than one year. Financial liabilities with a term of one year or less amounted to CHF 1.2 billion at 31 December 2015. In 2015 the average interest expense on all financial liabilities was 2.3% (prior year: 2.6%), and the average term to maturity was four years. A large proportion of the financial liabilities will fall due for repayment if a shareholder other than the Swiss Confederation gains majority control over Swisscom.
Listed debenture bonds
Swisscom has issued debenture bonds which are listed on the SIX Swiss Exchange (SIX) or the Irish stock exchange (ISE).
Bonds listed on the Six Swiss Exchange
|In CHF million||Coupon||Payment||Expiring||Security number|
|600||3.75%||19.07.2007 22.10.2007 1||19.07.2017||3,225,473|
Bonds listed on the Irish Stock Exchange (ISE)
|In EUR million||Coupon||Payment||Expiring||ISIN–no.|
1 The bonds have been issued through Lunar Funding V, an independent Irish repackaging-vehicle, and are secured by loan notes granted from Lunar V to Swisscom.