Net debt comprises financial liabilities less cash and cash equivalents, current financial assets and non-current, fixed-interest-bearing financial assets. Swisscom’s goal is to achieve a maximum net debt/EBITDA ratio of 2.1. This value may be exceeded temporarily. Financial leeway exists if the ratio is below this level.
|In CHF million, except where indicated||31.12.2013||31.12.2014||31.12.2015|
|Ratio total liabilities/total assets||70.7%||73.8%||75.2%|
|Ratio net debt/equity||1.3||1.5||1.5|
|Ratio net debt/EBITDA||1.8||1.8||2.0|
Other effects amounted to CHF 87 million and included purchases and sales of investments (notably the put option from the acquisition of search.ch) as well as positive currency effects on financial liabilities in EUR. The ratio of net debt to EBITDA was 2.0 at the end of 2015 (prior year: 1.8). In recent years, Swisscom has taken advantage of favourable capital market conditions with a view to optimising the interest and maturity structure of the Group’s financial obligations. The share of the Group’s variable interest-bearing financial liabilities amounts to 24%.
Maturity profile of financial liabilities
Swisscom aims for a broadly diversified debt portfolio. This involves paying particular attention to balancing maturities and a diversification of financing instruments and markets. The table below shows the maturity profile of interest-bearing financial liabilities at nominal value as at 31 December 2015:
In CHF million
1 to 2 years
3 to 5 years
6 to 10 years
|Finance lease liabilities||16||11||23||36||440||526|
|Other financial liabilities||2||7||–||6||–||15|
|Total interest-bearing financial liabilities||1,105||933||2,752||2,376||1,048||8,214|