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Indebtedness

Level of indebtedness

Swisscom aims to have a net debt of around 1.9 times EBITDA (operating income before depreciation and amortisation). Net debt comprises financial liabilities less cash and cash equivalents, current financial assets and non-current, fixed-interest-bearing financial assets.

As at 31 December 2016, net debt amounted to CHF 7.8 bil­lion (prior year: CHF 8.0 bil­lion), corresponding to a net debt/EBITDA ratio of 1.8 (prior year: 2.0).

Credit ratings and financing

With a rating of A (stable) and A2 (stable) respectively, Swisscom enjoys good ratings from the Standard & Poor’s and Moody’s rating agencies. To avoid structural downgrading, Swisscom endeavours to raise financing at the level of Swisscom Ltd. Swisscom aims to have a broadly diversified debt portfolio. This involves paying particular attention to balancing maturities and a diversification of financing instruments, markets and currencies. Swisscom’s solid financial standing enabled unrestricted access to money and capital markets again in 2016.

As at 31 December 2016, Swisscom’s financial liabilities amounted to CHF 8.5 bil­lion. Around 87% of the financial liabilities have a residual term to maturity of more than one year. Financial liabilities with a term of one year or less amounted to CHF 1.1 bil­lion at 31 December 2016. In 2016, the average interest expense on all financial liabilities was 1.9% (prior year: 2.3%), and the average residual term to maturity was 4.8 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   Maturity   Security number
Par value
600   3.75%   19.07.2007 22.10.2007 1   19.07.2017   3,225,473
1,425   3.25%   14.09.2009   14.09.2018   10,469,162
500   2.63%   31.08.2010   31.08.2022   11,469,537
250   0.25%   17.04.2015   17.04.2023   26,898,817
500   1.75%   10.07.2012   10.07.2024   188,335,365
200   1.50%   14.07.2014   14.07.2026   24,777,613
200   0.375%   15.12.2016   15.12.2027   34,458,378
200   0.375%   31.03.2016   31.03.2028   31,792,166
160   1.50%   30.09.2014   28.09.2029   25,414,750
300   0.125%   15.09.2016   15.09.2032   33,635,277
150   1.00%   17.04.2015   17.04.2035   26,898,818
1 Reopening.
Bonds listed on the Irish Stock Exchange (ISE)
In EUR million   Coupon   Payment   Maturity   ISIN no.
Par value
500   2.00%   30.09.2013 1   30.09.2020   XS0972165848
500   1.88%   08.04.2014 1   08.09.2021   XS1051076922
500   1.75%   15.09.2015 1   15.09.2025   XS1288894691
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.