Swisscom targets a net debt / EBITDA ratio of around 1.9. Net debt comprises financial liabilities less cash and cash equivalents, current financial assets and non-current, fixed-interest-bearing financial assets.
|In CHF million, except where indicated||31.12.2014||31.12.2015||31.12.2016|
|Ratio total liabilities / total assets||73.8%||75.2%||69.6%|
|Ratio net debt / equity||1.5||1.5||1.2|
|Ratio net debt / EBITDA||1.8||2.0||1.8|
The ratio of net debt to EBITDA was 1.8 at the end of 2016 (prior year: 2.0). 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 21%.
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 2016:
In CHF million
1 to 2 years
3 to 5 years
6 to 10 years
|Finance lease liabilities||16||16||24||36||416||508|
|Other financial liabilities||1||23||1||9||–||34|
|Total interest-bearing financial liabilities||1,065||1,600||1,722||2,032||1,677||8,096|