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Net debt

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
Net debt   8,120   8,042   7,846
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
WSGE_DP_GR_ge_Nettoverschuldung

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
  Due within
1 year
  Due within
1 to 2 years
  Due within
3 to 5 years
  Due within
6 to 10 years
  Due after
10 years
 
Total
Bank loans   198   64   345     101   708
Debenture bonds   600   1,425   1,074   1,987   1,010   6,096
Private placements   250   72   278     150   750
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