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3rd Interim Report 2018
3rd Interim Report 2018
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3rd Interim Report 2018
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Table of contents for the 3rd Interim Report 2018 report

3rd Interim Report 2018
KPIsFinancial review
SummarySegment resultsDepreciation and amortisation, non operating resultsCash flowsBalance sheetOutlook
Consolidated interim financial statements
Consolidated statement of comprehensive income (unaudited)Consolidated balance sheet (unaudited)Consolidated statement of cash flows (unaudited)Consolidated statement of changes in equity (unaudited)
Notes to the interim financial statements
About this report1 Changes in accounting principles2 Segment information3 Operating costs4 Dividends5 Financial instruments and net debt6 Financial result7 Operating net working capital8 Provisions and contingent liabilities9 Scope of consolidation
Further information
Share informationQuarterly review 2017 and 2018Forward looking statements
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5 Financial instruments and net debt

Swisscom aims not to exceed a net debt of 1.9 times EBITDA (operating income before interest, taxes, depreciation and amortisation). Exceeding this limit temporarily is permitted. As at 31 December 2017, the net debt/EBITDA ratio was 1.7. Net debt comprises financial liabilities less cash and cash equivalents, current financial assets and non-current certificates of deposit, and derivative financial instruments for financing.

Below is a breakdown of financial liabilities and net debt in the first nine months of 2018 as well as the fair values of financial assets and liabilities:


In CHF million
  Carrying
amount
31.12.2017
 

Issuance
 

Repayment
 
Other
changes a
  Carrying
amount
30.09.2018
 

Fair value b
Bank loans   760   895   (69)   (22)   1,564   1,581 2
Debenture bonds   6,137   735   (1,385)   (76)   5,411   5,520 1
Private placements   493   –   –   3   496   498 2
Finance lease liabilities   461   –   (21)   15   455   804 2
Derivative financial instruments   60   –   –   (16)   44   44 2
Other financial liabilities   375   3   (38)   (9)   331   331 2
Total financial liabilities   8,286   1,633   (1,513)   (105)   8,301   8,778
Cash and cash equivalents   (525)               (375)   (375) 2
Other financial assets   (314)               (285) c   (285) 2
Net debt   7,447               7,641    
a Interest expense, interest payments as well as other changes.
b Fair value hierarchy.
c Not included are other financial assets with a carrying amount of CHF 110 million, trade receivables and payables as well as other receivables and liabilities whose carrying amount corresponds to a reasonable estimation of their fair value.

In the first quarter of 2018, Swisscom issued a debenture bond for CHF 150 million. It has a coupon of 1.0% and matures in 2035. In addition, in the second quarter of 2018 Swisscom issued a debenture bond for EUR 500 million (CHF 585 million). It has a coupon of 1.125% and matures in 2026. The funds received were applied to repay existing debt. In the third quarter of 2018, short-term bank loans were also issued to repay a debenture bond for CHF 1,385 million upon maturity. The debenture bond in EUR was designated for hedge accounting of net investments in foreign operations.