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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 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||||||||||
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a Interest expense, interest payments as well as other changes.
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b Fair value hierarchy.
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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.
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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.