Net debt

Net debt comprises financial liabilities less cash and cash equivalents, current financial assets and non-current, fixed-interest-bearing deposits. Swisscom’s goal is to achieve a maximum net debt/EBITDA ratio of around 2. This value may be exceeded temporarily. Financial leeway exists if the target is not reached.

In CHF million, except where indicated   31.12.2011   31.12.2012   31.12.2013   Change
Net debt   8,309   8,071   7,812   –3.2%
Ratio total liabilities/total assets   77.9%   76.2%   70.7%    
Ratio net debt/equity   1.9   1.7   1.3   (0.4)
Ratio net debt/EBITDA   1.8   1.8   1.8  

The ratio of net debt to EBITDA remained unchanged year-on-year at 1.8. 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-rate financial liabilities amounts to around 20%.

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 following table shows the maturity profile of interest-bearing financial liabilities at nominal value as at 31 December 2013:


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     430   650   148   85   1,313
Debenture bonds   1,250   500   2,100   1,114   500   5,464
Private placements   205     672   278     1,155
Finance lease liabilities   13   14   30   40   558   655
Other financial liabilities   3   1   1       5
Total   1,471   945   3,453   1,580   1,143   8,592