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|
|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
1 to 2 years
3 to 5 years
6 to 10 years
|Finance lease liabilities||13||14||30||40||558||655|
|Other financial liabilities||3||1||1||–||–||5|