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Consolidated statement of cash flows
In CHF million Note 2013 2012restated Net income 1,695 1,815 Share of results of associates 25 (30) (32) Income tax expense 15 334 418 ...
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Indebtedness
Level of indebtedness Swisscom pursues a finance policy, which provides a maximum net debt/EBITDA ratio of around 2.1. Credit ratings and financing With A (stable) and A2 (stable) respectively, Swisscom enjoys good ratings with the Standard & Poor’s and Moody’s rating agencies. To avoid structural downgrading, Swisscom endeavours to raise financing at the level of Swisscom Ltd. Swisscom aims for a broadly diversified debt portfolio, taking particular care to balance maturities and spread financing instruments, markets and currencies. Sw...
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Balance sheet
In CHF million Note 31.12.2013 31.12.2012 Assets Cash and cash equivalents 571 398 ...
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Outlook
Financial outlook 2014 Swisscom expects the 2014 year-end figures for revenue and EBITDA to show moderate growth. Excluding Fastweb, Swisscom expects to close 2014 with revenue of around CHF 9.45 billion and EBITDA of at least CHF 3.7 billion. The trend for revenue and income is being driven by a slight increase in revenue from services, coupled with ongoing stagnation in the business customer segment due to persistent price erosion. The companies acquired in 2013 will also contribute some CHF 80 million to growth. The outlook for EBITDA remains p...
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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...
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Value-oriented business management
Key performance indicators for planning and managing the cash flows are operating income before depreciation and amortisation (EBITDA) and capital expenditure on property, plant and equipment and intangible assets. EBITDA is driven mainly by revenue and margins. Swisscom’s remuneration system is tied to value generation via variable performance-related components. The variable performance-related component is based, among other things, on financial targets such as net revenue, EBITDA margin and operating free cash flow as well as on the target of cu...
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Corporate strategy
Swisscom commands a leading position in the mobile, fixed, broadband and digital TV submarkets. It is also the market leader in IT services. In its traditional usage-based business, stiff competition and changing customer needs continue to erode prices and volumes. The resulting lower revenue and income need to be offset in order to ensure that sufficient financial resources are available for major investments in new technologies. The ICT sector is characterised by the following key trends and developments: Everything always on: In a few years from now...
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1 Corporate structure and shareholders
1.1 Group structure 1.1.1 Operational Group structure Swisscom Ltd is the holding company responsible for overall management of the Swisscom Group. It comprises six Group divisions: Group Business Steering, Group Strategy & Innovation (from 2014 Group Strategy & Board Services), Group Communications & Responsibility, Group Human Resources, Group Security and Group Participation Management (until end of 2013). Strategic and financial management of the autonomous Group companies, which are divided into three categories (strategic, impor...
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Energy-efficient infrastructure
Energy consumption as the principle environmental impact factor The greatest impact Swisscom has on the environment is caused through its energy consumption. Swisscom is striving to boost energy efficiency and rely more on renewable energies in order to minimise its environmental impact. In addition to the network infrastructure described in the Management Commentary, Swisscom operates a substantial real estate portfolio itself. This comprises offices, commercial buildings, local exchanges and data centres. Swisscom does not operate any warehouses ...
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Financial risk management and supplementary disclosures regarding financial instruments
Swisscom is exposed to various financial risks resulting from its operating and financial activities. The most significant financial risks arise from changes in foreign exchange rates, interest rates as well as creditworthiness and the ability of counterparties to meet their payment obligations. A further risk arises from the ability to ensure adequate liquidity. Swisscom’s financial risk management is conducted in accordance with established guidelines with the aim of limiting potential adverse effects on the financial situation of Swisscom. In ...
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