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.
Net debt
| 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 |