Net asset position

Balance sheet

In CHF million31.12.201431.12.2013Change
Cash and cash equivalents and current financial assets342883–61.3%
Trade and other receivables2,5862,5162.8%
Property, plant and equipment9,7209,1566.2%
Other intangible assets1,9212,053–6.4%
Associates and non-current financial assets40434616.8%
Income tax assets43430144.2%
Other current and non-current assets53843224.5%
Total assets20,93220,4962.1%
Liabilities and equity
Financial liabilities8,6048,823–2.5%
Trade and other payables1,8761,8700.3%
Defined benefit obligations2,4411,29388.8%
Income tax liabilities529640–17.3%
Other current and non-current liabilities1,0931,0692.2%
Total liabilities15,47514,4946.8%
Share of equity attributable to equity holders of Swisscom Ltd5,4545,973–8.7%
Share of equity attributable to non-controlling interests329–89.7%
Total equity5,4576,002–9.1%
Total liabilities and equity20,93220,4962.1%
Equity ratio at end of year26.1%29.3%

Total assets rose by CHF 0.4 billion or 2.1% to CHF 20.9 billion, mainly due to the higher investment activity and acquisitions of subsidiaries.

In CHF million31.12.201231.12.201331.12.2014Change
Property, plant and equipment8,5499,1569,720564
Other intangible assets2,1212,0531,921(132)
Other net operating assets14,65015,22815,851623
Cash and cash equivalents and financial assets712883342(541)
Financial liabilities(8,783)(8,823)(8,604)219
Defined benefit obligations(2,108)(1,293)(2,441)(1,148)
Income tax assets and liabilities, net(85)(339)(95)244
Investments in associates26815317118
Other assets, net6319323340


As at 31 December 2014, the book value of Fastweb in ­Swisscom’s consolidated financial statements amounted to EUR 2.8 billion (CHF 3.4 billion; CHF/EUR end-of-period exchange rate of 1.202). This includes goodwill with a net carrying amount of EUR 0.5 billion. In 2013 and 2014 ­Swisscom raised financing totalling EUR 1.3 billion, which was intended as an instrument for hedging Fastweb’s net assets. Fastweb’s cumulative currency translation losses of CHF 1.6 billion (after tax) as at 31 December 2014 are recognised in equity in ­Swisscom’s consolidated financial statements.


The net carrying amount of goodwill is CHF 4,987 million, the bulk of which relates to ­Swisscom Switzerland (CHF 4,223 million). This goodwill arose primarily in 2007 in connection with the repurchase of the 25% stake in ­Swisscom Mobile Ltd sold to Vodafone in 2001. Following the repurchase, the mobile, fixed-network and solutions businesses were organisationally combined and merged to create the new company ­Swisscom (Switzerland) Ltd. The valuation risk of this goodwill item is extremely low. The net carrying amount of Fastweb’s goodwill is EUR 492 million (CHF 592 million). Goodwill in respect of Other operating segments amounts to CHF 172 million.

Post-employment benefits

Defined benefit obligations presented in the consolidated financial statements are measured in accordance with International Financial Reporting Standards (IFRS). Net obligations recognised in the balance sheet amounted to CHF 2,441 million, corresponding to an increase of CHF 1,148 million compared to the prior year. This is largely due to a lower discount rate, which was only partly offset by plan asset performance. In accordance with Swiss accounting standards (Swiss GAAP ARR), the surplus amounts to CHF 1.0 billion corresponding to a coverage ratio of 111%. The main reasons for the differences in accordance with IFRS of CHF 3.4 billion are the application of differing actuarial assumptions with regard to the discount rate (CHF 2.7 billion) and life expectancy (CHF 0.4 billion), and a different actuarial measurement method (CHF 0.3 billion). IFRS measurement takes into account future salary, contribution and pension increases and early retirements. By contrast, the equal distribution of risk prescribed by law and in the regulations in the event of a funding deficit is not taken into account.


Equity declined by CHF 545 million or 9.1% to CHF 5,457 million, bringing the ratio of consolidated equity to total assets down from 29.3% to 26.1%. The dividend payments of CHF 1,140 million to the equity holders of ­Swisscom Ltd and net losses of CHF 938 million recognised directly in equity were not offset by the CHF 1,706 million in net income. Net losses recognised directly in equity include non-cash actuarial losses from pension plans totalling CHF 1,161 million as well as unrealised losses of CHF 46 million resulting from currency translation of foreign Group companies. The CHF/EUR exchange rate fell from 1.228 at the end of 2013 to 1.202 at the end of 2014. At 31 December 2014, cumulative currency translation losses recognised in equity amounted to CHF 1,590 million (after tax).

Distributable reserves are calculated on the basis of equity reported in the separate financial statements of ­Swisscom Ltd in accordance with statutory accounting provisions, rather than on the basis of equity as disclosed in the consolidated balance sheet prepared in accordance with International Financial Reporting Standards (IFRS). At 31 December 2014, the equity of ­Swisscom Ltd amounted to CHF 5,575 million. The difference between this amount and equity disclosed in the consolidated balance sheet is essentially due to earnings retained by subsidiaries as well as different accounting and valuation methods. Under Swiss company law, share capital and that part of the general reserves representing 20% of the share capital may not be distributed. At 31 December 2014, ­Swisscom Ltd had distributable reserves of CHF 5,513 million.