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 2.1. This value may be exceeded temporarily. Financial leeway exists if the target is not reached.

In CHF million, except where indicated31.12.201231.12.201331.12.2014
Net debt8,0717,8128,120
Ratio total liabilities/total assets76.2%70.7%73.9%
Ratio net debt/equity1.71.31.5
Ratio net debt/EBITDA1.81.81.8

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 29%.

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 2014:

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

Bank loans998300130361961,885
Debenture bonds5002,0252,2023605,087
Private placements350600950
Finance lease liabilities14142430479561
Other financial liabilities2125