2023
Interim Report
January-September
Interim Report January-September 2023 | KPIs
KPIs
In CHF million, except where indicated
Revenue and results 1
Revenue
Operating income before depreciation and amortisation (EBITDA)
EBITDA as % of revenue | % |
EBITDA after lease expense (EBITDAaL) | |
Operating income (EBIT) | |
Net income | |
Earnings per share | CHF |
Balance sheet and cash flows 1 | |
Equity | |
Equity ratio | % |
Capital expenditure | |
Operating free cash flow proxy | |
Free cash flow | |
Net debt | |
Operational data | |
Fixed telephony access lines in Switzerland | in thousand |
Broadband access lines retail in Switzerland | in thousand |
TV access lines in Switzerland | in thousand |
Mobile access lines in Switzerland | in thousand |
Access lines wholesale in Switzerland | in thousand |
Broadband access lines retail in Italy | in thousand |
Broadband access lines wholesale in Italy | in thousand |
Mobile access lines in Italy | in thousand |
Swisscom share | |
Number of issued shares | in thousand |
Market capitalisation | |
Closing price | CHF |
Employees | |
Full-time equivalent employees | number |
Average number of full-time equivalent employees | number |
30.09.2023
8,202
3,477
42.4
3,260
1,714
1,310
25.31
11,353
45.7
1,630
1,630
1,037
7,507
1,249
2,009
1,541
6,197
683
2,613
579
3,428
51,802
28,191
544.20
19,686
19,380
30.09.2022Change
8,179 | 0.3% |
3,341 | 4.1% |
40.8 | |
3,122 | 4.4% |
1,557 | 10.1% |
1,214 | 7.9% |
23.42 | 8.1% |
10,767 | 5.4% |
44.2 | |
1,601 | 1.8% |
1,521 | 7.2% |
980 | 5.8% |
7,704 | -2.6% |
1,351 | -7.5% |
2,027 | -0.9% |
1,576 | -2.2% |
6,166 | 0.5% |
691 | -1.2% |
2,696 | -3.1% |
418 | 38.5% |
2,937 | 16.7% |
51,802 | -% |
24,010 | 17.4% |
463.50 | 17.4% |
19,033 | 3.4% |
19,029 | 1.8% |
1 Swisscom uses various alternative performance measures. The definitions and the reconciliation to the values in accordance with IFRS are set out in the interim report on pages 24 and 25.
2
Financial review
Summary
Group revenue rose by 0.3% year-on-year to CHF 8,202 million. Operating income before depreciation and amortisation (EBITDA) rose by 4.1% to CHF 3,477 million. The reported revenue and EBITDA development was influenced by the performance of the euro (EUR) as a result of the substantial share attributable to the Italian subsidiary Fastweb. The EUR average exchange rate fell by 2.9% in the first nine months of 2023 compared to the same period of the previous year. This resulted in negative exchange differences on Group revenue of CHF 54 million and on EBITDA of CHF 18 million. Based on constant exchange rates, revenue in the first nine months of 2023 rose by 0.9% or CHF 77 million. Swisscom Switzerland's revenue fell slightly by 0.6%. Fastweb achieved an increase in revenue of 6.0% (in EUR).
EBITDA development was influenced not only by currency effects, but also primarily by the recognition of provisions for legal proceedings in the amount of CHF 82 million in the prior year (2023: CHF 3 million). Adjusted for non-recurring items and with constant exchange rates, this resulted in an increase in EBITDA of CHF 75 million (+2.2%). Swisscom Switzerland and Fastweb both contributed to this, with CHF 10 million and CHF 12 million respectively. The Other Operating Segments recorded a decrease of CHF 23 million. The largest effect on Group EBITDA resulted from the reconciliation of pension costs. As the interest rate relevant for IFRS measurement has increased, the IFRS pension costs for the full year 2023 will decrease by about CHF 90 million compared with the previous year. The positive reconciliation effect in the first nine months of 2023 was CHF 73 million. Consolidated net income rose by 7.9% year-on-year to total CHF 1,310 million. The higher operating income was partly offset by a deterioration in the financial result.
The Group's capital expenditure rose by 1.8% in a year-on-year comparison to CHF 1,630 million. In the Swiss core business, it rose by 3.1%, with a slight drop of 0.9% at Fastweb (in EUR). The operating free cash flow proxy rose by 7.2% year-on-year to CHF 1,630 million. The higher EBITDA was compensated for in part by the increase in capital expenditure. The CHF 57 million increase in free cash flow to CHF 1,037 million is due primarily to lower income taxes paid. The decrease in income tax payments is due to the different payment due dates. Net debt decreased by 2.6% to CHF 7,507 million year-on-year. The number of Swisscom employees increased by 3.4% to 19,686 FTEs. In Switzerland, headcount increased by 1.7% to 16,048 FTEs.
Due in particular to the strong Swiss franc and lower hardware sales in Switzerland, Swisscom is slightly adjusting its revenue forecast for 2023 and now expects revenue of about CHF 11.0 billion (previously CHF 11.1 billion to CHF 11.2 billion). Expectations for EBITDA of CHF 4.6 billion to CHF 4.7 billion and capital expenditure of about CHF 2.3 billion remain unchanged. Subject to achievement of its targets, Swisscom plans to propose payment of an unchanged dividend of CHF 22 per share for the 2023 financial year at the 2024 Annual General Meeting.
3
Interim Report January-September 2023 | Financial review
Segment results
In CHF million
Revenue 1
Residential Customers
Business Customers
Wholesale
Infrastructure & Support Functions
Intersegment elimination
Swisscom Switzerland
Fastweb
Other Operating Segments
Intersegment elimination
Total revenue
Operating income before depreciation and amortisation (EBITDA) 1
Residential Customers
Business Customers
Wholesale
Infrastructure & Support Functions
Intersegment elimination
Swisscom Switzerland
Fastweb
Other Operating Segments
Reconciliation pension cost 2
Intersegment elimination
Total EBITDA
3. quarter 2023
1,110
769
142
19
(17)
2,023
637
269
(177)
2,752
753
340
54
(237)
1
911
221
44
9
(11)
1,174
3. quarter | |
2022 | Change |
1,131 | -1.9% |
764 | 0.7% |
144 | -1.4% |
18 | 5.6% |
(18) | -5.6% |
2,039 | -0.8% |
588 | 8.3% |
259 | 3.9% |
(174) | 1.7% |
2,712 | 1.5% |
757 | -0.5% |
360 | -5.6% |
54 | -% |
(254) | -6.7% |
- | |
917 | -0.7% |
220 | 0.5% |
39 | 12.8% |
(15) |
- -%
1,150 2.1%
1.01.-30.09.
2023
3,345
2,304
412
57
(51)
6,067
1,873
770
(508)
8,202
2,242
1,019
220
(715)
1
2,767
614
99
28
(31)
3,477
1.01.-30.09.
2022 Change
3,370 -0.7%
2,321 -0.7%
413 -0.2%
54 5.6%
-
-1.9%
6,106 -0.6%
1,818 3.0%
759 1.4%
-
0.8%
8,179 0.3%
2,233 0.4%
1,051 -3.0%
209 5.3%
-
-13.8%
1-%
2,665 3.8%
- -3.0%
- -18.9%
- -8.8%
3,341 4.1%
1 Swisscom has changed the revenue recognition for roaming contracts with | 2 Operating income of segments includes ordinary employer contributions as |
minimum guarantees as of 1 January 2023 and made adjustments to the | pension fund expense. The difference to the pension cost according to IAS 19 |
financial management. The previous year's figures have been adjusted | is recognised as a reconciliation item. |
accordingly. For further information, see notes 1 and 2 to the interim financial | |
statements. |
Swisscom's reporting focuses on the operating divisions Swisscom Switzerland and Fastweb. The other business divisions are grouped together under Other Operating Segments. Swisscom Switzerland comprises the customer segments Residential Customers, Business Customers and Wholesale, along with the Infrastructure & Support Functions business division. Fastweb is a telecommunications provider for residential and business customers in Italy. Other Operating Segments primarily comprises Swisscom Directories Ltd (localsearch), Swisscom Broadcast Ltd (radio transmitters) and cablex Ltd (network construction and maintenance).
The Infrastructure & Support Functions business division does not charge any network costs or management fees to other segments for its services. The remaining services between the segments are charged at market prices. Network costs in Switzerland are budgeted, monitored and controlled by the Infrastructure & Support Functions segment, which is managed as a cost centre. For this reason, no revenue is credited to the Infrastructure & Support Functions segment within the segment reporting, with the exception of the rental and administration of buildings and vehicles. The results of the Residential Customers, Business Customers and Wholesale segments thus correspond to a contribution margin before network costs.
4
Swisscom Switzerland
In CHF million, except where indicated
Revenue and operating income before depreciation and amortisation (EBITDA)
Telecom services
IT services
Merchandise
Wholesale
Revenue other
External revenue
Intersegment revenue
Revenue
Direct costs
Indirect costs
Operating expense
EBITDA
Margin as % of revenue
Operating free cash flow proxy
EBITDA
Lease expense
EBITDA after lease expense (EBITDAaL)
Capital expenditure
Operating free cash flow proxy
Operational data in thousand and headcount
Fixed telephony access lines
Broadband access lines retail
TV access lines
Mobile access lines
Access lines wholesale
Full-time equivalent employees
3. quarter 2023
1,346
294
191
139
38
2,008
15
2,023
(430)
(682)
(1,112)
911
45.0
911
(58)
853
(376)
477
3. quarter | |
2022 | Change |
1,369 | -1.7% |
281 | 4.6% |
204 | -6.4% |
142 | -2.1% |
29 | 31.0% |
2,025 | -0.8% |
14 | 7.1% |
2,039 | -0.8% |
(445) | -3.4% |
(677) | 0.7% |
(1,122) | -0.9% |
917 | -0.7% |
45.0 | |
917 | -0.7% |
(56) | -% |
861 | -0.9% |
(406) | -7.4% |
455 | 4.8% |
1.01.-30.09.
2023
4,035
877
583
402
124
6,021
46
6,067
(1,246)
(2,054)
(3,300)
2,767
45.6
2,767
(169)
2,598
(1,197)
1,401
1,249
2,009
1,541
6,197
683
13,211
1.01.-30.09. | |
2022 | Change |
4,091 | -1.4% |
855 | 2.6% |
611 | -4.6% |
405 | -0.7% |
98 | 26.5% |
6,060 | -0.6% |
46 | -% |
6,106 | -0.6% |
(1,265) | -1.5% |
(2,176) | -5.6% |
(3,441) | -4.1% |
2,665 | 3.8% |
43.6 | |
2,665 | 3.8% |
(167) | 1.2% |
2,498 | 4.0% |
(1,161) | 3.1% |
1,337 | 4.8% |
1,351 | -7.5% |
2,027 | -0.9% |
1,576 | -2.2% |
6,166 | 0.5% |
691 | -1.2% |
12,870 | 2.6% |
Swisscom Switzerland's revenue decreased slightly by 0.6% or CHF 39 million to CHF 6,067 million. Revenue from telecoms services decreased by 1.4% or CHF 56 million to CHF 4,035 million. Of the decrease, CHF 42 million (-3.5%) is attributable to the Business Customers segment; revenue from telecoms services in the Residential Customers segment remained almost stable at CHF 2,883 million (-0.5%). In contrast, revenue from IT services with business customers rose by 2.6% to CHF 877 million. Market saturation is reflected in fewer connections and declining subscriber bases for broadband retail (-0.9%) and TV (-2.2%). Fixed network telephony (-7.5%) is significantly affected by its substitution with mobile telephony. In mobile telephony, the number of subscribers increased slightly (+0.5%), while the customer structure changed due to an increase in postpaid lines (+148,000) and a similarly strong decrease in prepaid connections (-117,000). The share of secondary and third-party brands in the Residential Customers segment rose from 26% to 30%.
The operating expense decreased by 4.1% or CHF 141 million. Direct costs fell by 1.5% to CHF 1,246 million. The | |
costs for purchasing services and merchandise decreased, while subscriber acquisition and customer loyalty | |
costs increased. Indirect costs fell by CHF 122 million (-5.6%) and were influenced primarily by non-recurring | |
items in connection with provisions for legal proceedings. In the first nine months of 2023, provisions for legal | |
proceedings of CHF 10 million (net) were reversed with an effect on EBITDA. In the same period of the previous | |
year, provisions of CHF 82 million were recognised with an effect on EBITDA. Adjusted for these items, indirect | |
costs fell by CHF 30 million (-1.4%). In telecommunications, cost savings of CHF 50 million were realised through | |
efficiency improvement measures and optimised network maintenance. In the area of IT services, indirect costs | |
rose by CHF 20 million. Headcount increased year-on-year by 2.6% to 13,211 FTEs. The increase is attributable | |
primarily to the increased resources required for IT system development and upgrading, and to the acquisition of | |
Axept Business Software AG in the current financial year. Operating income before depreciation and amortisation | 5 |
(EBITDA) was up by 3.8% or CHF 102 million to CHF 2,767 million. Adjusted for non-recurring items mentioned, it |
2023 | Financial review
increased by 0.4% or CHF 10 million. The decline in revenue from telecoms services was compensated for thanks to ongoing cost-cutting measures. Capital expenditure increased by 3.1% or CHF 36 million to CHF 1,197 million mainly due to the expansion and upgrading of transport networks. Swisscom plans to increase fibre-optic coverage (FTTH) to around 55% by the end of 2025, and to 70-80% by 2030.
Interim Report January-September
Fastweb
In EUR million, except where indicated
Revenue and operating income before depreciation and amortisation (EBITDA)
Residential Customers
Enterprise Customers
Wholesale
External revenue
Intersegment revenue
Revenue
Operating expense
EBITDA
Margin as % of revenue
Operating free cash flow proxy
EBITDA
Lease expense
EBITDA after lease expense (EBITDAaL)
Capital expenditure
Operating free cash flow proxy
Operational data in thousand and headcount
Broadband access lines retail
Broadband access lines wholesale
Mobile access lines
Full-time equivalent employees
3. quarter 2023
289
287
83
659
1
660
(431)
229
34.7
229
(14)
215
(148)
67
3. quarter | |
2022 | Change |
284 | 1.8% |
239 | 20.1% |
78 | 6.4% |
601 | 9.7% |
2 | -50.0% |
603 | 9.5% |
(378) | 14.0% |
225 | 1.8% |
37.3 | |
225 | 1.8% |
(14) | -% |
211 | 1.9% |
(150) | -1.3% |
61 | 9.8% |
1.01.-30.09.
2023
869
814
224
1,907
4
1,911
(1,284)
627
32.8
627
(41)
586
(445)
141
2,613
579
3,428
3,146
1.01.-30.09. | |
2022 | Change |
856 | 1.5% |
736 | 10.6% |
204 | 9.8% |
1,796 | 6.2% |
6 | -33.3% |
1,802 | 6.0% |
(1,174) | 9.4% |
628 | -0.2% |
34.9 | |
628 | -0.2% |
(43) | -4.7% |
585 | 0.2% |
(449) | -0.9% |
136 | 3.7% |
2,696 | -3.1% |
418 | 38.5% |
2,937 | 16.7% |
2,915 | 7.9% |
Fastweb's revenue rose year-on-year by 6.0% or EUR 109 million to EUR 1,911 million. Competition remained fierce. The customer base in the fixed-network business (end-customer and wholesale) grew by 2.5% overall to
3.19 million. Although this fell by 3.1% to 2.61 million in the end-customer business due to the challenging market environment, the number of ultra-fast broadband connections provided by Fastweb to other operators rose to 579,000 (+38.5%). Among end customers, the share of ultra-fast broadband connections increased by 4 percentage points to 89%. The number of mobile access lines increased by 491,000 (+16.7%) to 3.43 million, with bundled offerings continuing to play an important role. 42% of broadband customers used a bundled offering combining fixed network and mobile. Revenue from residential customers increased by 1.5% or EUR 13 million to EUR 869 million as a result of the higher mobile customer base. Revenue from business customers increased by 10.6% or EUR 78 million to EUR 814 million, driven by the strong market position in the area of public administration. Revenue from wholesale business increased by 9.8% or EUR 20 million to EUR 224 million due to the higher number of subscribers.
Operating expense and operating income before depreciation and amortisation (EBITDA) increased due to revenue growth and were influenced by the recognition of provisions for legal proceedings in the amount of EUR 13 million in the first half of 2023. Adjusted for this effect, operating expense rose by EUR 97 million (+8.3%) and EBITDA by 1.9% or EUR 12 million to EUR 640 million. Capital expenditure of EUR 445 million was almost on a par with the previous year (-0.9%). Headcount increased by 7.9% or 231 FTEs to 3,146 FTEs as Fastweb took on external staff and the growth created a need for more personnel.
6
Other Operating Segments
In CHF million, except where indicated
Revenue and operating income before depreciation and amortisation (EBITDA)
External revenue
Intersegment revenue
Revenue
Operating expense
EBITDA
Margin as % of revenue
Operating free cash flow proxy
EBITDA
Lease expense
EBITDA after lease expense (EBITDAaL)
Capital expenditure
Operating free cash flow proxy
Headcount
Full-time equivalent employees
3. quarter 2023
108
161
269
(225)
44
16.4
44
(3)
41
(10)
31
3. quarter | |
2022 | Change |
101 | 6.9% |
158 | 1.9% |
259 | 3.9% |
(220) | 2.3% |
39 | 12.8% |
15.1 | |
39 | 12.8% |
(3) | -% |
36 | 13.9% |
(8) | 25.0% |
28 | 10.7% |
1.01.-30.09.
2023
312
458
770
(671)
99
12.9
99
(8)
91
(28)
63
3,329
1.01.-30.09. | |
2022 | Change |
307 | 1.6% |
452 | 1.3% |
759 | 1.4% |
(637) | 5.3% |
122 | -18.9% |
16.1 | |
122 | -18.9% |
(8) | -% |
114 | -20.2% |
(22) | 27.3% |
92 | -31.5% |
3,248 | 2.5% |
Revenue in Other Operating Segments rose by 1.4% or CHF 11 million year-on-year to CHF 770 million. The increase was due primarily to a business acquisition in the previous year. Also due to one-off charges in connection with customer projects, the operating result before depreciation and amortisation (EBIDTA) decreased by 18.9% or CHF 23 million to CHF 99 million, and the profit margin shrank accordingly to 12.9% (prior year: 16.1%). Headcount increased by 2.5% or 81 FTEs to 3,329 FTEs, partly as the result of the acquisition in the previous year.
7
| Financial review
Depreciation and amortisation, non-operating results
Interim Report January-September 2023
In CHF million, except where indicated
Operating income before depreciation and amortisation (EBITDA)
Depreciation and amortisation of property, plant and equipment and intangible assets
Depreciation of right-of-use assets
Operating income (EBIT)
Net interest expense on financial assets and liabilities
Interest expense on lease liabilities
Other financial result
Result of equity-accounted investees
Income before income taxes
Income tax expense
Net income
Attributable to equity holders of Swisscom Ltd
Attributable to non-controlling interests
Earnings per share (in CHF)
3. quarter 2023
1,174
(510)
(65)
599
(18)
(13)
2
-
570
(108)
462
463
(1)
8.94
3. quarter
2022 Change
1,150 2.1%
- -2.9%
- -3.0%
558 7.3%
- 38.5%
- 18.2%
- -100.0%
523 9.0%
- 14.9%
429 7.7%
429 7.9%
-
8.28 8.0%
1.01.-30.09.
2023
3,477
(1,566)
(197)
1,714
(51)
(34)
(8)
-
1,621
(311)
1,310
1,311
(1)
25.31
1.01.-30.09. | |
2022 | Change |
3,341 | 4.1% |
(1,583) | -1.1% |
(201) | -2.0% |
1,557 | 10.1% |
(46) | 10.9% |
(33) | 3.0% |
32 | |
(2) | -100.0% |
1,508 | 7.5% |
(294) | 5.8% |
1,214 | 7.9% |
1,213 | 8.1% |
1 | |
23.42 | 8.1% |
Net income rose by 7.9% to CHF 1,310 million. The higher operating income was partly offset by the deterioration in the financial result. The financial result decreased mainly due to positive effects of CHF 65 million from the valuation of interest rate swaps at market value in the previous year. Income tax expense was CHF 311 million (prior year: CHF 294 million), corresponding to an effective income tax rate of 19.2% (prior year: 19.5%).
8
Cash flows
In CHF million
Operating income before depreciation and amortisation (EBITDA)
Lease expense
EBITDA after lease expense (EBITDAaL)
Capital expenditure
Operating free cash flow proxy
Change in net working capital
Change in defined benefit obligations
Net interest payments on financial assets and liabilities
Income taxes paid
Other operating cash flow
Free cash flow
Net expenditures for company acquisitions and disposals
Dividends paid to equity holders of Swisscom Ltd
Other changes 1
(Increase) Decrease in net debt
1.01.-30.09.
2023
3,477
(217)
3,260
(1,630)
1,630
(242)
(25)
(56)
(271)
1
1,037
(60)
(1,140)
30
(133)
1.01.-30.09. | ||
2022 | Change | |
3,341 | 136 | |
(219) | 2 | |
3,122 | 138 | |
(1,601) | (29) | |
1,521 | 109 | |
(167) | (75) | |
41 | (66) | |
(47) | (9) | |
(352) | 81 | |
(16) | 17 | |
980 | 57 | |
(65) | 5 | |
(1,140) | - | |
227 | (197) | |
2 | (135) |
1 Includes foreign currency effects, fair value adjustments and non-cash chang- es in net debt positions.
The operating free cash flow proxy rose by CHF 109 million to CHF 1,630 million. The better operating income before depreciation and amortisation (EBITDA) was partly offset by the higher volume of investment. Free cash flow increased by CHF 57 million to CHF 1,037 million mainly due to lower income tax payments. The decrease in income tax payments is due to the different payment due dates. A total net amount of EUR 60 million was incurred for company acquisitions and disposals in the first nine months of 2023 (prior year: CHF 65 million). In the second quarter of 2023, an unchanged dividend per share of CHF 22 was paid, representing a total dividend payment of CHF 1,140 million.
9
| Financial review
Net asset position
Interim Report January-September 2023
In CHF million, except where indicated
Property, plant and equipment
Intangible assets
Goodwill
Right-of-use assets
Trade receivables
Receivables from finance leases
Trade payables
Provisions
Deferred gain on sale and leaseback of real estate
Other operating assets and liabilities, net
Net operating assets
Net debt
Defined benefit assets and liabilities, net
Income tax assets and liabilities, net
Equity-accounted investees and other financial assets
Equity
Equity ratio in %
30.09.2023
10,905
1,751
5,193
1,995
2,195
115
(1,532)
(1,200)
(82)
(95)
19,245
(7,507)
(10)
(872)
497
11,353
45.7
31.12.2022 | Change |
10,811 | 0.9% |
1,741 | 0.6% |
5,172 | 0.4% |
1,992 | 0.2% |
2,255 | -2.7% |
131 | -12.2% |
(1,674) | -8.5% |
(1,159) | 3.5% |
(85) | -3.5% |
(218) | -56.4% |
18,966 | 1.5% |
(7,374) | 1.8% |
(11) | -9.1% |
(829) | 5.2% |
419 | 18.6% |
11,171 | 1.6% |
45.4 |
Net operating assets rose by CHF 0.3 billion (+1.5%) compared with year-end 2022. Equity increased by 1.6% to CHF 11.4 billion. Net income of CHF 1,310 million was offset by the dividend payment of CHF 1,140 million. On 28 March 2023, the Annual General Meeting of Swisscom Ltd approved the payment of an unchanged dividend of CHF 22 gross per share. The dividend was paid out on 3 April 2023. The equity ratio rose from 45.4% to 45.7% compared with the end of 2022.
Net debt
Net debt consists of financial liabilities and lease liabilities less cash and cash equivalents, listed debt instruments and derivative financial instruments.
In CHF million
Debenture bonds
Bank loans
Private placements
Other financial liabilities
Lease liabilities
Total financial liabilities
Cash and cash equivalents
Other financial assets
Net debt
30.09.2023
4,825
721
321
280
1,898
8,045
(127)
(411)
7,507
31.12.2022 | Change | |
4,886 | -1.2% | |
512 | 40.8% | |
322 | -0.3% | |
282 | -0.7% | |
1,911 | -0.7% | |
7,913 | 1.7% | |
(121) | 5.0% | |
(418) | -1.7% | |
7,374 | 1.8% | |
In the first quarter of 2023, Swisscom raised a green bond of CHF 150 million with a coupon of 1.875% and a maturity of 7.5 years, and a privately placed bond of CHF 50 million with a coupon of 2.19% and a maturity of 30 years. In the second and third quarters of 2023, Swisscom repaid a CHF 250 million bond and a EUR 200 million bank loan on maturity.
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 liabilities. As at 30 September 2023, the average interest rate on net financial liabilities was 1.1%, the average residual term to maturity was 4.8 years, and the share of fixed-interest-bearing financial liabilities was 81%. Swisscom also has two guaranteed lines of credit totalling CHF 2.2 billion, which have not yet been used.
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Swisscom AG published this content on 02 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2023 06:22:14 UTC.