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3rd Interim Report 2024
3rd Interim Report 2024
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3rd Interim Report 2024
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Table of contents for the 3rd Interim Report 2024 report

3rd Interim Report 2024
KPIsFinancial review
SummarySegment resultsDepreciation and amortisation, non operating resultsCash flowsNet asset positionOutlook
Consolidated interim financial statements
Consolidated statement of comprehensive income (unaudited)Consolidated balance sheet (unaudited)Consolidated statement of cash flows (unaudited)Consolidated statement of changes in equity (unaudited)
Notes to the interim financial statements
About this report1 Accounting policies2 Segment information3 Operating costs4 Dividend5 Financial liabilities6 Financial result7 Net current operating assets8 Provisions and contingent liabilities9 Company acquisition of Vodafone Italia10 Sale of shares in FiberCop
Alternative performance measures
Reconciliation of alternative performance measures
Further Information
Share informationQuarterly review 2023 and 2024Forward looking statements
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5 Financial liabilities


In CHF million
  Carring
amount
1.01.2024
 

Issuance
 

Repayment
 
Other
changes 1
  Carring
amount
30.09.2024
 

Fair Value
                         
Financial liabilities
Bank loans   267   2   (23)   11   257   260
Debenture bonds   4,789   5,634   (500)   (82)   9,841   9,968
Private placements   322   –   –   (1)   321   322
Derivative financial instruments   136   –   –   26   162   162
Other financial liabilities   151   3   –   2   156   151
Total financial liabilities   5,665   5,639   (523)   (44)   10,737   10,863
1 Interest expense, interest payments, non-cash changes and foreign currency translation adjustments.

In March 2024, Swisscom signed a contract to acquire Vodafone Italia for EUR 8.0 bil­lion. The transaction is scheduled to complete in the first quarter of 2025. Swisscom finalised its transaction financing in the second quarter of 2024. This comprises the issue of domestic Swiss bonds totalling CHF 1.1 bil­lion, eurobonds of EUR 4.0 bil­lion and a syndicated bank loan in the amount of EUR 3.0 bil­lion. Swisscom issued the bonds as follows in May 2024:


In CHF million or EUR million
 
Maturity years
  Par value
in currency
  Nominal
interest rate
Debenture bond in CHF   2024–2030   315   1,65%
Debenture bond in CHF   2024–2034   455   1,80%
Debenture bond in CHF   2024–2039   375   2,00%
Total debenture bonds in CHF       1,145    
             
Debenture bond in EUR   2024–2026   500   3,50%
Debenture bond in EUR   2024–2028   500   3,50%
Debenture bond in EUR   2024–2031   1,250   3,50%
Debenture bond in EUR   2024–2036   1,000   3,625%
Debenture bond in EUR   2024–2044   750   3,875%
Total debenture bonds in EUR       4,000    

The funds raised from the bond issues were either used to repay existing debt or were invested in current financial assets. Depending on the maturity, current financial assets are recognised as cash and cash equivalents or as other current financial assets in Swisscom’s consolidated financial statements. If the transaction does not materialise, the bonds can be redeemed early at 101% of their nominal value. The syndicated bank loan totalling EUR 3.0 bil­lion will be made available in two equal tranches with terms of three and five years respectively.

Swisscom also raised two bonds in the third quarter of 2024: a bond of CHF 100 million with a coupon of 1.2%, maturing in 2035 and a bond of EUR 500 million with a coupon of 3.25%, maturing in 2034. The funds raised from the bond issues were either used to repay existing debt or were invested in current financial assets.

Swisscom also has two confirmed lines of credit amounting to CHF 1,000 million maturing in 2028 and CHF 1,200 million maturing in 2028. As of 30 September 2024, none of these lines of credit had been drawn down, as in the prior year.