Shareholders' Letter

The following table provides selected summarised key financial data of the associated companies:
In CHF million 2010 2009
Income statement
Net revenue 2,520 2,205
Operating expense (2,380) (2,052)
Operating income 140 153
Net income 103 121
Balance sheet at 31 December
Current assets 891 995
Non-current assets 343 416
Current liabilities (760) (954)
Non-current liabilities (24) (20)
Equity 450 437
26 Financial liabilities
31.12.2009
In CHF million 31.12.2010 restated
Money market borrowings 700 300
Bank loans 16 8
Debenture bonds 76 423
Private placements 1 337
Financial liabilities from cross-border lease agreements – 9
Finance lease liabilities 14 17
Other interest-bearing financial liabilities 12 126
Derivative financial instruments. See Note 33. 33 44
Other non-interest-bearing financial liabilities 89 6
Total current financial liabilities 941 1,270
Bank loans 1,444 2,562
Debenture bonds 5,119 4,378
Private placements 1,408 1,186
Financial liabilities from cross-border lease agreements – 6
Finance lease liabilities 661 678
Other interest-bearing financial liabilities 8 9
Derivative financial instruments. See Note 33. 166 108
Other non-interest-bearing financial liabilities 25 22
Total non-current financial liabilities 8,831 8,949
Total financial liabilities 9,772 10,219
Money-market borrowings
As of 31 December 2010, Swisscom had money-market borrowings outstanding of CHF 700 million
(prior year: CHF 300 million). The money-market borrowings have maturities of less than 30
days. The effective interest rate of money-market borrowings is 0.31%. Swisscom employs this
instrument for short-term liquidity management.
Consolidated financial statements 182 | 183
Notes to the consolidated financial statements