Shareholders' Letter

tional Swaps and Derivatives Association) with the respective counterparties in order to control
the risk inherent in derivative transactions.
The carrying amount of financial assets corresponds to the credit risk and may be analysed as follows:
In CHF million Note 31.12.2010 31.12.2009
Cash and cash equivalents 17 483 532
Trade and other receivables 18 2,742 2,926
Loans and receivables 19 481 568
Held-to-maturity financial assets 19 – 8
Derivative financial instruments 19 24 –
Total carrying amount of financial assets 3,730 4,034
The carrying amounts of cash and cash equivalents and other financial assets and the related Standard
& Poor’s ratings of the counterparties may be summarised as follows:
In CHF million 31.12.2010 31.12.2009
AAA 9 –
AA 123 26
AA– 342 469
A+ 133 99
A 57 38
A– 67 185
Without rating, with government guarantee 163 181
Without rating 94 110
Total 988 1,108
Liquidity risk
Prudent liquidity management includes the holding of adequate reserves of cash and cash equivalents
and marketable securities as well as the provision of adequate financing. Swisscom has
processes and policies in place that guarantee sufficient liquidity in order to settle current and
future obligations. Swisscom has a confirmed line of credit from banks with a maturity ending in
2015 of CHF 2,000 million (prior year: CHF 1,050 million). As of 31 December 2010, CHF 250 million
had been drawn- under this credit line.
Consolidated financial statements 196 | 197
Notes to the consolidated financial statements