Shareholders' Letter
Shareholders' Letter
Shareholders' Letter
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The net-debt-to-EBITDA ratio is as follows:<br />
31.12.2009<br />
In CHF million 31.12.2010 restated<br />
Money market borrowings 700 300<br />
Debenture bonds 5,195 4,801<br />
Bank loans 1,460 2,570<br />
Private placements 1,409 1,523<br />
Finance lease liabilities 675 695<br />
Other financial liabilities 333 330<br />
Total financial liabilities 9,772 10,219<br />
Cash and cash equivalents (483) (532)<br />
Current financial assets (122) (178)<br />
Non-current fixed interest-bearing deposits (319) (368)<br />
Net debt 8,848 9,141<br />
Operating income before depreciation and amortisation (EBITDA) 4,597 4,684<br />
Ratio net debt/EBITDA 1.9 2.0<br />
Net debt consists of total financial liabilities less cash and cash equivalents, current financial<br />
assets as well as non-current fixed interest-bearing financial investments.<br />
34 Supplementary information on the statement of cash flows<br />
In CHF million 2010 2009<br />
Trade and other receivables 28 (130)<br />
Inventories (14) 53<br />
Other non-financial assets (12) 4<br />
Trade and other payables 62 172<br />
Provisions (56) (56)<br />
Other non-financial liabilities 26 94<br />
Defined benefit obligations (227) (124)<br />
Total changes in operating assets and liabilities (193) 13<br />
Other cash flows from financing activities<br />
In 2010, other cash flows from financing activities aggregated CHF 38 million which relate mainly<br />
to payments of hedging contracts.<br />
In the prior year, other cash outflows from financing activities amounted to CHF 482 million.<br />
Included therein are payments for provisions amounting to CHF 258 million for costs in connection<br />
with the early termination of cross-border lease agreements. See Note 26. Furthermore, included<br />
in other cash flow from financing activities are mainly payments under hedging contracts.<br />
Material non-cash investing and financing transactions<br />
Additions to property, plant and equipment include additions from finance leases amounting to<br />
CHF 12 million (prior year: CHF 8 million). See Note 23. In the years 2003 and 2006, Fastweb sold<br />
income tax and value-added tax receivables to financial institutions. With this sale, substantially<br />
all of the risks and opportunities related to these tax assets were transferred. In 2010, a new contract<br />
was entered into with the financial institutions and the tax assets, including accrued interest,<br />
were taken back. As a result thereof income tax receivables of CHF 22 million, value-added tax<br />
receivables of CHF 25 million as well as other financial liabilities of CHF 47 million were recorded.
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