Net asset position
| In CHF million, except where indicated | 30.09.2020 | 31.12.2019 | Change | |||
|---|---|---|---|---|---|---|
| In CHF million, except where indicatedProperty, plant and equipment | 30.09.202010,667 | 31.12.201910,529 | Change1.3% | |||
| In CHF million, except where indicatedIntangible assets | 30.09.20201,764 | 31.12.20191,842 | Change–4.2% | |||
| In CHF million, except where indicatedGoodwill | 30.09.20205,162 | 31.12.20195,163 | Change–% | |||
| In CHF million, except where indicatedRight-of-use assets | 30.09.20202,136 | 31.12.20192,177 | Change–1.9% | |||
| In CHF million, except where indicatedTrade receivables | 30.09.20202,139 | 31.12.20192,183 | Change–2.0% | |||
| In CHF million, except where indicatedTrade payables | 30.09.2020(1,482) | 31.12.2019(1,614) | Change–8.2% | |||
| In CHF million, except where indicatedProvisions | 30.09.2020(1,202) | 31.12.2019(1,134) | Change6.0% | |||
| In CHF million, except where indicatedDeferred gain on sale and leaseback of real estate | 30.09.2020(112) | 31.12.2019(122) | Change–8.2% | |||
| In CHF million, except where indicatedOther operating assets and liabilities, net | 30.09.2020(95) | 31.12.2019(38) | Change150.0% | |||
| In CHF million, except where indicatedNet operating assets | 30.09.202018,977 | 31.12.201918,986 | Change–% | |||
| In CHF million, except where indicatedNet debt | 30.09.2020(6,625) | 31.12.2019(6,758) | Change–2.0% | |||
| In CHF million, except where indicatedLease liabilities | 30.09.2020(1,997) | 31.12.2019(2,027) | Change–1.5% | |||
| In CHF million, except where indicatedDefined benefit obligations | 30.09.2020(1,415) | 31.12.2019(1,058) | Change33.7% | |||
| In CHF million, except where indicatedIncome tax assets and liabilities, net | 30.09.2020(637) | 31.12.2019(607) | Change4.9% | |||
| In CHF million, except where indicatedEquity-accounted investees and other non-current financial assets | 30.09.2020314 | 31.12.2019339 | Change–7.4% | |||
| In CHF million, except where indicatedEquity | 30.09.20208,617 | 31.12.20198,875 | Change–2.9% | |||
| In CHF million, except where indicated | 30.09.2020 | 31.12.2019 | Change | |||
| In CHF million, except where indicatedEquity ratio in % | 30.09.202035.7 | 31.12.201936.6 | Change |
Net operating assets were virtually unchanged at CHF 19 billion. The decrease in equity compared with the end of 2019 is due to the dividend payment of CHF 1,140 million in April 2020. Correspondingly, the equity ratio fell from 36.6% to 35.7%. Pension liabilities increased as a result of a negative return on plan assets and a lower discount rate.
Net debt
Net debt is composed of financial liabilities minus cash and cash equivalents, current financial assets, derivative financial instruments held to hedge financial liabilities and other non-current financial assets directly related to non-current financial liabilities (certificates of deposit, US treasury bond strips). Net debt and the net debt to EBITDA ratio are presented both with and without classification of leases as financial liabilities. For credit rating purposes, rating agencies include lease liabilities in the calculation of net debt. However, for the financial target of the Federal Council’s financing structure, leases are not classified as financial liabilities or part of net debt.
| In CHF million, except where indicated | 30.09.2020 | 31.12.2019 | Change | |||
|---|---|---|---|---|---|---|
| In CHF million, except where indicatedDebenture bonds | 30.09.20206,009 | 31.12.20195,915 | Change1.6% | |||
| In CHF million, except where indicatedBank loans | 30.09.2020922 | 31.12.20191,080 | Change–14.6% | |||
| In CHF million, except where indicatedPrivate placements | 30.09.2020150 | 31.12.2019151 | Change–0.7% | |||
| In CHF million, except where indicatedOther financial liabilities | 30.09.2020301 | 31.12.2019314 | Change–4.1% | |||
| In CHF million, except where indicatedTotal financial liabilities | 30.09.20207,382 | 31.12.20197,460 | Change–1.0% | |||
| In CHF million, except where indicatedCash and cash equivalents | 30.09.2020(247) | 31.12.2019(328) | Change–24.7% | |||
| In CHF million, except where indicatedNon-current certificates of deposit | 30.09.2020– | 31.12.2019(142) | Change–100.0% | |||
| In CHF million, except where indicatedNon-current listed debt instruments | 30.09.2020(254) | 31.12.2019(94) | Change170.2% | |||
| In CHF million, except where indicatedNon-current derivative financial instruments for financing | 30.09.2020(81) | 31.12.2019(73) | Change11.0% | |||
| In CHF million, except where indicatedOther current financial assets | 30.09.2020(175) | 31.12.2019(65) | Change169.2% | |||
| In CHF million, except where indicatedNet debt | 30.09.20206,625 | 31.12.20196,758 | Change–2.0% | |||
| In CHF million, except where indicatedLease liabilities | 30.09.20201,997 | 31.12.20192,027 | Change–1.5% | |||
| In CHF million, except where indicatedNet debt incl. lease liabilities | 30.09.20208,622 | 31.12.20198,785 | Change–1.9% |
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 obligations. As at 30 September 2020, the average interest expense on long-term financial liabilities was 0.85%, the average residual term to maturity was 5.5 years and the share of variable interest-bearing financial liabilities was 20%.