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Net asset position

In CHF million, except where indicated   30.06.2021   31.12.2020   Change
Property, plant and equipment   10,748   10,725   0.2%
Intangible assets   1,727   1,745   –1.0%
Goodwill   5,171   5,162   0.2%
Right-of-use assets   2,105   2,138   –1.5%
Trade receivables   2,426   2,132   13.8%
Trade payables   (1,519)   (1,525)   –0.4%
Provisions   (1,198)   (1,216)   –1.5%
Deferred gain on sale and leaseback of real estate   (98)   (106)   –7.5%
Other operating assets and liabilities, net   (427)   (240)   77.9%
Net operating assets   18,935   18,815   0.6%
Net debt   (6,626)   (6,218)   6.6%
Lease liabilities   (1,942)   (1,988)   –2.3%
Net defined benefit liabilities   (11)   (795)   –98.6%
Income tax assets and liabilities, net   (758)   (643)   17.9%
Equity-accounted investees and other non-current financial assets   462   320   44.4%
Equity   10,060   9,491   6.0%
             
Equity ratio in %   40.9   39.1    

Net operating assets

Net operating assets were virtually unchanged at CHF 18,935 million (+0.6%) compared with year-end 2020. Net defined benefit liabilities decreased by CHF 784 million to CHF 11 million as a result of an adjustment to the pension plan, a positive return on plan assets and a higher discount rate. The increase in equity by 6.0% or CHF 569 million to CHF 10,060 million was attributable to net income of CHF 1,046 million and other comprehensive income of CHF 662 million recognised directly in equity, minus the dividend payment of CHF 1,140 million. Correspondingly, the equity ratio rose from 39.1% to 40.9%.

Net debt

Net debt comprises financial liabilities less cash and cash equivalents, listed debt instruments, derivative financial instruments held for hedging financial liabilities and other current financial assets. Net debt is 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.

In CHF million   30.06.2021   31.12.2020
Debenture bonds   6,254   6,110
Bank loans   594   484
Private placements   150   151
Other financial liabilities   260   297
Total financial liabilities   7,258   7,042
Cash and cash equivalents   (240)   (340)
Listed debt instruments   (286)   (271)
Derivative financial instruments for financing   (76)   (79)
Other current financial assets   (30)   (134)
Net debt   6,626   6,218
Lease liabilities   1,942   1,988
Net debt incl. lease liabilities   8,568   8,206

In the previous year, Swisscom became the first listed company in Switzerland to issue a Green Bond in EUR. The first green bond issue in CHF followed in the second quarter of 2021. The nominal amount is CHF 100 million, with a coupon of 0.25% maturing in 2033. 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 liabilities. As at 30 June 2021, the average interest expense on financial liabilities was 0.93%, the average residual term to maturity was 5.7 years, and the share of the Group’s variable interest-bearing financial liabilities was 15%.