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Net asset position

In CHF million, except where indicated   30.9.2022   31.12.2021   Change
Property, plant and equipment   10,607   10,771   –1.5%
Intangible assets   1,663   1,714   –3.0%
Goodwill   5,152   5,157   –0.1%
Right-of-use assets   2,020   2,134   –5.3%
Trade receivables   2,225   2,315   –3.9%
Receivables from finance leases   109   99   10.1%
Trade payables   (1,552)   (1,600)   –3.0%
Provisions   (1,073)   (1,149)   –6.6%
Deferred gain on sale and leaseback of real estate   (88)   (95)   –7.4%
Other operating assets and liabilities, net   (253)   (438)   –42.2%
Net operating assets   18,810   18,908   –0.5%
Net debt   (7,704)   (7,706)   –%
Defined benefit obligations   (8)   (13)   –38.5%
Income tax assets and liabilities, net   (785)   (835)   –6.0%
Equity-accounted investees and other non-current financial assets   454   459   –1.1%
Equity   10,767   10,813   –0.4%
             
Equity ratio in %   44.2   43.6    

Net operating assets were virtually unchanged at CHF 18,810 million (–0.5%) compared with year-end 2021. The decrease in equity by 0.4% or CHF 46 million to CHF 10,767 million is due to net income of CHF 1,214 million less the negative other comprehensive income of CHF 117 million as a result of currency translation and the dividend payment of CHF 1,140 million. The equity ratio increased from 43.6% to 44.2% as a result of the lower balance sheet total.

Net debt

Net debt comprises financial liabilities and lease liabilities less cash and cash equivalents, listed debt instruments, financial assets in connection with financing and other current financial assets.

In CHF million, except where indicated   30.9.2022   31.12.2021   Change
Debenture bonds   4,850   5,564   –12.8%
Bank loans   951   488   94.9%
Private placements   321   151   112.6%
Other financial liabilities   282   242   16.5%
Total financial liabilities   6,404   6,445   –0.6%
Cash and cash equivalents   (158)   (401)   –60.6%
Quoted debt instruments   (302)   (278)   8.6%
Other financial assets   (168)   (77)   118.2%
Net debt excl. lease liabilities   5,776   5,689   1.5%
Lease liabilities   1,928   2,017   –4.4%
Net debt   7,704   7,706   –%

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 September 2022, the average interest rate on financial liabilities was 0.85%, the average residual term to maturity was 5.3 years, and the share of fixed-interest-bearing financial liabilities was 78%. Swisscom also has two lines of credit totalling CHF 2.2 bil­lion, which have still not been used.