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Annual Report 2023
Annual Report 2023
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Capital ex­pen­di­ture

In CHF million, except where indicated   2023   2022   Change   in %
In CHF million, except where indicatedFixed access and in­fra­struc­ture    2023571    2022564    Change7    in %1.2%
In CHF million, except where indicatedExpansion of the fibre-optic network    2023466    2022475    Change(9)    in %–1.9%
In CHF million, except where indicatedMobile network    2023271    2022277    Change(6)    in %–2.2%
In CHF million, except where indicatedProjects and others    2023382    2022382    Change–    in %0.0%
In CHF million, except where indicatedSwisscom Switzer­land    20231,690    20221,698    Change(8)    in %–0.5%
In CHF million, except where indicatedFastweb    2023606    2022619    Change(13)    in %–2.1%
In CHF million, except where indicatedOther Operating Segments    202340    202234    Change6    in %17.6%
In CHF million, except where indicatedElimination (in­ter­me­di­ate winnings)    2023(44)    2022(42)    Change(2)    in %4.8%
In CHF million, except where indicatedTotal capital ex­pen­di­ture    20232,292    20222,309    Change(17)    in %–0.7%
In CHF million, except where indicatedThereof Switzer­land    20231,685    20221,688    Change(3)    in %–0.2%
In CHF million, except where indicatedThereof other countries    2023607    2022621    Change(14)    in %–2.3%
In CHF million, except where indicated     2023     2022     Change     in % 
In CHF million, except where indicatedCapital ex­pen­di­ture as % of revenue    202320.7    202220.8    Change(0.1)    in %

The capital ex­pen­di­ture of CHF 2,292 million or 21% of revenue once again reached a substantial amount in the reporting year. The share of in­vest­ments in Switzer­land came to 74% thanks to an amount of CHF 1,685 million.

Swisscom Switzer­land’s in­vest­ments were virtually on a par with the previous year (–0.5%) at CHF 1,690 mil­lion. A large part was again used for neighbourhood con­nec­tions and for the expansion and upgrade of transport networks. While in­vest­ments in the expan­sion of the fibre-optic network remained virtually stable overall, their composition changed. The expan­sion of FTTH tech­nol­ogy moved up a gear, meaning that more was invested in this area, whereas the expansion of FTTS tech­nol­ogy had already been concluded in the prior year.

The in­vest­ments made by Fastweb came to EUR 623 mil­lion in local currency terms and are therefore virtually at the same level as the previous year (+1.1%).

Net asset position

In CHF million   31.12.2023   31.12.2022   Change
In CHF millionProperty, plant and equipment    31.12.202311,059    31.12.202210,811    Change248
In CHF millionIntangible assets    31.12.20231,737    31.12.20221,741    Change(4)
In CHF millionGoodwill    31.12.20235,172    31.12.20225,172    Change–
In CHF millionRight-of-use assets    31.12.20231,972    31.12.20221,992    Change(20)
In CHF millionTrade receivables    31.12.20232,143    31.12.20222,255    Change(112)
In CHF millionReceivables from finance leases    31.12.2023130    31.12.2022131    Change(1)
In CHF millionTrade payables    31.12.2023(1,611)    31.12.2022(1,674)    Change63
In CHF millionProvisions    31.12.2023(1,263)    31.12.2022(1,159)    Change(104)
In CHF millionDeferred gain on sale and leaseback of real estate    31.12.2023(81)    31.12.2022(85)    Change4
In CHF millionOther operating assets and liabilities, net    31.12.2023(141)    31.12.2022(218)    Change77
In CHF millionNet operating assets    31.12.202319,117    31.12.202218,966    Change151
In CHF millionNet debt    31.12.2023(7,071)    31.12.2022(7,374)    Change303
In CHF millionDefined benefit assets and obligations, net    31.12.2023(10)    31.12.2022(11)    Change1
In CHF millionIncome tax assets and liabilities, net    31.12.2023(875)    31.12.2022(829)    Change(46)
In CHF millionEquity-accounted investees and other non-current financial assets    31.12.2023461    31.12.2022419    Change42
In CHF millionEquity    31.12.202311,622    31.12.202211,171    Change451
In CHF million     31.12.2023     31.12.2022     Change 
In CHF millionEquity ratio in %    31.12.202347.0    31.12.202245.4    Change1.6

Operating assets

Net operating assets were almost unchanged at CHF 19.1 bil­lion (+0.8%). The lion’s share of the goodwill totalling CHF 5.2 bil­lion is attributable to Swisscom Switzer­land (CHF 4.3 bil­lion). This goodwill arose primarily in 2007 in connection with the repurchase of the 25% stake in Swisscom Mobile Ltd sold to Vodafone in 2001. The valu­ation risk of this goodwill item is very low. The carrying amount of goodwill for Fastweb is CHF 0.5 bil­lion. In total, the carrying amount of Fastweb’s net assets amounts to EUR 3.4 bil­lion (CHF 3.1 bil­lion).