Net asset position
| In CHF million, except where indicated | 31.03.2023 | 31.12.2022 | Change | |||
|---|---|---|---|---|---|---|
| Property, plant and equipment | 10,885 | 10,811 | 0.7% | |||
| Intangible assets | 1,759 | 1,741 | 1.0% | |||
| Goodwill | 5,180 | 5,172 | 0.2% | |||
| Right-of-use assets | 2,002 | 1,992 | 0.5% | |||
| Trade receivables | 2,208 | 2,255 | –2.1% | |||
| Receivables from finance leases | 109 | 131 | –16.8% | |||
| Trade payables | (1,616) | (1,674) | –3.5% | |||
| Provisions | (1,193) | (1,159) | 2.9% | |||
| Deferred gain on sale and leaseback of real estate | (84) | (85) | –1.2% | |||
| Other operating assets and liabilities, net | (5) | (218) | –97.7% | |||
| Net operating assets | 19,245 | 18,966 | 1.5% | |||
| Net debt | (7,171) | (7,374) | –2.8% | |||
| Defined benefit assets and obligations, net | (11) | (11) | –% | |||
| Income tax assets and liabilities, net | (865) | (829) | 4.3% | |||
| Equity-accounted investees and other financial assets | 497 | 419 | 18.6% | |||
| Equity | 11,695 | 11,171 | 4.7% | |||
| Equity ratio in % | 46.1 | 45.4 |
Net operating assets were higher at CHF 19.2 billion (+1.5%) compared with year-end 2022. The 4.7% increase in equity to CHF 11.7 billion corresponds to the net income for the first quarter of 2023. The equity ratio rose from 45.4% to 46.1% compared to the end of 2022. On 28 March 2023, the Annual General Meeting of Swisscom Ltd approved the payment of an unchanged dividend of CHF 22 gross per share. A total dividend amount of CHF 1,140 million was paid out on 3 April 2023.
Net debt
Net debt consists of financial liabilities and lease liabilities less cash and cash equivalents, listed debt instruments and derivative financial instruments.
| In CHF million | 31.03.2023 | 31.12.2022 | ||
|---|---|---|---|---|
| Debenture bonds | 5,119 | 4,886 | ||
| Bank loans | 474 | 512 | ||
| Private placements | 322 | 322 | ||
| Other financial liabilities | 279 | 282 | ||
| Lease liabilities | 1,887 | 1,911 | ||
| Total financial liabilities | 8,081 | 7,913 | ||
| Cash and cash equivalents | (513) | (121) | ||
| Other financial assets | (397) | (418) | ||
| Net debt | 7,171 | 7,374 |
In the first quarter of 2023, Swisscom raised a green bond of CHF 150 million with a coupon of 1.875% and a maturity of 7.5 years, as well as a privately placed bond of CHF 50 million with a coupon of 2.19% and a maturity of 30 years.
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 31 March 2023, the average interest rate on financial liabilities was 1.1%, the average residual term to maturity was 5.7 years, and the share of fixed-interest-bearing financial liabilities was 89%. Swisscom also has two lines of credit totalling CHF 2.2 billion, which have not been used.