Net asset position
| In CHF million, except where indicated | 30.09.2023 | 31.12.2022 | Change | |||
|---|---|---|---|---|---|---|
| Property, plant and equipment | 10,905 | 10,811 | 0.9% | |||
| Intangible assets | 1,751 | 1,741 | 0.6% | |||
| Goodwill | 5,193 | 5,172 | 0.4% | |||
| Right-of-use assets | 1,995 | 1,992 | 0.2% | |||
| Trade receivables | 2,195 | 2,255 | –2.7% | |||
| Receivables from finance leases | 115 | 131 | –12.2% | |||
| Trade payables | (1,532) | (1,674) | –8.5% | |||
| Provisions | (1,200) | (1,159) | 3.5% | |||
| Deferred gain on sale and leaseback of real estate | (82) | (85) | –3.5% | |||
| Other operating assets and liabilities, net | (95) | (218) | –56.4% | |||
| Net operating assets | 19,245 | 18,966 | 1.5% | |||
| Net debt | (7,507) | (7,374) | 1.8% | |||
| Defined benefit assets and liabilities, net | (10) | (11) | –9.1% | |||
| Income tax assets and liabilities, net | (872) | (829) | 5.2% | |||
| Equity-accounted investees and other financial assets | 497 | 419 | 18.6% | |||
| Equity | 11,353 | 11,171 | 1.6% | |||
| Equity ratio in % | 45.7 | 45.4 |
Net operating assets rose by CHF 0.3 billion (+1.5%) compared with year-end 2022. Equity increased by 1.6% to CHF 11.4 billion. Net income of CHF 1,310 million was offset by the dividend payment of CHF 1,140 million. On 28 March 2023, the Annual General Meeting of Swisscom Ltd approved the payment of an unchanged dividend of CHF 22 gross per share. The dividend was paid out on 3 April 2023. The equity ratio rose from 45.4% to 45.7% compared with the end of 2022.
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 | 30.09.2023 | 31.12.2022 | Change | |||
|---|---|---|---|---|---|---|
| Debenture bonds | 4,825 | 4,886 | –1.2% | |||
| Bank loans | 721 | 512 | 40.8% | |||
| Private placements | 321 | 322 | –0.3% | |||
| Other financial liabilities | 280 | 282 | –0.7% | |||
| Lease liabilities | 1,898 | 1,911 | –0.7% | |||
| Total financial liabilities | 8,045 | 7,913 | 1.7% | |||
| Cash and cash equivalents | (127) | (121) | 5.0% | |||
| Other financial assets | (411) | (418) | –1.7% | |||
| Net debt | 7,507 | 7,374 | 1.8% |
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, and a privately placed bond of CHF 50 million with a coupon of 2.19% and a maturity of 30 years. In the second and third quarters of 2023, Swisscom repaid a CHF 250 million bond and a EUR 200 million bank loan on maturity.
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 2023, the average interest rate on net financial liabilities was 1.1%, the average residual term to maturity was 4.8 years, and the share of fixed-interest-bearing financial liabilities was 81%. Swisscom also has two guaranteed lines of credit totalling CHF 2.2 billion, which have not yet been used.