Net asset position
| In CHF million, except where indicated | 30.06.2024 | 31.12.2023 | Change | |||
|---|---|---|---|---|---|---|
| In CHF million, except where indicatedProperty, plant and equipment | 30.06.202411,275 | 31.12.202311,059 | Change216 | |||
| In CHF million, except where indicatedIntangible assets | 30.06.20241,742 | 31.12.20231,737 | Change5 | |||
| In CHF million, except where indicatedGoodwill | 30.06.20245,195 | 31.12.20235,172 | Change23 | |||
| In CHF million, except where indicatedRight-of-use assets | 30.06.20241,982 | 31.12.20231,972 | Change10 | |||
| In CHF million, except where indicatedTrade receivables | 30.06.20242,131 | 31.12.20232,143 | Change(12) | |||
| In CHF million, except where indicatedReceivables from finance leases | 30.06.2024136 | 31.12.2023130 | Change6 | |||
| In CHF million, except where indicatedTrade payables | 30.06.2024(1,509) | 31.12.2023(1,611) | Change102 | |||
| In CHF million, except where indicatedProvisions | 30.06.2024(1,245) | 31.12.2023(1,263) | Change18 | |||
| In CHF million, except where indicatedDeferred gain on sale and leaseback of real estate | 30.06.2024(79) | 31.12.2023(81) | Change2 | |||
| In CHF million, except where indicatedOther operating assets and liabilities, net | 30.06.2024116 | 31.12.2023(141) | Change257 | |||
| In CHF million, except where indicatedNet operating assets | 30.06.202419,744 | 31.12.202319,117 | Change627 | |||
| In CHF million, except where indicatedNet debt | 30.06.2024(7,919) | 31.12.2023(7,071) | Change(848) | |||
| In CHF million, except where indicatedDefined benefit assets and liabilities, net | 30.06.2024(9) | 31.12.2023(10) | Change1 | |||
| In CHF million, except where indicatedIncome tax assets and liabilities, net | 30.06.2024(883) | 31.12.2023(875) | Change(8) | |||
| In CHF million, except where indicatedEquity-accounted investees and other financial assets | 30.06.2024646 | 31.12.2023461 | Change185 | |||
| In CHF million, except where indicatedEquity | 30.06.202411,579 | 31.12.202311,622 | Change(43) | |||
| In CHF million, except where indicated | 30.06.2024 | 31.12.2023 | Change | |||
| In CHF million, except where indicatedEquity ratio in % | 30.06.202439.1 | 31.12.202347.0 | Change |
Net operating assets were higher at CHF 19.7 billion (+3.3%) compared with year-end 2023. Equity decreased by 0.4% to CHF 11.6 billion. Net income of CHF 836 million was offset by the dividend payment of CHF 1,140 million. On 27 March 2024, 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 2 April 2024. The equity ratio fell from 47.0% to 39.1% versus the end of 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 | 30.06.2024 | 31.12.2023 | Change | |||
|---|---|---|---|---|---|---|
| In CHF millionDebenture bonds | 30.06.20249,844 | 31.12.20234,789 | Change5,055 | |||
| In CHF millionBank loans | 30.06.2024266 | 31.12.2023267 | Change(1) | |||
| In CHF millionPrivate placements | 30.06.2024323 | 31.12.2023322 | Change1 | |||
| In CHF millionOther financial liabilities | 30.06.2024282 | 31.12.2023287 | Change(5) | |||
| In CHF millionLease liabilities | 30.06.20241,900 | 31.12.20231,915 | Change(15) | |||
| In CHF millionTotal financial liabilities and lease liabilities | 30.06.202412,615 | 31.12.20237,580 | Change5,035 | |||
| In CHF millionCash and cash equivalents | 30.06.2024(4,312) | 31.12.2023(148) | Change(4,164) | |||
| In CHF millionOther financial assets | 30.06.2024(384) | 31.12.2023(361) | Change(23) | |||
| In CHF millionNet debt | 30.06.20247,919 | 31.12.20237,071 | Change848 |
As at 30 June 2024, the average interest expense on financial liabilities was 2.13%, the average residual term to maturity was 6.4 years, and the share of fixed-interest-bearing financial liabilities was 92%. Swisscom also has two lines of credit totalling CHF 2.2 billion, which have not been used.
In March 2024, Swisscom signed a contract to acquire Vodafone Italia for EUR 8.0 billion. The transaction is scheduled to complete in the first quarter of 2025. Swisscom finalised its transaction financing in the second quarter of 2024. This comprises the issue of domestic Swiss bonds totalling CHF 1.1 billion, eurobonds of EUR 4.0 billion and a syndicated bank loan in the amount of EUR 3.0 billion. The bonds were issued in May 2024. The funds raised from the bond issues were either used to repay existing debt or were invested in current financial assets with a term of up to three months. Current financial assets are recognised as cash and cash equivalents in Swisscom’s consolidated financial statements. For further information, see note 5 to the interim financial statements.