Net asset position
| In CHF million, except where indicated | 30.09.2024 | 31.12.2023 | Change | |||
|---|---|---|---|---|---|---|
| Property, plant and equipment | 11,330 | 11,059 | 271 | |||
| Intangible assets | 1,711 | 1,737 | (26) | |||
| Goodwill | 5,184 | 5,172 | 12 | |||
| Right-of-use assets | 1,976 | 1,972 | 4 | |||
| Trade receivables | 2,073 | 2,143 | (70) | |||
| Receivables from finance leases | 128 | 130 | (2) | |||
| Trade payables | (1,518) | (1,611) | 93 | |||
| Provisions | (1,253) | (1,263) | 10 | |||
| Deferred gain on sale and leaseback of real estate | (78) | (81) | 3 | |||
| Other operating assets and liabilities, net | (37) | (148) | 111 | |||
| Net operating assets | 19,516 | 19,110 | 406 | |||
| Net debt | (6,893) | (7,071) | 178 | |||
| Defined benefit assets and liabilities, net | (21) | (10) | (11) | |||
| Income tax assets and liabilities, net | (913) | (875) | (38) | |||
| Equity-accounted investees and other financial assets | 214 | 461 | (247) | |||
| Non-current assets held for sale | 5 | 7 | (2) | |||
| Equity | 11,908 | 11,622 | 286 | |||
| Equity ratio in % | 39.6 | 47.0 |
Net operating assets rose by CHF 0.4 billion (+2.1%) to CHF 19.5 billion compared with year-end 2023. The increase is mainly due to the high level of investing activity in the network infrastructure in both Switzerland and Italy. Equity rose by CHF 0.3 billion (+2.5%) to CHF 11.9 billion. Net income of CHF 1,283 million and other gains recognised in equity of CHF 145 million were offset by dividend payments 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 39.6% versus the end of 2023. The reason for the decrease in the equity ratio is the increase in the balance sheet total resulting from financial liabilities being issued in relation to the acquisition of Vodafone Italia.
Net debt
Net debt consists of financial liabilities and lease liabilities less cash and cash equivalents, fixed deposits, listed debt instruments and derivative financial instruments.
| In CHF million | 30.09.2024 | 31.12.2023 | Change | |||
|---|---|---|---|---|---|---|
| Debenture bonds | 9,841 | 4,789 | 5,052 | |||
| Bank loans | 257 | 267 | (10) | |||
| Private placements | 321 | 322 | (1) | |||
| Other financial liabilities | 318 | 287 | 31 | |||
| Lease liabilities | 1,907 | 1,915 | (8) | |||
| Total financial liabilities and lease liabilities | 12,644 | 7,580 | 5,064 | |||
| Cash and cash equivalents | (3,252) | (148) | (3,104) | |||
| Other financial assets | (2,499) | (361) | (2,138) | |||
| Net debt | 6,893 | 7,071 | (178) |
As at 30 September 2024, the average interest rate on financial liabilities was 1.96%, the average residual term to maturity was 6.7 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. Current financial assets are recognised as cash and cash equivalents or as other financial assets in Swisscom’s consolidated financial statements. For further information, see note 5 to the interim financial statements.