Net asset position
| In CHF million, except where indicated | 31.3.2025 | 31.12.2024 | Change | |||
|---|---|---|---|---|---|---|
| Property, plant and equipment | 13,424 | 13,377 | 47 | |||
| Intangible assets | 6,086 | 6,081 | 5 | |||
| Goodwill | 6,488 | 6,465 | 23 | |||
| Right-of-use assets | 4,403 | 4,426 | (23) | |||
| Trade receivables | 2,764 | 2,866 | (102) | |||
| Receivables from finance leases | 181 | 182 | (1) | |||
| Trade payables | (2,764) | (2,647) | (117) | |||
| Provisions | (1,496) | (1,582) | 86 | |||
| Deferred gain on sale and leaseback of real estate | (77) | (77) | – | |||
| Other operating assets and liabilities, net | (108) | (224) | 116 | |||
| Net operating assets | 28,901 | 28,867 | 34 | |||
| Net debt | (15,634) | (16,081) | 447 | |||
| Defined benefit assets and obligations, net | (55) | (55) | – | |||
| Income tax assets and liabilities, net | (840) | (801) | (39) | |||
| Equity-accounted investees and other financial assets | 226 | 224 | 2 | |||
| Equity | 12,598 | 12,154 | 444 | |||
| Equity ratio in % | 33.8 | 32.3 |
Net operating assets remain unchanged at CHF 28.9 billion compared with the end of 2024. The CHF 0.4 billion increase in equity to CHF 12.6 billion corresponds to the net income for the first quarter of 2025. The equity ratio rose from 32.3% to 33.8% compared with the end of 2024. On 26 March 2025, 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 1 April 2025.
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 | 31.3.2025 | 31.12.2024 | Change | |||
|---|---|---|---|---|---|---|
| Debenture bonds | 9,952 | 9,832 | 120 | |||
| Bank loans | 2,404 | 3,394 | -990 | |||
| Private placements | 322 | 322 | 0 | |||
| Other financial liabilities | 406 | 445 | -39 | |||
| Lease liabilities | 3,950 | 4,026 | -76 | |||
| Total financial liabilities and lease liabilities | 17,034 | 18,019 | (985) | |||
| Cash and cash equivalents | (994) | (1,523) | 529 | |||
| Other financial assets | (406) | (415) | 9 | |||
| Net debt | 15,634 | 16,081 | (447) |
As at 31 March 2025, the average interest expense on financial liabilities was 1.95%, the average residual term to maturity was 5.6 years, and the share of fixed-interest-bearing financial liabilities was 93%. Swisscom also has two committed credit lines totalling CHF 2.9 billion, which have not been used. At the end of 2024, the pro forma ratio net debt/EBITDA amounted to 2.4x. Swisscom expects its leverage ratio to remain unchanged at 2.4x at the end of 2025.