Balance sheet
In CHF million, except where indicated | 30.06.2017 | 31.12.2016 | Change | |||
---|---|---|---|---|---|---|
Assets | ||||||
Cash and cash equivalents and current financial assets | 482 | 506 | –4.7% | |||
Trade and other receivables | 2,556 | 2,532 | 0.9% | |||
Property, plant and equipment | 10,278 | 10,177 | 1.0% | |||
Goodwill | 5,166 | 5,156 | 0.2% | |||
Other intangible assets | 1,738 | 1,756 | –1.0% | |||
Investments in associates and non-current financial assets | 462 | 455 | 1.5% | |||
Income tax assets | 260 | 299 | –13.0% | |||
Other current and non-current assets | 627 | 573 | 9.4% | |||
Total assets | 21,569 | 21,454 | 0.5% | |||
Liabilities and equity | ||||||
Financial liabilities | 9,059 | 8,496 | 6.6% | |||
Trade and other payables | 1,761 | 1,896 | –7.1% | |||
Defined benefit obligations | 1,423 | 1,850 | –23.1% | |||
Provisions | 933 | 962 | –3.0% | |||
Income tax liabilities | 791 | 746 | 6.0% | |||
Other current and non-current liabilities | 1,071 | 982 | 9.1% | |||
Total liabilities | 15,038 | 14,932 | 0.7% | |||
Share of equity attributable to equity holders of Swisscom Ltd | 6,538 | 6,514 | 0.4% | |||
Share of equity attributable to non-controlling interests | (7) | 8 | – | |||
Total equity | 6,531 | 6,522 | 0.1% | |||
Total liabilities and equity | 21,569 | 21,454 | 0.5% | |||
Equity ratio at end of period | 30.3% | 30.4% | ||||
Net debt | 8,441 | 7,846 | 7.6% |
Total assets at 30 June 2017 amounted to CHF 21,569 million, which equates to an increase of CHF 115 million or 0.5% versus the end of 2016. The increase is mainly due to higher property, plant and equipment and other current and non-current assets. Other current and non-current assets increased mainly as a result of higher accruals for prepaid expenses for the 2017 financial year. Defined benefit obligations decreased by CHF 427 million to CHF 1,423 million mainly due to income from plan assets and the higher discount rate. Equity rose by CHF 9 million to CHF 6,531 million, which corresponds to an equity ratio of 30.3% (30.4% as at 31 December 2016). The dividend payment amounted to CHF 1,140 million, compared to net income of CHF 839 million and other net positive effects recognised in equity of CHF 310 million. At the end of June 2017, the cumulative currency translation losses included in equity remained unchanged at around CHF 1.7 billion.
Net debt comprises financial liabilities less cash and cash equivalents, current financial assets and non-current, fixed-interest-bearing deposits. Swisscom targets a net debt/EBITDA ratio of around 1.9.