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Net asset position

In CHF million, except where indicated   30.09.2021   31.12.2020   Change
Property, plant and equipment   10,733   10,725   0.1%
Intangible assets   1,698   1,745   –2.7%
Goodwill   5,163   5,162   –%
Right-of-use assets   2,106   2,138   –1.5%
Trade receivables   2,351   2,132   10.3%
Trade payables   (1,467)   (1,525)   –3.8%
Provisions   (1,220)   (1,216)   0.3%
Deferred gain on sale and leaseback of real estate   (96)   (106)   –9.4%
Other operating assets and liabilities, net   (430)   (240)   79.2%
Net operating assets   18,838   18,815   0.1%
Net debt   (6,040)   (6,218)   –2.9%
Lease liabilities   (1,959)   (1,988)   –1.5%
Net defined benefit liabilities   (11)   (795)   –98.6%
Income tax assets and liabilities, net   (741)   (643)   15.2%
Equity-accounted investees and other non-current financial assets   454   320   41.9%
Equity   10,541   9,491   11.1%
             
Equity ratio in %   43.0   39.1    

Net operating assets were virtually unchanged at CHF 18,838 million (+0.1%) compared with year-end 2020. Defined benefit obligations decreased by CHF 784 million to CHF 11 million as a result of an adjustment to the pension plan, a positive return on plan assets and a higher discount rate. The increase in equity by 11.1% or CHF 1,050 million to CHF 10,541 million was attributable to net income of CHF 1,536 million and other comprehensive income of CHF 652 million recognised directly in equity, minus the dividend payment of CHF 1,140 million. Correspondingly, the equity ratio rose from 39.1% to 43.0%.

Net debt

Net debt is presented both with and without classification of leases as financial liabilities. For credit rating purposes, rating agencies include lease liabilities in the calculation of net debt.

In CHF million, except where indicated   30.09.2021   31.12.2020   Change
Debenture bonds   5,647   6,110   –7.6%
Bank loans   643   484   32.9%
Private placements   150   151   –0.7%
Other financial liabilities   241   297   –18.9%
Total financial liabilities   6,681   7,042   –5.1%
Cash and cash equivalents   (265)   (340)   –22.1%
Listed debt instruments   (290)   (271)   7.0%
Derivative financial instruments for financing   (58)   (79)   –26.6%
Other current financial assets   (28)   (134)   –79.1%
Net debt   6,040   6,218   –2.9%
Lease liabilities   1,959   1,988   –1.5%
Net debt incl. lease liabilities   7,999   8,206   –2.5%

In the previous year, Swisscom became the first listed company in Switzerland to issue a green bond in EUR. The first green bond issue in CHF followed in the second quarter of 2021. The nominal amount was CHF 100 million, with a coupon of 0.25% maturing in 2033. Swisscom repaid a EUR 500 million bond upon maturity in the third quarter of 2021. 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 2021, the average interest expense on financial liabilities was 0.84%, the average residual term to maturity was 6.0 years, and the share of the Group’s variable interest-bearing financial liabilities was 17%.