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Net asset position

In CHF million, except where indicated   31.03.2022   31.12.2021   Change
Property, plant and equipment   10,674   10,771   –0.9%
Intangible assets   1,730   1,714   0.9%
Goodwill   5,189   5,157   0.6%
Right-of-use assets   2,118   2,134   –0.7%
Trade receivables   2,257   2,315   –2.5%
Receivables from finance leases   111   99   12.1%
Trade payables   (1,554)   (1,600)   –2.9%
Provisions   (1,031)   (1,149)   –10.3%
Deferred gain on sale and leaseback of real estate   (94)   (95)   –1.1%
Other operating assets and liabilities, net   (185)   (438)   –57.8%
Net operating assets   19,215   18,908   1.6%
Net debt   (7,680)   (7,706)   –0.3%
Defined benefit obligations   (10)   (13)   –23.1%
Income tax assets and liabilities, net   (760)   (835)   –9.0%
Equity-accounted investees and other non-current financial assets   495   459   7.8%
Equity   11,260   10,813   4.1%
             
Equity ratio in %   45.2   43.6    

Net operating assets were up slightly compared with year-end 2021 at CHF 19,215 million (+1.6%). The increase in equity by 4.1% or CHF 447 million to CHF 11,260 million corresponds to net income for the first quarter of 2022. The equity ratio rose by 43.6% to 45.2% versus the end of 2021.

On 31 March 2022, the Annual General Meeting of Swisscom AG approved the payment of an unchanged gross dividend of CHF 22 per share. A total dividend amount of CHF 1,140 million was paid out on 5 April 2022.

Net debt

Net debt comprises financial liabilities and lease liabilities less cash and cash equivalents, listed debt instruments, derivative financial instruments held for hedging financial liabilities and other current financial assets.

In CHF million   31.03.2022   31.12.2021
Debenture bonds   5,525   5,564
Bank loans   484   488
Private placements   150   151
Other financial liabilities   219   242
Total financial liabilities   6,378   6,445
Cash and cash equivalents   (333)   (401)
Listed debt instruments   (283)   (278)
Derivative financial instruments for financing   (5)   (19)
Other current financial assets   (62)   (58)
Net debt excl. lease liabilities   5,695   5,689
Lease liabilities   1,985   2,017
Net debt   7,680   7,706

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 31 March 2022, the average interest expense on financial liabilities was 0.9%, the average residual term to maturity was 5.9 years, and the share of fixed-interest-bearing financial liabilities was 88%. Swisscom also has two lines of credit totalling CHF 2.2 bil­lion, which have not been used.