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Net asset position

In CHF million, except where indicated   30.06.2022   31.12.2021   Change
Property, plant and equipment   10,613   10,771   –1.5%
Intangible assets   1,699   1,714   –0.9%
Goodwill   5,173   5,157   0.3%
Right-of-use assets   2,058   2,134   –3.6%
Trade receivables   2,312   2,315   –0.1%
Receivables from finance leases   107   99   8.1%
Trade payables   (1,527)   (1,600)   –4.6%
Provisions   (1,111)   (1,149)   –3.3%
Deferred gain on sale and leaseback of real estate   (92)   (95)   –3.2%
Other operating assets and liabilities, net   (98)   (438)   –77.6%
Net operating assets   19,134   18,908   1.2%
Net debt   (8,538)   (7,706)   10.8%
Net defined benefit liabilities   (7)   (13)   –46.2%
Income tax assets and liabilities, net   (702)   (835)   –15.9%
Equity-accounted investees and other non-current financial assets   531   459   15.7%
Equity   10,418   10,813   –3.7%
             
Equity ratio in %   42.4   43.6    

Operating assets

Net operating assets were up slightly compared with year-end 2021 at CHF 19,134 million (+1.2%). Equity decreased by 3.7% or CHF 395 million to CHF 10,418 million. Net income of CHF 785 million was offset by the dividend payment of CHF 1,140 million. On 31 March 2022, the Annual General Meeting of Swisscom Ltd approved the payment of an unchanged gross dividend of CHF 22 per share. The equity ratio fell from 43.6% to 42.4% versus the end of 2021.

Net debt

Net debt comprises financial 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   30.06.2022   31.12.2021
Debenture bonds   5,456   5,564
Bank loans   1,208   488
Private placements   150   151
Other financial liabilities   249   242
Financial liabilities   7,063   6,445
Cash and cash equivalents   (147)   (401)
Listed debt instruments   (294)   (278)
Derivative financial instruments for financing   (10)   (19)
Other current financial assets   (17)   (58)
Net debt excl. lease liabilities   6,595   5,689
Lease liabilities   1,943   2,017
Net debt   8,538   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 30 June 2022, the average interest expense on financial liabilities was 0.81%, the average residual term to maturity was 4.9 years, and the share of fixed-interest-bearing financial liabilities was 76%. Swisscom also has two lines of credit totalling CHF 2.2 bil­lion, which have not been used.