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.