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3rd Interim Report 2023
3rd Interim Report 2023
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3rd Interim Report 2023
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Table of contents for the 3rd Interim Report 2023 report

3rd Interim Report 2023
KPIsFinancial review
SummarySegment resultsDepreciation and amortisation, non operating resultsCash flowsNet asset positionOutlook
Consolidated interim financial statements
Consolidated statement of comprehensive income (unaudited)Consolidated balance sheet (unaudited)Consolidated statement of cash flows (unaudited)Consolidated statement of changes in equity (unaudited)
Notes to the interim financial statements
About this report1 Changes in accounting principles2 Segment information3 Operating costs4 Dividend5 Financial liabilities6 Financial result7 Net current operating assets8 Provisions and contingent liabilities
Alternative performance measures
Reconciliation of alternative performance measures
Further Information
Share informationQuarterly review 2022 and 2023Forward looking statements
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Net asset position

In CHF million, except where indicated   30.09.2023   31.12.2022   Change
Property, plant and equipment   10,905   10,811   0.9%
Intangible assets   1,751   1,741   0.6%
Goodwill   5,193   5,172   0.4%
Right-of-use assets   1,995   1,992   0.2%
Trade receivables   2,195   2,255   –2.7%
Receivables from finance leases   115   131   –12.2%
Trade payables   (1,532)   (1,674)   –8.5%
Provisions   (1,200)   (1,159)   3.5%
Deferred gain on sale and leaseback of real estate   (82)   (85)   –3.5%
Other operating assets and liabilities, net   (95)   (218)   –56.4%
Net operating assets   19,245   18,966   1.5%
Net debt   (7,507)   (7,374)   1.8%
Defined benefit assets and liabilities, net   (10)   (11)   –9.1%
Income tax assets and liabilities, net   (872)   (829)   5.2%
Equity-accounted investees and other financial assets   497   419   18.6%
Equity   11,353   11,171   1.6%
             
Equity ratio in %   45.7   45.4    

Net operating assets rose by CHF 0.3 bil­lion (+1.5%) compared with year-end 2022. Equity increased by 1.6% to CHF 11.4 bil­lion. Net income of CHF 1,310 million was offset by the dividend payment of CHF 1,140 million. On 28 March 2023, the Annual General Meeting of Swisscom Ltd approved the payment of an unchanged dividend of CHF 22 gross per share. The dividend was paid out on 3 April 2023. The equity ratio rose from 45.4% to 45.7% compared with the end of 2022.

Net debt

Net debt consists of financial liabilities and lease liabilities less cash and cash equivalents, listed debt instruments and derivative financial instruments.

In CHF million   30.09.2023   31.12.2022   Change
Debenture bonds   4,825   4,886   –1.2%
Bank loans   721   512   40.8%
Private placements   321   322   –0.3%
Other financial liabilities   280   282   –0.7%
Lease liabilities   1,898   1,911   –0.7%
Total financial liabilities   8,045   7,913   1.7%
Cash and cash equivalents   (127)   (121)   5.0%
Other financial assets   (411)   (418)   –1.7%
Net debt   7,507   7,374   1.8%

In the first quarter of 2023, Swisscom raised a green bond of CHF 150 million with a coupon of 1.875% and a maturity of 7.5 years, and a privately placed bond of CHF 50 million with a coupon of 2.19% and a maturity of 30 years. In the second and third quarters of 2023, Swisscom repaid a CHF 250 million bond and a EUR 200 million bank loan on maturity.

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 2023, the average interest rate on net financial liabilities was 1.1%, the average residual term to maturity was 4.8 years, and the share of fixed-interest-bearing financial liabilities was 81%. Swisscom also has two guaranteed lines of credit totalling CHF 2.2 bil­lion, which have not yet been used.