Net asset position
| In CHF million, except where indicated | 31.03.2024 | 31.12.2023 | Change | |||
|---|---|---|---|---|---|---|
| Property, plant and equipment | 11,223 | 11,059 | 1.5% | |||
| Intangible assets | 1,787 | 1,737 | 2.9% | |||
| Goodwill | 5,203 | 5,172 | 0.6% | |||
| Right-of-use assets | 2,016 | 1,972 | 2.2% | |||
| Trade receivables | 2,200 | 2,143 | 2.7% | |||
| Receivables from finance leases | 125 | 130 | –3.8% | |||
| Trade payables | (1,637) | (1,611) | 1.6% | |||
| Provisions | (1,232) | (1,263) | –2.5% | |||
| Deferred gain on sale and leaseback of real estate | (80) | (81) | –1.2% | |||
| Other operating assets and liabilities, net | 27 | (141) | ||||
| Net operating assets | 19,632 | 19,117 | 2.7% | |||
| Net debt | (6,941) | (7,071) | –1.8% | |||
| Defined benefit assets and obligations, net | (9) | (10) | –10.0% | |||
| Income tax assets and liabilities, net | (950) | (875) | 8.6% | |||
| Equity-accounted investees and other financial assets | 458 | 461 | –0.7% | |||
| Equity | 12,190 | 11,622 | 4.9% | |||
| Equity ratio in % | 47.7 | 47.0 |
Net operating assets were higher at CHF 19.6 billion (+2.7%) compared with year-end 2023. The 4.9% increase in equity to CHF 12.2 billion corresponds to the net income for the first quarter of 2024. The equity ratio rose from 47.0% to 47.7% compared with the end of 2023. On 27 March 2024, the Annual General Meeting of Swisscom Ltd approved the payment of an unchanged dividend of CHF 22 gross per share. A total dividend amount of CHF 1,140 million was paid out on 2 April 2024.
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 | 31.03.2024 | 31.12.2023 | Change | |||
|---|---|---|---|---|---|---|
| Debenture bonds | 4,875 | 4,789 | 1.8% | |||
| Bank loans | 268 | 267 | 0.4% | |||
| Private placements | 322 | 322 | –% | |||
| Other financial liabilities | 276 | 287 | –3.8% | |||
| Lease liabilities | 1,925 | 1,915 | 0.5% | |||
| Total financial liabilities and lease liabilities | 7,666 | 7,580 | 1.1% | |||
| Cash and cash equivalents | (345) | (148) | 133.1% | |||
| Other financial assets | (380) | (361) | 5.3% | |||
| Net debt | 6,941 | 7,071 | –1.8% |
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 2024, the average interest expense on financial liabilities was 1.0%, the average residual term to maturity was 4.9 years, and the share of fixed-interest-bearing financial liabilities was 92%. Swisscom also has two lines of credit totalling CHF 2.2 billion, which have not been used.