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2nd Interim Report 2024
2nd Interim Report 2024
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2nd Interim Report 2024
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Table of contents for the 2nd Interim Report 2024 report

2nd Interim Report 2024
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 Accounting policies2 Segment information3 Operating costs4 Dividend5 Financial liabilities6 Financial result7 Net current operating assets8 Provisions and contingent liabilities9 Company acquisition of Vodafone Italia10 Sale of shares in FiberCop
Alternative performance measures
Reconciliation of alternative performance measures
Further information
Share informationQuarterly review 2023 and 2024Forward looking statements
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Net asset position

In CHF million, except where indicated   30.06.2024   31.12.2023   Change
Property, plant and equipment   11,275   11,059   216
Intangible assets   1,742   1,737   5
Goodwill   5,195   5,172   23
Right-of-use assets   1,982   1,972   10
Trade receivables   2,131   2,143   (12)
Receivables from finance leases   136   130   6
Trade payables   (1,509)   (1,611)   102
Provisions   (1,245)   (1,263)   18
Deferred gain on sale and leaseback of real estate   (79)   (81)   2
Other operating assets and liabilities, net   116   (141)   257
Net operating assets   19,744   19,117   627
Net debt   (7,919)   (7,071)   (848)
Defined benefit assets and liabilities, net   (9)   (10)   1
Income tax assets and liabilities, net   (883)   (875)   (8)
Equity-accounted investees and other financial assets   646   461   185
Equity   11,579   11,622   (43)
             
Equity ratio in %   39.1   47.0    

Net operating assets were higher at CHF 19.7 bil­lion (+3.3%) compared with year-end 2023. Equity decreased by 0.4% to CHF 11.6 bil­lion. Net income of CHF 836 million was offset by the dividend payment of CHF 1,140 million. 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. The equity ratio fell from 47.0% to 39.1% versus the end of 2023.

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   30.06.2024   31.12.2023   Change
Debenture bonds   9,844   4,789   5,055
Bank loans   266   267   (1)
Private placements   323   322   1
Other financial liabilities   282   287   (5)
Lease liabilities   1,900   1,915   (15)
Total financial liabilities and lease liabilities   12,615   7,580   5,035
Cash and cash equivalents   (4,312)   (148)   (4,164)
Other financial assets   (384)   (361)   (23)
Net debt   7,919   7,071   848

As at 30 June 2024, the average interest expense on financial liabilities was 2.13%, the average residual term to maturity was 6.4 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.

In March 2024, Swisscom signed a contract to acquire Vodafone Italia for EUR 8.0 bil­lion. The transaction is scheduled to complete in the first quarter of 2025. Swisscom finalised its transaction financing in the second quarter of 2024. This comprises the issue of domestic Swiss bonds totalling CHF 1.1 bil­lion, eurobonds of EUR 4.0 bil­lion and a syndicated bank loan in the amount of EUR 3.0 bil­lion. The bonds were issued in May 2024. The funds raised from the bond issues were either used to repay existing debt or were invested in current financial assets with a term of up to three months. Current financial assets are recognised as cash and cash equivalents in Swisscom’s consolidated financial statements. For further information, see note 5 to the interim financial statements.