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3rd Interim Report 2024
3rd Interim Report 2024
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3rd Interim Report 2024
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Table of contents for the 3rd Interim Report 2024 report

3rd 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   30.09.2024   31.12.2023   Change
Property, plant and equipment   11,330   11,059   271
Intangible assets   1,711   1,737   (26)
Goodwill   5,184   5,172   12
Right-of-use assets   1,976   1,972   4
Trade receivables   2,073   2,143   (70)
Receivables from finance leases   128   130   (2)
Trade payables   (1,518)   (1,611)   93
Provisions   (1,253)   (1,263)   10
Deferred gain on sale and leaseback of real estate   (78)   (81)   3
Other operating assets and liabilities, net   (37)   (148)   111
Net operating assets   19,516   19,110   406
Net debt   (6,893)   (7,071)   178
Defined benefit assets and liabilities, net   (21)   (10)   (11)
Income tax assets and liabilities, net   (913)   (875)   (38)
Equity-accounted investees and other financial assets   214   461   (247)
Non-current assets held for sale   5   7   (2)
Equity   11,908   11,622   286
             
Equity ratio in %   39.6   47.0    

Net operating assets rose by CHF 0.4 bil­lion (+2.1%) to CHF 19.5 bil­lion compared with year-end 2023. The increase is mainly due to the high level of investing activity in the network infrastructure in both Switzerland and Italy. Equity rose by CHF 0.3 bil­lion (+2.5%) to CHF 11.9 bil­lion. Net income of CHF 1,283 million and other gains recognised in equity of CHF 145 million were offset by dividend payments 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 39.6% versus the end of 2023. The reason for the decrease in the equity ratio is the increase in the balance sheet total resulting from financial liabilities being issued in relation to the acquisition of Vodafone Italia.

Net debt

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

In CHF million   30.09.2024   31.12.2023   Change
Debenture bonds   9,841   4,789   5,052
Bank loans   257   267   (10)
Private placements   321   322   (1)
Other financial liabilities   318   287   31
Lease liabilities   1,907   1,915   (8)
Total financial liabilities and lease liabilities   12,644   7,580   5,064
Cash and cash equivalents   (3,252)   (148)   (3,104)
Other financial assets   (2,499)   (361)   (2,138)
Net debt   6,893   7,071   (178)

As at 30 September 2024, the average interest rate on financial liabilities was 1.96%, the average residual term to maturity was 6.7 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. Current financial assets are recognised as cash and cash equivalents or as other financial assets in Swisscom’s consolidated financial statements. For further information, see note 5 to the interim financial statements.