Balance sheet

In CHF million, except where indicated	30.6.2019	1.1.2019¹	Change
Property, plant and equipment	10,685	10,613	0.7%
Goodwill	5,182	5,164	0.3%
Intangible assets	1,890	1,770	6.8%
Right-of-use assets	1,746	1,683	3.7%
Trade receivables	2,196	2,189	0.3%
Trade payables	(1,537)	(1,658)	–7.3%
Provisions	(1,083)	(1,032)	4.9%
Deferred gain on sale and leaseback of real estate	(128)	(134)	–4.5%
Other operating assets and liabilities, net	128	194	–34.0%
Net operating assets	19,079	18,789	1.5%
Net debt excluding lease liabilities	(7,787)	(7,009)	11.1%
Lease liabilities	(1,755)	(1,698)	3.4%
Net debt	(9,542)	(8,707)	9.6%
Defined benefit obligations	(1,169)	(1,196)	–2.3%
Income tax assets and liabilities, net	(773)	(895)	–13.6%
Equity-accounted investees and other non-current financial assets	295	217	35.9%
Equity	7,890	8,208	–3.9%

Equity ratio at end of period (in %)	32.6	34.2
¹ Including effect of initially applying IFRS 16.

Equity fell by CHF 318 million or 3.9% to CHF 7,890 million, which corresponds to an equity ratio of 32.6% (34.2% as at 1 January 2019). The dividend payment amounted to CHF 1,140 million, compared to net income of CHF 780 million and other net positive effects recognised in equity of CHF 26 million. Cumulative currency translation losses included in equity remained unchanged from the end of 2018 at around CHF 1.7 billion.

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Balance sheet