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Balance sheet

In CHF million, except where indicated   30.09.2018   01.01.2018 1   Change
Property, plant and equipment   10,767   10,697   0.7%
Goodwill   5,167   5,186   –0.4%
Intangible assets   1,561   1,758   –11.2%
Trade receivables   2,205   2,359   –6.5%
Trade payables   (1,551)   (1,753)   –11.5%
Provisions   (1,004)   (1,077)   –6.8%
Deferred gain on sale and leaseback of real estate   (137)   (146)   –6.2%
Other operating assets and liabilities, net   227   (51)  
Net operating assets   17,235   16,973   1.5%
Net debt   (7,641)   (7,447)   2.6%
Defined benefit obligations   (680)   (1,048)   –35.1%
Income tax assets and liabilities, net   (883)   (804)   9.8%
Equity-accounted investees and other non-current financial assets   283   264   7.2%
Equity   8,314   7,938   4.7%
             
Equity ratio at end of period (in %)   37.6   36.0    
1 Including cumulative effect of initially applying IFRS 9 and IFRS 15.

Equity rose by CHF 376 million to CHF 8,314 million, which corresponds to an equity ratio of 37.6% (36.0% as at 31 December 2017). The dividend payment amounted to CHF 1,140 million, compared to net income of CHF 1,213 million and other net positive effects recognised in equity of CHF 314 million. The decrease in defined benefit obligations of CHF 368 million to CHF 680 million is mainly due to the higher discount rate. Cumulative currency translation losses included in equity remained unchanged from the end of 2017 at around CHF 1.7 bil­lion.