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Balance sheet

In CHF million, except where indicated   30.06.2017   31.12.2016   Change
             
Assets
Cash and cash equivalents and current financial assets   482   506   –4.7%
Trade and other receivables   2,556   2,532   0.9%
Property, plant and equipment   10,278   10,177   1.0%
Goodwill   5,166   5,156   0.2%
Other intangible assets   1,738   1,756   –1.0%
Investments in associates and non-current financial assets   462   455   1.5%
Income tax assets   260   299   –13.0%
Other current and non-current assets   627   573   9.4%
Total assets   21,569   21,454   0.5%
             
Liabilities and equity
Financial liabilities   9,059   8,496   6.6%
Trade and other payables   1,761   1,896   –7.1%
Defined benefit obligations   1,423   1,850   –23.1%
Provisions   933   962   –3.0%
Income tax liabilities   791   746   6.0%
Other current and non-current liabilities   1,071   982   9.1%
Total liabilities   15,038   14,932   0.7%
Share of equity attributable to equity holders of Swisscom Ltd   6,538   6,514   0.4%
Share of equity attributable to non-controlling interests   (7)   8  
Total equity   6,531   6,522   0.1%
Total liabilities and equity   21,569   21,454   0.5%
Equity ratio at end of period   30.3%   30.4%    
             
Net debt   8,441   7,846   7.6%

Total assets at 30 June 2017 amounted to CHF 21,569 million, which equates to an increase of CHF 115 million or 0.5% versus the end of 2016. The increase is mainly due to higher property, plant and equipment and other current and non-current assets. Other current and non-current assets increased mainly as a result of higher accruals for prepaid expenses for the 2017 financial year. Defined benefit obligations decreased by CHF 427 million to CHF 1,423 million mainly due to income from plan assets and the higher discount rate. Equity rose by CHF 9 million to CHF 6,531 million, which corresponds to an equity ratio of 30.3% (30.4% as at 31 December 2016). The dividend payment amounted to CHF 1,140 million, compared to net income of CHF 839 million and other net positive effects recognised in equity of CHF 310 million. At the end of June 2017, the cumulative currency translation losses included in equity remained unchanged at around CHF 1.7 bil­lion.

Net debt comprises financial liabilities less cash and cash equivalents, current financial assets and non-current, fixed-interest-bearing deposits. Swisscom targets a net debt/EBITDA ratio of around 1.9.