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Balance sheet

In CHF million, except where indicated   31.3.2018   01.01.2018 1   Change
Property, plant and equipment   10,732   10,697   0.3%
Goodwill   5,190   5,186   0.1%
Intangible assets   1,653   1,758   –6.0%
Trade receivables   2,273   2,359   –3.6%
Trade payables   (1,624)   (1,753)   –7.4%
Provisions   (1,036)   (1,077)   –3.8%
Deferred gain on sale and leaseback of real estate   (143)   (146)   –2.1%
Other operating assets and liabilities, net   134   (44)  
Net operating assets   17,179   16,980   1.2%
Net debt   (7,294)   (7,447)   –2.1%
Defined benefit obligations   (991)   (1,048)   –5.4%
Income tax assets and liabilities, net   (756)   (806)   –6.2%
Equity-accounted investees and other non-current financial assets   261   264   –1.1%
Equity   8,399   7,943   5.7%
             
Equity ratio at end of period (in %)   36.8   36.0    
1 Including cumulative effect of initially applying IFRS 9 and IFRS 15.

Equity rose due to the increase in net income by CHF 456 million or 5.7% to CHF 8,399 million, which corresponds to an equity ratio of 36.8% (36.0% as at 1 January 2018). Cumulative currency translation losses included in equity remained unchanged from the end of 2017 at around CHF 1.7 bil­lion.