Balance sheet

In CHF million, except where indicated	30.06.2018	01.01.2018¹	Change
Property, plant and equipment	10,747	10,697	0.5%
Goodwill	5,180	5,186	–0.1%
Intangible assets	1,614	1,758	–8.2%
Trade receivables	2,206	2,359	–6.5%
Trade payables	(1,564)	(1,753)	–10.8%
Provisions	(1,036)	(1,077)	–3.8%
Deferred gain on sale and leaseback of real estate	(140)	(146)	–4.1%
Other operating assets and liabilities, net	277	(51)	–
Net operating assets	17,284	16,973	1.8%
Net debt	(8,146)	(7,447)	9.4%
Defined benefit obligations	(951)	(1,048)	–9.3%
Income tax assets and liabilities, net	(767)	(804)	–4.6%
Equity-accounted investees and other non-current financial assets	265	264	0.4%
Equity	7,685	7,938	–3.2%

Equity ratio at end of period (in %)	34.3	36.0
¹ Including cumulative effect of initially applying IFRS 9 and IFRS 15.

Equity fell by CHF 253 million to CHF 7,685 million, which corresponds to an equity ratio of 34.3% (36.0% as at 31 December 2017). The dividend payment amounted to CHF 1,140 million, compared to net income of CHF 787 million and other net positive effects recognised in equity of CHF 112 million. Cumulative currency translation losses included in equity remained unchanged from the end of 2017 at around CHF 1.7 billion.

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Balance sheet