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Balance sheet

In CHF million, except where indicated   30.06.2018   01.01.2018 1   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.