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Balance sheet

In CHF million, except where indicated   31.3.2019   1.1.2019 1   Change
Property, plant and equipment   10,613   10,613  
Goodwill   5,160   5,164   –0.1%
Intangible assets   1,740   1,770   –1.7%
Right-of-use assets   1,717   1,688   1.7%
Trade receivables   2,205   2,189   0.7%
Trade payables   (1,697)   (1,658)   2.4%
Provisions   (1,067)   (1,032)   3.4%
Deferred gain on sale and leaseback of real estate   (131)   (134)   –2.2%
Other operating assets and liabilities, net   183   194   –5.7%
Net operating assets   18,723   18,794   –0.4%
Net debt excluding lease liabilities   (6,736)   (7,009)   –3.9%
Lease liabilities   (1,719)   (1,703)   0.9%
Net debt   (8,455)   (8,712)   –2.9%
Defined benefit obligations   (1,469)   (1,196)   22.8%
Income tax assets and liabilities, net   (710)   (895)   –20.7%
Equity-accounted investees and other non-current financial assets   301   217   38.7%
Equity   8,390   8,208   2.2%
             
Equity ratio at end of period (in %)   34.8   34.2    
1 Including effect of initially applying IFRS 16.

Equity rose due to the increase in net income by CHF 182 million or 2.2% to CHF 8,390 million, which corresponds to an equity ratio of 34.8% (34.2% as at 1 January 2019). Cumulative currency translation losses included in equity remained unchanged from the end of 2018 at around CHF 1.7 bil­lion. The rise in defined benefit obligations of CHF 273 million to CHF 1,469 million is mainly due to the lower discount rate.