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 | ||||
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1 Including effect of initially applying IFRS 16.
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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.