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Balance sheet

In CHF million, except where indicated   30.6.2019   1.1.2019 1   Change
Property, plant and equipment   10,685   10,613   0.7%
Goodwill   5,182   5,164   0.3%
Intangible assets   1,890   1,770   6.8%
Right-of-use assets   1,746   1,683   3.7%
Trade receivables   2,196   2,189   0.3%
Trade payables   (1,537)   (1,658)   –7.3%
Provisions   (1,083)   (1,032)   4.9%
Deferred gain on sale and leaseback of real estate   (128)   (134)   –4.5%
Other operating assets and liabilities, net   128   194   –34.0%
Net operating assets   19,079   18,789   1.5%
Net debt excluding lease liabilities   (7,787)   (7,009)   11.1%
Lease liabilities   (1,755)   (1,698)   3.4%
Net debt   (9,542)   (8,707)   9.6%
Defined benefit obligations   (1,169)   (1,196)   –2.3%
Income tax assets and liabilities, net   (773)   (895)   –13.6%
Equity-accounted investees and other non-current financial assets   295   217   35.9%
Equity   7,890   8,208   –3.9%
             
Equity ratio at end of period (in %)   32.6   34.2    
1 Including effect of initially applying IFRS 16.

Equity fell by CHF 318 million or 3.9% to CHF 7,890 million, which corresponds to an equity ratio of 32.6% (34.2% as at 1 January 2019). The dividend payment amounted to CHF 1,140 million, compared to net income of CHF 780 million and other net positive effects recognised in equity of CHF 26 million. Cumulative currency translation losses included in equity remained unchanged from the end of 2018 at around CHF 1.7 bil­lion.