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Balance sheet

In CHF million, except where indicated   30.9.2019   1.1.2019 1   Change
Property, plant and equipment   10,700   10,613   0.8%
Goodwill   5,166   5,164   0.0%
Intangible assets   1,826   1,770   3.2%
Right-of-use assets   1,736   1,683   3.1%
Trade receivables   2,130   2,189   –2.7%
Trade payables   (1,547)   (1,658)   –6.7%
Provisions   (1,114)   (1,032)   7.9%
Deferred gain on sale and leaseback of real estate   (124)   (134)   –7.5%
Other operating assets and liabilities, net   86   194   –55.7%
Net operating assets   18,859   18,789   0.4%
Net debt excluding lease liabilities   (7,182)   (7,009)   2.5%
Lease liabilities   (1,751)   (1,698)   3.1%
Net debt   (8,933)   (8,707)   2.6%
Defined benefit obligations   (1,514)   (1,196)   26.6%
Income tax assets and liabilities, net   (736)   (895)   –17.8%
Equity-accounted investees and other non-current financial assets   313   217   44.2%
Equity   7,989   8,208   –2.7%
             
Equity ratio at end of period (in %)   33.3   34.2    
1 Including effect of initially applying IFRS 16.

Net operating assets increased only slightly (+0.4%) to CHF 18,859 million. Equity fell by CHF 219 million or 2.7% to CHF 7,989 million, which corresponds to an equity ratio of 33.3% (34.2% as at 1 January 2019). The change in equity includes the dividend payment amounted to CHF 1,140 million, net income of CHF 1,181 million and other net negative effects recognized directly in equity of CHF 275 million. Cumulative currency translation losses included in equity remained unchanged from the end of 2018 at around CHF 1.7 bil­lion.