Annual Report 2017

Financial position

Summarized balance sheet

in millions of EUR

2017

2016

Property, plant and equipment

489

444

Intangible assets

1,654

1,458

Other non-current assets

63

96

Non-current assets

2,206

1,998

Inventories

350

293

Other current assets

336

303

Cash and cash equivalents

165

181

Current assets

851

777

Total assets

3,056

2,775

Total equity

1,121

1,007

Borrowings

377

388

Other non-current liabilities

237

179

Non-current liabilities

615

568

Trade and other payables

640

588

Borrowings

613

543

Other current liabilities

69

69

Current liabilities

1,321

1,200

Total equity and liabilities

3,056

2,775

Non-current assets increased from €1,998 million to €2,206 million in 2017 mainly as a result of investments and acquisitions which was partly offset by depreciation, amortization, impairments and currency effects. Current assets increased from €777 million to €851 million as inventories and receivables increased from operations, store expansion and acquisitions.

Total equity increased from €1,007 million to €1,121 million mainly as a result of the 2017 net result offset by dividends paid and currency translation effects.

Non-current liabilities increased from €568 million to €615 million mainly as a result from an increase in post-employment benefits from acquisitions. Current liabilities increased from €1,200 million to €1,321 million, driven by an increase in borrowings under the commercial paper program and an increase in payables from acquisitions and operations.