Financial position

Summarized balance sheet

in millions of EUR

2016

2015

Property, plant and equipment

444

431

Intangible assets

1,458

1,480

Other non-current assets

156

152

Non-current assets

2,058

2,063

Inventories

293

264

Other current assets

303

274

Cash and cash equivalents

181

198

Current assets

777

736

Total assets

2,835

2,799

Total equity

1,007

832

Borrowings

388

776

Other non-current liabilities

240

236

Non-current liabilities

628

1,011

Trade and other payables

588

534

Borrowings

543

362

Other current liabilities

69

61

Current liabilities

1,200

956

Total equity and liabilities

2,835

2,799

Non-current assets decreased slightly from €2,063 million to €2,058 million in 2016 mainly as increases from investments and acquisitions were offset by depreciation, amortization and currency effects. Current assets increased from €736 million to €777 million as inventories and receivables increased from store expansion and acquisitions.

Total equity increased from €832 million to €1,007 million mainly as a result of the 2016 net result offset by dividends paid and currency translation effects.

Non-current liabilities decreased from €1,011 million to €628 million mainly as a result of the repayment of long-term borrowings with the proceeds of the new commercial paper program. Current liabilities increased from €956 million to €1,200 million, driven by the introduction of the new commercial paper program and an increase in payables.