Financial position

Summarized balance sheet

in millions of EUR

2015

2014

Property, plant and equipment

431

408

Intangible assets

1,480

1,334

Other non-current assets

152

166

Non-current assets

2,063

1,908

Inventories

264

240

Other current assets

274

266

Cash and cash equivalents

99

134

Current assets

637

640

Total assets

2,700

2,548

Total equity

832

668

Borrowings

776

960

Other non-current liabilities

236

273

Non-current liabilities

1,011

1,233

Trade and other payables

534

503

Borrowings

262

93

Other current liabilities

61

51

Current liabilities

857

647

Total equity and liabilities

2,700

2,548

Non-current assets increased from €1,908 million to €2,063 million in 2015. This was mainly the result of acquisitions and of investments in stores and global IT and supply chain infrastructure. Total equity increased from €668 million to €832 million as a result of the 2015 net result and the reclassification of the long-term incentive plan offset by interim dividends paid, the purchase treasury shares and currency translation effect.

Non-current liabilities decreased from €1,233 million to €1,011 million as a result of the repayment of long term borrowings, the reclassification of the long-term incentive plan to equity and the change of the pension plan in the Netherlands. Current liabilities increased from €647 million to €857 million mainly as a result of the increased short term borrowings in order to repay the long term borrowings.