Financial Position

Summarized balance sheet

in millions of EUR

2014

2013

Property, plant and equipment

408

359

Intangible assets

1,334

1,123

Other non-current assets

166

127

Non-current assets

1,908

1,609

Inventories

240

193

Other current assets

266

236

Cash and cash equivalents

134

103

Current assets

640

532

Total assets

2,548

2,141

Total equity

668

546

Borrowings

960

845

Other non-current liabilities

273

203

Non-current liabilities

1,233

1,048

Trade and other payables

503

391

Borrowings

93

89

Other current liabilities

51

67

Current liabilities

647

547

Total equity and liabilities

2,548

2,141

Non-current assets increased from €1,609 million to €1,908 million. This was mainly the result of acquisitions and of investments in stores and global IT and supply chain infrastructure. Current assets increased from €532 million to €640m, also mainly from acquisitions in the fourth quarter. Total equity increased from €546 million to €668 million as a result of the 2014 net result, the acquisition of the interests of HAL in Turkey and China and the effect of IFRS2 on the treatment of long-term incentive plans. Non-current liabilities increased from €1,048 million to €1,233 million from the impact of additional borrowing to finance the acquisitions and the acquisitions themselves. Current liabilities increased from €547 million to € 647 million mainly as a result of acquisitions.