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.