Balance Sheet Structure – Group

balance sheet – group (in € million)
assets	Dec. 31, 2007	Dec. 31, 2008
Non-current assets	1,100	1,167
Inventories	598	634
Other current assets	1,086	2,045
Cash and cash equivalents	1,117	613
	3,901	4,459

equity and liabilities	Dec. 31, 2007	Dec. 31, 2008
Equity	2,070	2,460
Non-current provisions	407	366
Non-current liabilities	175	233
Current provisions	374	363
Current liabilities	875	1,037
	3,901	4,459

Non-current assets increased by €67 million to €1,167 million. Capital expenditure of €158 million was partially offset by depreciation, amortization, and impairment losses of €114 million (previous year: €122 million). €122 million of the capital expenditure was attributable to the Consumer business segment, and €36 million to tesa. Inventories increased to €634 million. Other current assets rose to €2,045 million mainly due to the shift from cash to securities. As a result, cash and cash equivalents decreased to €613 million. Net liquidity (cash, cash equivalents, and short-term securities less current financial liabilities) amounted to €1,336 million (previous year: €957 million).

The equity ratio increased to 55% (previous year: 53%). The share of non-current liabilities amounted to 13% (previous year: 15%), and the share of current liabilities to 32% (previous year: 32%). see Chart 24

24 • Financing Structure

The change in non-current liabilities is mainly due to an increase in deferred tax liabilities. Additionally, the liability for the option to acquire the outstanding shares in C-BONS Hair Care increased due to interest and currency effects.

Current liabilities increased in particular due to higher trade payables.