Net current assets (net working capital) is composed of current assets excluding cash and cash equivalents, less current liabilities as reported on the balance sheet. As of December 31, 2007, net current assets increased by 33% year-on-year to EUR 397 million in the reporting year (December 31, 2006: EUR 299 million) primarily as a result of the disproportionate increase in inventories relative to sales.

Trade receivables and other assets grew by 22% to EUR 263 million as of December 31, 2007 (December 31, 2006: EUR 215 million). The trade receivables included in this figure grew slightly disproportionately to growth in sales, by 12% to EUR 171 million (December 31, 2006: EUR 153 million). Other short-term receivables increased mainly in response to a one-time effect based on receivables related to the move of the Group’s flagship store in New York. The remaining increase reflects other prepayments, income tax claims and other tax claims.

Inventory grew stronger than sales, at 21%, to EUR 351 million (December 31, 2006: EUR 290 million). The increase is mainly due to the continued expansion of the Group’s own retail business, the overall increase in business volume as well as a temporary increase in inventory related to the Columbus project.

Trade payables and other liabilities remained constant at EUR 174 million (December 31, 2006: EUR 174 million).

Current provisions climbed by 33% in the year under review, to EUR 43 million (December 31, 2006: EUR 32 million).