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## Inventories 

Inventories are valued at acquisition or manufacturing costs or at the lower net realizable values derived from the selling price at the balance sheet date. As a general rule, the acquisition cost of merchandise is determined using the average cost method. Value 

## Receivables and Other Short-term Assets 

Trade receivables and other receivables as well as financial assets are stated at nominal value net of value adjustments. All 

## Property, Plant and Equipment 

Property, plant and equipment are stated at acquisition cost net of accumulated depreciation. The depreciation period depend on the item’s useful life. As a general rule, the straight-line method of depreciation is applied. The useful life depends on the type of assets involved: 

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Cost of maintenance and repair is recorded as expense at the time of origin. Significant improvements and renewals are capitalized. Interest on outside capital is reported as current expense. 

Leased items regarded as significant in terms of their amounts and qualifying as finance leasing are shown under property, plant 

## Goodwill 

Goodwill is valued at acquisition costs net of accumulated amortization using the straight line method and assuming a useful life of 15 years. 

adjustments are determined in a uniform manner throughout the Group, depending on the age of the goods concerned. Risks due to fashion trends are adequately taken into account. 

recognizable risks are sufficiently accounted for in the form of individual risk assessment or on the basis of historical values. 

and equipment; they are valued at the amount of the fair value or the lower present value of the minimum lease payments when recognised for the first time and net of accumulated depreciation in subsequent accounting periods. 

