Cash increased by $15M to $60M Borrowings increased by $196.96M...

Cash increased by $15M to $60M

Borrowings increased by $196.96M
How is it that liabilities increased by $325M to $731M?
How is it that assets increased by $630M to $1.125 BILLION?

Goodwill has increased by $124M based on budgeted store cash flows which are assumed to continue to increase, driven by higher sales and increased market share.A five-year financial plan has been prepared, including the growth of the store network with sales growth rates, which represent a compound annual growth rate of 19.9% for The Netherlands and 14.4% for France/Belgium. It will be interesting if the forecast sales growth rates will continue to be met on a compounding basis.

There are 3,131,934 million options. Without working the option excrete price too closely, it looks like the average exercise price would generate approx $75M. If those options could be exercised and sold at $73.50, $155M would be made.