Invested capital
|
in € millions |
September 30, 2010 |
December 31, 2010 |
September 30, 2011 |
|
Trade receivables |
2,269 |
2,101 |
2,432 |
|
Inventories |
1,621 |
1,678 |
1,889 |
|
Trade payables |
(1,699) |
(1,763) |
(1,888) |
|
Operating working capital in Business Areas |
2,191 |
2,016 |
2,433 |
|
Other working capital items |
(1,055) |
(1,203) |
(1,128) |
|
Non-current assets |
12,327 |
12,669 |
12,647 |
|
Less investments in associates and joint ventures |
(190) |
(175) |
(197) |
|
Deferred tax liabilities |
(596) |
(589) |
(561) |
|
Invested capital |
12,677 |
12,718 |
13,194 |
Invested capital at the end of Q3 2011 totaled €13.2 billion, €0.5 billion higher than at year-end 2010. Invested capital was impacted by the net effect of:
- Foreign currency effects on intangibles and property, plant and equipment, due to the strengthening euro. In total, invested capital decreased by €0.3 billion due to the currency translation impact.
- An increase of €0.2 billion of long-term receivables related to pension funds in asset position.
- An increase of operating working capital due to seasonality, more expensive raw materials and actions to ensure supply of titanium dioxide. Expressed as a percentage of revenue, operating working capital was 14.9 percent (Q3 2010: 14.1 percent; year-end 2010: 13.9 percent).
- Payments of accrued interest of €148 million.
Operating working capital
|
in € millions, % of revenue |
September 30, 2010 |
December 31, 2010 |
September 30, 2011 | |||
|
Decorative Paints |
710 |
12.9 |
651 |
14.3 |
848 |
14.8 |
|
Performance Coatings |
787 |
15.9 |
714 |
14.4 |
853 |
16.5 |
|
Specialty Chemicals |
694 |
13.6 |
651 |
12.9 |
732 |
13.6 |
|
Total |
2,191 |
14.1 |
2,016 |
13.9 |
2,433 |
14.9 |
