Invested and operating working capital
Invested capital
|
in € millions |
June 30, 2013 |
December 31, 2013 |
June 30, 2014 |
|||
|
Trade receivables |
2,489 |
2,087 |
2,456 |
|||
|
Inventories |
1,559 |
1,426 |
1,541 |
|||
|
Trade payables |
(2,176) |
(2,129) |
(2,209) |
|||
|
Operating working capital |
1,872 |
1,384 |
1,788 |
|||
|
Other working capital items |
(796) |
(774) |
(626) |
|||
|
Non-current assets |
10,788 |
9,714 |
9,418 |
|||
|
Less investments in associates and joint ventures |
(186) |
(183) |
(179) |
|||
|
Less pension assets |
(978) |
(471) |
(60) |
|||
|
Deferred tax liabilities |
(461) |
(389) |
(402) |
|||
|
Invested capital |
10,239 |
9,281 |
9,939 |
Invested capital at the end of Q2 2014 totaled €9.9 billion, up €0.6 billion on year-end 2013. Invested capital was primarily impacted by the seasonal increase of operating working capital of €0.4 billion.
Operating working capital
|
in € millions, % of revenue |
June 30, 2013 |
December 31, 2013 |
June 30, 2014 |
|||||||||
|
Decorative Paints |
447 |
9.5 |
228 |
6.1 |
373 |
8.7 |
||||||
|
Performance Coatings |
860 |
14.7 |
693 |
12.7 |
843 |
14.7 |
||||||
|
Specialty Chemicals |
645 |
12.9 |
553 |
11.5 |
655 |
13.3 |
||||||
|
Other activities |
(80) |
|
(90) |
|
(83) |
|
||||||
|
Total |
1,872 |
12.1 |
1,384 |
9.9 |
1,788 |
12.1 |
||||||
In % of revenue
