Invested capital
|
in € millions |
December 31, 2010 |
December 31, 2011 |
|
Trade receivables |
2,101 |
2,250 |
|
Inventories |
1,678 |
1,924 |
|
Trade payables |
(1,763) |
(1,978) |
|
Operating working capital in Business Areas |
2,016 |
2,196 |
|
Other working capital items |
(1,203) |
(1,018) |
|
Non-current assets |
12,669 |
13,295 |
|
Less investments in associates and joint ventures |
(175) |
(198) |
|
Deferred tax liabilities |
(589) |
(567) |
|
Invested capital |
12,718 |
13,708 |
Invested capital at year-end 2011 totaled €13.7 billion, €1.0 billion higher than at year-end 2010. Invested capital was impacted by the net effect of:
-
An increase of €0.2 billion by the acquisition of coatings manufacturer Schramm Holding AG early October, 2011
-
An increase of €0.3 billion of long-term receivables related to pension funds in asset position
-
An increase of operating working capital of €0.2 billion due to more expensive raw materials and actions to ensure supply of titanium dioxide. Expressed as a percentage of revenue, operating working capital was 14.4 percent (year-end 2010: 13.9 percent)
-
Payments of accrued interest of €0.2 billion, including €31 million accrued interest on bonds which were paid back in December 2011, with regular coupon dates in the first quarter.
Operating working capital
|
in € millions, % of revenue |
December 31, 2010 |
December 31, 2011 | ||
|
Decorative Paints |
651 |
14.3 |
709 |
14.7 |
|
Performance Coatings |
714 |
14.4 |
792 |
14.9 |
|
Specialty Chemicals |
651 |
12.9 |
695 |
13.5 |
|
Total |
2,016 |
13.9 |
2,196 |
14.4 |
In % of revenue
