Invested and operating working capital
Invested capital
in € millions |
December 31, 2013 |
December 31, 2014 |
||
Trade receivables |
2,086 |
2,246 |
||
Inventories |
1,426 |
1,545 |
||
Trade payables |
(2,128) |
(2,373) |
||
Operating working capital |
1,384 |
1,418 |
||
Other working capital items |
(774) |
(676) |
||
Non-current assets |
9,714 |
10,125 |
||
Less investments in associates and joint ventures |
(183) |
(183) |
||
Less pension assets |
(471) |
(409) |
||
Deferred tax liabilities |
(389) |
(412) |
||
Invested capital |
9,281 |
9,863 |
Invested capital at year-end 2014 totaled €9.9 billion, up €0.6 billion on year-end 2013. Invested capital was primarily impacted by foreign currency effects of €0.4 billion due to the weaker euro. In 2014, we invested €588 million in plant, property and equipment. The largest ongoing investment, a new plant in the UK for Decorative Paints, is expected to start up towards the end of 2015.
Operating working capital
in € millions, % of revenue |
December 31, 2013 |
December 31, 2014 |
||||||
Decorative Paints |
228 |
6.1 |
202 |
5.5 |
||||
Performance Coatings |
693 |
12.7 |
733 |
12.9 |
||||
Specialty Chemicals |
553 |
11.5 |
587 |
12.3 |
||||
Other activities |
(90) |
|
(104) |
|
||||
Total |
1,384 |
9.9 |
1,418 |
10.1 |
||||
In % of revenue
