Invested and operating working capital
Invested capital
in € millions |
June 30, 2014 |
December 31, 2014 |
June 30, 2015 |
|||
Trade receivables |
2,456 |
2,246 |
2,806 |
|||
Inventories |
1,541 |
1,545 |
1,644 |
|||
Trade payables |
(2,209) |
(2,373) |
(2,433) |
|||
Operating working capital |
1,788 |
1,418 |
2,017 |
|||
Other working capital items |
(626) |
(676) |
(721) |
|||
Non-current assets |
9,418 |
10,125 |
10,184 |
|||
Less investments in associates and joint ventures |
(179) |
(183) |
(163) |
|||
Less pension assets |
(60) |
(409) |
(146) |
|||
Deferred tax liabilities |
(402) |
(412) |
(434) |
|||
Invested capital |
9,939 |
9,863 |
10,737 |
Invested capital at the end of Q2 2015 totaled €10.7 billion, up €0.8 billion on year-end 2014. Invested capital was primarily impacted by currency variation and seasonal increase of operating working capital of €0.6 billion.
Performance Coatings continued to accommodate a temporary and planned inventory increase as part of the scheduled footprint optimization.
Operating working capital
in € millions, % of revenue |
June 30, 2014 |
December 31, 2014 |
June 30, 2015 |
|||||||||
Decorative Paints |
373 |
8.7 |
202 |
5.5 |
386 |
8.5 |
||||||
Performance Coatings |
843 |
14.7 |
733 |
12.9 |
973 |
15.7 |
||||||
Specialty Chemicals |
655 |
13.3 |
587 |
12.3 |
723 |
14.0 |
||||||
Other activities |
(83) |
|
(104) |
|
(65) |
|
||||||
Total |
1,788 |
12.1 |
1,418 |
10.1 |
2,017 |
12.8 |
||||||
In % of revenue
