Consolidated balance sheet

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in € millions

2007

2008 ¹

2009

2010 ²

2011

2012

2013

2014

2015

2016

¹	Continuing operations from ICI are included as from 2008. The 2008 figures have not been restated for the National Starch divestment.
²	Restated to present Decorative Paints North America as a discontinued operation and for the revised IAS19.
³	Restated to current definition as from 2010.
⁴	Operating working capital is measured against four times fourth quarter revenue.

Intangible assets

669

7,172

7,388

6,568

7,392

4,454

3,906

4,142

4,156

4,413

Property, plant and equipment

2,203

3,357

3,474

3,191

3,705

3,739

3,589

3,835

4,003

4,190

Financial non-current assets

1,402

1,848

1,783

2,105

2,664

2,628

2,219

2,148

2,125

1,736

Total non-current assets

4,274

12,377

12,645

11,864

13,761

10,821

9,714

10,125

10,284

10,339

Inventories

1,177

1,781

1,441

1,482

1,924

1,545

1,426

1,545

1,504

1,532

Receivables

2,164

2,977

2,666

2,740

3,035

2,789

2,622

2,831

2,810

2,846

Cash and cash equivalents

11,628

1,595

2,128

3,133

1,635

1,752

2,098

1,732

1,365

1,479

Assets held for sale

–

4

–

–

–

921

203

66

–

–

Total current assets

14,969

6,357

6,235

7,355

6,594

7,007

6,349

6,174

5,679

5,857

Shareholders’ equity

11,032

7,463

7,775

8,397

9,031

5,764

5,594

5,790

6,484

6,553

Non-controlling interests

97

450

470

525

529

464

427

477

496

481

Total equity

11,129

7,913

8,245

8,922

9,560

6,228

6,021

6,267

6,980

7,034

Provisions

1,598

2,072

1,919

1,958

2,392

2,677

1,938

2,143

1,865

1,938

Long-term borrowings

1,954

2,341

3,641

2,727

3,035

3,388

2,666

2,527

2,161

2,644

Other non-current liabilities

133

715

674

556

541

434

389

412

360

367

Total non-current liabilities

3,685

5,128

6,234

5,241

5,968

6,499

4,993

5,082

4,386

4,949

Short-term borrowings

1,635

1,338

384

904

494

662

961

811

430

87

Current liabilities

2,276

3,510

3,220

3,575

3,782

3,632

3,438

3,634

3,716

3,704

Current portion of provisions

518

845

797

577

551

455

601

494

451

422

Liabilities held for sale

–

–

–

–

–

352

49

11

–

–

Total current liabilities

4,429

5,693

4,401

5,056

4,827

5,101

5,049

4,950

4,597

4,213

Average Invested capital ³

6,629

9,311

12,578

11,467

11,537

11,817

10,007

9,871

10,475

10,045

Capital expenditures

359

534

513

534

658

826

666

588

651

634

Depreciation

330

453

424

435

419

463

472

477

487

482

OWC

2,359

1,691

2,016

1,891

1,572

1,384

1,418

1,385

1,405

Net debt

(8,039)

2,084

1,897

500

1,894

2,298

1,529

1,606

1,226

1,252

Ratios

Equity/non-current assets

2.60

0.64

0.65

0.75

0.69

0.58

0.62

0.62

0.68

0.68

Inventories and receivables/current liabilities

1.47

1.36

1.28

1.18

1.31

1.19

1.18

1.20

1.16

1.18

Operating working capital as % of revenue ⁴

16.5

13.7

13.9

13.2

10.7

9.9

10.1

9.7

10.2