In € million

 

 

 

2016

 

2015

   

December

 

September(1)

 

June(1)

 

March(1)

 

December(1)(2)

(1)

The data from September 2016 and before have not been restated for the discontinuation of Acetow and Vinythai.

(2)

Average of the quarters. The data from September 2015 and before, used for the calculation of the average, are not on pro forma basis, i.e. exclude Cytec.

Inventories

 

a

 

1,672

 

1,754

 

1,753

 

1,761

 

1,867

Trade receivables

 

b

 

1,621

 

1,728

 

1,730

 

1,664

 

1,615

Other current receivables

 

c

 

736

 

666

 

976

 

1,050

 

655

Trade payables

 

d

 

(1,547)

 

(1,410)

 

(1,414)

 

(1,336)

 

1,559

Other current liabilities

 

e

 

(1,085)

 

(985)

 

(926)

 

(999)

 

1,021

Net working capital

 

f = a+b+c-d-e

 

1,396

 

1,753

 

2,119

 

2,140

 

1,557

Sales

 

g

 

2,933

 

3,048

 

3,053

 

3,052

 

3,109

Annualized quarterly total sales

 

h = 4*g

 

11,731

 

12,193

 

12,214

 

12,206

 

12,434

Net working capital / sales

 

i = f / h

 

11.9%

 

14.4%

 

17.4%

 

17.5%

 

12.5%

Year average(2)

 

j = µ(Q1,Q2,Q3,Q4)

 

15.3%

 

13.4%

Outflow from working capital was € (75) m. The average net working capital to sales ratio over the quarters was 15.3% versus 13.4% in 2015 on non-restated basis, inflated by the outstanding receivable on the Inovyn exit price in the first half of 2016.