NOTE B10 Net working capital
 Index
 1 NOTE B1 Net sales
 2 NOTE B2 Underlying raw material & energy costs
 3 NOTE B3 Underlying EBITDA
 4 NOTE B4 Underlying depreciation & amortization
 5 NOTE B5 Underlying net financial charges
 6 NOTE B6 Underlying income taxes
 7 NOTE B7 Underlying profit from discontinued operations
 8 NOTE B8 CAPEX
 9 NOTE B9 Free Cash Flow
 10 NOTE B10 Net working capital
 11 NOTE B11 Net debt
 12 NOTE B12 CFROI
 13 NOTE B13 Research & Innovation
In € million 

2016 
2015 

December 
September^{(1)} 
June^{(1)} 
March^{(1)} 
December^{(1)(2)} 



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+cde 
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 nonrestated basis, inflated by the outstanding receivable on the Inovyn exit price in the first half of 2016.