Net assets

Assets

 

 

December 31, 2014

December 31, 2013

 

 

million €

%

million €

%

Intangible assets

 

12,967

18.2

12,324

19.2

Property, plant and equipment

 

23,496

32.9

19,229

29.9

Investments accounted for using the equity method

 

3,245

4.5

4,174

6.5

Other financial assets

 

540

0.8

643

1.0

Deferred taxes

 

2,193

3.1

1,006

1.6

Other receivables and miscellaneous assets

 

1,498

2.1

877

1.4

Noncurrent assets

 

43,939

61.6

38,253

59.6

 

 

 

 

 

 

Inventories

 

11,266

15.8

10,160

15.8

Accounts receivable, trade

 

10,385

14.6

10,233

15.9

Other receivables and miscellaneous assets

 

4,032

5.6

3,714

5.8

Marketable securities

 

19

.

17

.

Cash and cash equivalents

 

1,718

2.4

1,827

2.9

Current assets

 

27,420

38.4

25,951

40.4

Total assets

 

71,359

100.0

64,204

100.0

Assets

  • Total assets exceed previous year’s level by €7,155 million
  • Noncurrent assets rise mainly as a result of investments and acquisitions

Total assets amounted to €71,359 million, exceeding the level of 2013 by €7,155 million. Both noncurrent and current assets contributed to this development.

Noncurrent assets grew by €5,686 million to €43,939 million. The €643 million increase in intangible assets was particularly attributable to an acquisition-related rise in goodwill. Investments and currency effects also contributed to the increase, while amortization partly counterbalanced it.

The value of property, plant and equipment grew by €4,267 million to €23,496 million, especially as a result of investments and acquisitions. At €6,369, additions considerably exceeded depreciation of €2,770 million and were primarily related to investments (€5,368 million). Significant investments concerned the construction of a TDI plant in Ludwigshafen, Germany, an MDI plant in Chongqing, China, and an acrylic acid and superabsorbent production complex in Camaçari, Brazil. They also included field development projects in Norway, Argentina and Russia. Currency effects additionally increased the value of property, plant and equipment. Disposals were largely attributable to the sale of selected oil and gas investments in the North Sea to the Hungarian MOL Group and of the 50% share in Ellba Eastern Private Ltd.

The €929 million decline in investments accounted for using the equity method to €3,245 million resulted predominantly from the disposal of the 50% share in Styrolution Holding GmbH.

The value of other financial assets declined by €103 million to €540 million, mainly because of the disposal of our 15.79% share in VNG – Verbundnetz Gas AG and of the 15% share in South Stream Transport B.V.

Deferred tax assets rose by €1,187 million primarily on account of higher actuarial losses for defined pension plans.

Other noncurrent receivables and miscellaneous non-current assets grew year-on-year by €621 million to €1,498 million. This was mostly due to WIGA Transport Beteiligungs-GmbH & Co.’s higher loan receivables from NEL Gastransport GmbH and GASCADE Gastransport GmbH.

Current assets rose by €1,469 million to €27,420 million, mostly as a result of higher inventories. This increase was due in part to greater gas storage inventory in the Oil & Gas segment as a result of warm weather in Europe, preparations for new plant startups, scheduled plant turnarounds and foreign currency effects.

At €1,718 million, cash and cash equivalents were €109 million below the level of December 31, 2013.