12 – Current assets

Million €

 

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2014

Raw materials and factory supplies

 

3,399

2,814

2,679

Work-in-process, finished goods and merchandise

 

7,554

8,358

7,449

Advance payments and services-in-process

 

113

94

127

Inventories

 

11,066

11,266

10,255

Accounts receivable, trade

 

12,796

10,385

11,585

Other receivables and miscellaneous current assets

 

4,423

4,032

4,146

Marketable securities

 

20

19

16

Cash and cash equivalents

 

2,317

1,718

3,122

Assets of disposal groups

 

Other current assets

 

6,760

5,769

7,284

Current assets

 

30,622

27,420

29,124

Work-in-process, finished goods and merchandise are combined into one item due to the production conditions in the chemical industry. Work-in-process primarily relates to services not invoiced as of the balance sheet date. Inventories are valued using the weighted average cost method.

The decline in inventories compared with December 31, 2014, resulted predominantly from the scheduled reduction of storage inventories in the Natural Gas Trading business sector.

Trade accounts receivable increased compared with year-end 2014 primarily as a result of seasonal effects in the Agricultural Solutions segment.