Net assets

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Assets

 

 

December 31, 2017

December 31, 2016

 

 

Million €

%

Million €

%

Intangible assets

 

13,594

17.3

15,162

19.8

Property, plant and equipment

 

25,258

32.0

26,413

34.5

Investments accounted for using the equity method

 

4,715

6.0

4,647

6.1

Other financial assets

 

606

0.8

605

0.8

Deferred tax assets

 

2,118

2.7

2,513

3.3

Other receivables and miscellaneous assets

 

1,332

1.7

1,210

1.6

Noncurrent assets

 

47,623

60.5

50,550

66.1

 

 

 

 

 

 

Inventories

 

10,303

13.1

10,005

13.1

Accounts receivable, trade

 

11,190

14.2

10,952

14.3

Other receivables and miscellaneous assets

 

3,105

3.9

3,078

4.0

Marketable securities

 

52

0.1

536

0.7

Cash and cash equivalents

 

6,495

8.2

1,375

1.8

Current assets

 

31,145

39.5

25,946

33.9

Total assets

 

78,768

100.0

76,496

100.0

Assets

  • Growth in total assets primarily attributable to higher cash and cash equivalents
  • Decline in noncurrent assets mainly due to currency effects

Total assets amounted to €78,768 million, up €2,272 million on the prior-year figure.

Noncurrent assets decreased by €2,927 million to €47,623 million, mostly as a result of currency effects. The value of intangible assets declined by €1,568 million to €13,594 million. Additions amounted to €336 million, €97 million of which was goodwill. Currency effects reduced intangible assets by €1,071 million, amortization1 by €616 million and disposals by €43 million.

The value of property, plant and equipment declined by €1,155 million to €25,258 million. Additions amounted to €4,028 million, €4,020 million of which was attributable to investments. Depreciation1 reduced property, plant and equipment by €3,586 million, currency effects by €1,663 million and disposals by €118 million.

Investments accounted for using the equity method rose by €68 million to €4,715 million. This was primarily due to the acquisition of a €184 million minority interest in the Stahl group, to which we transferred our leather chemicals business. Currency effects of minus €143 million in particular had an offsetting effect.

Other financial assets were on a level with the previous year, at €606 million. Deferred tax assets declined by €395 million to €2,118 million, primarily from the tax reform in the United States and lower provisions for pensions and similar obligations. Other receivables and miscellaneous assets rose by €122 million year-on-year to €1,332 million, mainly due to higher loan receivables.

Current assets increased by €5,199 million to €31,145 million. This was largely attributable to cash and cash equivalents. At €6,495 million, these were up €5,120 million on the figure as of December 31, 2016 and were primarily increased in view of payment of the purchase prices for the planned acquisition of significant parts of the seed and non-selective herbicide businesses from Bayer and the global polyamide business from Solvay.

The €238 million increase in trade accounts receivable was attributable to higher sales compared with the previous year. Inventories rose by €298 million; other receivables and miscellaneous assets increased by €27 million. Marketable securities declined by €484 million, mostly from the €500 million contribution to BASF Pensionstreuhand e.V., Ludwigshafen am Rhein, Germany.

For more on the composition and development of individual asset items in the balance sheet, see the Notes to the Consolidated Financial Statements

1 Including impairments and reversals of impairments