Fixed Assets Decline Due to Depreciation

Primarily as a result of higher depreciation, fixed assets decreased to €4.65 billion (Dec. 31, 2015: €4.83 billion). Depreciation amounted to €735.2 million. With the Charleston site coming on stream in the reporting year, capital expenditures fell substantially. They came in at €427.6 million (2015: €834.0 million). Approximately one-quarter of these expenditures went toward final completion of the Charleston site. The remainder was spent predominantly on investments at WACKER SILICONES and Siltronic. The full consolidation of the joint venture WACKER Asahikasei Silicone led to a reduction in equity-accounted investments. Changes in exchange rates increased the carrying amount of fixed assets by €90.3 million.

Other Noncurrent Assets and Securities

Other noncurrent assets totaled €621.1 million as of December 31, 2016 (Dec. 31, 2015: €440.9 million). That was a rise of 41 percent year over year. WACKER invested surplus liquidity of €56.0 million (Dec. 31, 2015: €3.7 million) in noncurrent securities. But the majority of the increase comprised deferred tax assets, which rose €128.5 million to €449.9 million, mainly due to higher actuarial losses from provisions for pensions.

Working Capital Rises Due to Higher Receivables and Inventories

Current assets grew by just under 11 percent year over year. They came in at €2.18 billion (Dec. 31, 2015: €1.97 billion). One factor in this rise was a higher level of working capital, reflecting an operations-driven increase in trade receivables and higher inventories. Exchange-rate effects lifted trade receivables and inventories by €18.0 million.

Working Capital