Asset structure analysis

The balance sheet total increased versus 31 December 2009 (€ 2,217.1m) by € 603.8 million to € 2,820.9 million.

The non-current assets went up in the first half of 2010 by € 178.3 million to € 1,060.1 million. This development is primarily attributable to the increase in tangible fixed assets caused by expansion investments. The working capital declined in the first half of the year by € 23.3 million to € 426.3 million (31 Dec. 2009: € 449.6m). This is especially the consequence of a volume of accounts receivable that was reduced by € 22.2 million to € 189.2 million with effect from 30 June 2010. The level of inventories remained fairly stable at € 600.9 million in comparison with 31 December 2009 (€ 598.2m). The down payments received that are reported within the inventory figure amounted to € 374.8 million (31 Dec. 2009: € 384.3m). Trade payables increased versus 31 December 2009 (€ 83.9m) by € 12.8 million to € 96.7 million. On the balance sheet date the down payments received ran to a total of € 267.1 million (31 Dec. 2009: € 276.0m).