Capital employed
| CAPITAL EMPLOYED AS OF DEC 31 / € million | 2021 | 2020 | Change | 2019 | ||
absolute | % | |||||
| BASED ON ASSETS | ||||||
Property, plant and equipment | 50,100 | 47,704 | +2,396 | + 5.0 | 46,591 | |
Intangible assets/goodwill | 2,387 | 2,290 | +97 | +4.2 | 3,894 | |
Inventories | 2,155 | 1,937 | + 218 | +11.3 | 1,520 | |
Trade receivables | 6,476 | 4,849 | +1,627 | +33.6 | 4,871 | |
Receivables and other assets | 3,799 | 3,345 | + 454 | +13.6 | 2,792 | |
Receivables from plan assets 1) | –101 | – | –101 | – | ‒ | |
Financial receivables and earmarked | –541 | –625 | +84 | –13.4 | –404 | |
Income tax receivables | 63 | 55 | + 8 | +14.5 | 60 | |
Assets held for sale | 0 | 0 | – | – | 0 | |
Trade liabilities | –8,097 | –6,312 | –1,785 | +28.3 | –5,789 | |
Miscellaneous and other liabilities | –4,224 | –4,042 | –182 | + 4.5 | –3,770 | |
Income tax liabilities | –252 | –191 | –61 | +31.9 | –190 | |
Other provisions | –7,496 | –6,041 | –1,455 | +24.1 | –5,098 | |
Deferred income | –1,249 | –1,205 | –44 | +3.7 | –1,478 | |
Capital employed | 43,020 | 41,764 | +1,256 | +3.0 | 42,999 | |
1) Change in definition from 2021: Receivables from plan assets are no longer allocated to capital employed.
Capital employed equates to the assets deemed necessary for business and subject to the cost of capital, as derived from the balance sheet. The growth in capital employed resulted mainly from a capital expenditure-related increase in property, plant and equipment in the Integrated Rail System. In contrast, higher other provisions had a compensating effect.
