50 Business Development ally balanced each other out. The ratio of the total net working capital, in relation to the business development of the preceding three months and taking into account trade accounts payable, fell to 105 days at the end of 2015 (previous year: 110 days). The increase in liabilities had a pos- itive effect on the ratio, which overcompensated for the increase in the ratio of inventories. The relative amount of trade accounts receivable remained stable compared to the previous year. The improvement of the net working cap- ital ratios was in line with the development forecast at the beginning of 2015. Total current assets climbed by 15 % to € 1,150.1 million (previous year: € 1,002.5 million). On the liabilities side, ALTANA reduced non-current debt further to € 633.4 million (previous year: € 701.2 million). This decline is due on the one hand to the fact that in the 2016 fiscal year the first tranche from the existing promis- sory note loans (German Schuldscheine) is due for repayment and this portion is therefore recorded on the balance sheet under current debt. On the other hand, employee benefit ob- ligations decreased. The share of total non-current liabili- ties fell from 25 to 21 %. Total current liabilities increased from € 309.5 million to € 395.4 million on December 31, 2015. The reclassification of the promissory note loan falling due in the short term accounted for € 65.0 million of it. Furthermore, the trade accounts payable rose. The Group’s shareholders’ equity increased by € 190.2 mil- lion to € 1,935.6 million (previous year: € 1,745.5 million). In addition to the net income in the 2015 fiscal year, the in- fluence of exchange-rate changes led to a significant increase in shareholders’ capital. The equity ratio climbed to 65 % on December 31, 2015 (previous year: 63 %). The net financial debt, comprising the balance of cash and cash equivalents, current marketable securities, debt, and employee benefit obligations, was reduced by € 165.9 mil- lion in the course of 2015 to reach € 114.2 million at the end of the year (previous year: € 280.1 million). Principles and Goals of Our Financing Strategy We generally aim to finance our operating business activities from the cash flow from operating activities. The same Structure of consolidated balance sheet Assets Dec. 31, 2014 Dec. 31, 2015 € million % € million % Non-current assets 1,753.7 64 1,814.4 61 Inventories, trade accounts receivable and other current assets 720.2 26 718.5 24 Cash and cash equivalents and marketable securities 282.3 10 431.6 15 Total assets 2,756.2 100 2,964.5 100 Shareholders’ equity and liabilities Dec. 31, 2014 Dec. 31, 2015 € million % € million % Shareholders’ equity 1,745.5 63 1,935.6 65 Non-current liabilities 701.2 25 633.4 21 Current liabilities 309.5 11 395.4 13 Total shareholders’ equity and liabilities 2,756.2 100 2,964.5 100
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