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Invested and operating working capital


Invested capital

in € millions

 

March 31, 2011

 

December 31, 2011

 

March 31, 2012

Trade receivables

 

2,439

 

2,368

 

2,672

Inventories

 

1,781

 

1,924

 

2,042

Trade payables

 

(2,065)

 

(2,213)

 

(2,212)

Operating working capital in Business Areas

 

2,155

 

2,079

 

2,502

Other working capital items

 

(911)

 

(901)

 

(887)

Non-current assets

 

12,504

 

13,295

 

13,809

Less investments in associates
and joint ventures

 

(177)

 

(198)

 

(195)

Deferred tax liabilities

 

(558)

 

(567)

 

(548)

Invested capital

 

13,013

 

13,708

 

14,681

Invested capital at the end of Q1 2012 totaled €14.7 billion, €1.0 billion higher than at year-end 2011. Invested capital was impacted by the net effect of:

  • An increase of €0.6 billion of long-term receivables related to increases in pension funds in an asset position (where plan assets exceed defined benefit obligation and unrecognized actuarial gains and losses).
  • An increase of operating working capital of €0.4 billion mainly due to seasonality, more expensive raw materials and actions to ensure supply of TiO2. Expressed as a percentage of revenue, operating working capital was 15.6 percent (Q1 2011: 14.2 percent; year-end 2011: 13.6 percent).
  • An increase of €0.1 billion from the Boxing Oleochemicals acquisition.
  • Payments of accrued interest of €0.1 billion.
  • Foreign currency effects on intangibles and property, plant and equipment, due to the strengthening euro. In total, invested capital decreased by €0.1 billion due to the currency translation impact.

Operating working capital

in € millions, % of revenue

 

March 31, 2011

 

December 31, 2011

 

March 31, 2012

Decorative Paints

 

689

 

14.4

 

622

 

12.9

 

896

 

18.0

Performance Coatings

 

782

 

15.8

 

772

 

14.6

 

852

 

15.6

Specialty Chemicals

 

684

 

12.7

 

685

 

13.3

 

754

 

13.5

Total

 

2,155

 

14.2

 

2,079

 

13.6

 

2,502

 

15.6

In % of revenue

AkzoNobel – Operating working capital (bar chart)
Copyright © 2012 Akzo Nobel N.V.