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Invested and operating working capital


Invested capital

in € millions

 

June 30, 2011

 

December 31, 2011

 

June 30, 2012

Trade receivables

 

2,582

 

2,368

 

2,792

Inventories

 

1,880

 

1,924

 

2,008

Trade payables

 

(2,183)

 

(2,213)

 

(2,263)

Operating working capital in Business Areas

 

2,279

 

2,079

 

2,537

Other working capital items

 

(881)

 

(901)

 

(902)

Non-current assets

 

12,449

 

13,295

 

13,935

Less investments in associates and joint ventures

 

(182)

 

(198)

 

(202)

Deferred tax liabilities

 

(550)

 

(567)

 

(555)

Invested capital

 

13,115

 

13,708

 

14,813

Invested capital at the end of Q2 2012 totaled €14.8 billion, €1.1 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
  • An increase of operating working capital of €0.5 billion mainly due to seasonality, more expensive raw materials and actions to ensure supply of titanium dioxide. Expressed as a percentage of revenue, operating working capital was 14.2 percent (Q2 2011: 13.8 percent; year-end 2011: 13.6 percent)
  • A decrease of €0.2 billion due to the reclassification of Chemicals Pakistan to assets held for sale
  • An increase of €0.1 billion from the Boxing Oleochemicals acquisition
  • Payments of accrued interest of €0.1 billion
  • An increase due to foreign currency effects on intangibles and property, plant and equipment of €0.1 billion, due to the weakening euro.

Operating working capital

in € millions, % of revenue

 

June 30, 2011

 

December 31, 2011

 

June 30, 2012

Decorative Paints

 

784

 

13.4

 

622

 

12.9

 

883

 

14.2

Performance Coatings

 

801

 

15.3

 

772

 

14.6

 

871

 

14.8

Specialty Chemicals

 

694

 

12.9

 

685

 

13.3

 

783

 

13.7

Total

 

2,279

 

13.8

 

2,079

 

13.6

 

2,537

 

14.2

In % of revenue

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