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Invested and operating working capital


Invested capital

in € millions

 

September 30, 2011

 

December 31, 2011

 

September 30, 2012

Trade receivables

 

2,558

 

2,368

 

2,637

Inventories

 

1,889

 

1,924

 

1,912

Trade payables

 

(2,106)

 

(2,213)

 

(2,158)

Operating working capital in Business Areas

 

2,341

 

2,079

 

2,391

Other working capital items

 

(1,036)

 

(901)

 

(1,017)

Non-current assets

 

12,647

 

13,295

 

11,442

Less investments in associates and joint ventures

 

(197)

 

(198)

 

(192)

Deferred tax liabilities

 

(561)

 

(567)

 

(548)

Invested capital

 

13,194

 

13,708

 

12,076

Invested capital at the end of Q3 2012 totaled €12.1 billion, €1.6 billion lower than at year-end 2011. Invested capital was impacted by the net effect of:

  • A decrease of €2.5 billion due to a non-cash impairment charge for Decorative Paints assets
  • 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 €0.3 billion mainly due to seasonality. Expressed as a percentage of revenue, operating working capital was 13.9 percent (Q3 2011: 14.3 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 €0.2 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

 

September 30, 2011

 

December 31, 2011

 

September 30, 2012

Decorative Paints

 

789

 

13.7

 

622

 

12.9

 

800

 

13.7

Performance Coatings

 

836

 

16.1

 

772

 

14.6

 

857

 

14.6

Specialty Chemicals

 

716

 

13.3

 

685

 

13.3

 

734

 

13.2

Total

 

2,341

 

14.3

 

2,079

 

13.6

 

2,391

 

13.9

In % of revenue

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