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Invested and operating working capital


Invested capital

in € millions

 

December 31, 2011

 

December 31, 2012

Trade receivables

 

2,213

 

2,172

Inventories

 

1,716

 

1,545

Trade payables

 

(2,038)

 

(2,058)

Operating working capital in Business Areas

 

1,891

 

1,659

Other working capital items

 

(905)

 

(958)

Non-current assets

 

13,295

 

10,956

Less investments in associates and joint ventures

 

(198)

 

(185)

Deferred tax liabilities

 

(567)

 

(442)

Discontinued operations

 

(903)

 

Invested capital

 

12,613

 

11,030

Invested capital at year-end 2012 totaled €11.0 billion, €1.6 billion lower than at year-end 2011. Invested capital was impacted by the net effect of:

  • A decrease of €2.1 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
  • Increased capital expenditures, which continued on previously announced projects, such as the two pulp mills in Brazil, the start of the new Decorative Paints plant at Felling in UK and in China; total capital expenditures reported in Q4 were higher than anticipated due to phasing of projects
  • An decrease of operating working capital of €0.2 billion mainly due to improvements in capital management. Expressed as a percentage of revenue, operating working capital was 11.2 percent (year-end 2011: 13.2 percent)
  • A decrease of €0.2 billion due to the divestment of Chemicals Pakistan
  • An increase of €0.1 billion from the Boxing Oleochemicals acquisition.

Operating working capital

in € millions, % of revenue

 

December 31, 2011

 

December 31, 2012

Decorative Paints

 

434

 

11.2

 

353

 

8.9

Performance Coatings

 

772

 

14.6

 

742

 

13.3

Specialty Chemicals

 

685

 

13.3

 

564

 

10.7

Total

 

1,891

 

13.2

 

1,659

 

11.2

In % of revenue

AkzoNobel – Operating working capital (bar chart)
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