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Invested and operating working capital


Invested capital

in € millions

 

March 31, 2012

 

December 31, 2012

 

March 31, 2013

Trade receivables

 

2,462

 

2,174

 

2,468

Inventories

 

1,832

 

1,545

 

1,633

Trade payables

 

(2,097)

 

(2,147)

 

(2,169)

Operating working capital

 

2,197

 

1,572

 

1,932

Other working capital items

 

(813)

 

(870)

 

(809)

Non-current assets

 

12,988

 

10,821

 

10,966

Less investments in associates and joint ventures

 

(195)

 

(185)

 

(186)

Less pension assets

 

(1,158)

 

(842)

 

(1,006)

Deferred tax liabilities

 

(500)

 

(434)

 

(413)

Invested capital

 

12,519

 

10,062

 

10,484

Invested capital at the end of Q1 2013 totaled €10.5 billion, €0.4 billion higher than at year-end 2012. Invested capital was impacted by the net effect of:

  • An increase of operating working capital of €0.4 billion mainly due to seasonality. Expressed as a percentage of revenue, operating working capital was 13.9 percent (Q1 2012: 14.8 percent; year-end 2012: 10.7 percent).
  • An increase of €0.1 billion due to foreign currency translation, due to the weaker euro.

Operating working capital

in € millions, % of revenue

 

March 31, 2012

 

December 31, 2012

 

March 31, 2013

Decorative Paints

 

654

 

16.8

 

353

 

8.9

 

537

 

14.5

Performance Coatings

 

852

 

15.6

 

742

 

13.3

 

879

 

16.5

Specialty Chemicals

 

754

 

13.5

 

564

 

10.7

 

647

 

13.0

Other activities

 

(63)

 

 

 

(87)

 

 

 

(131)

 

 

Total

 

2,197

 

14.8

 

1,572

 

10.7

 

1,932

 

13.9

In % of revenue

AkzoNobel – Operating working capital (bar chart)
Copyright © 2013 Akzo Nobel N.V.