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Invested and operating working capital


Invested capital

in € millions

 

June 30, 2012

 

December 31, 2012

 

June 30, 2013

Trade receivables

 

2,554

 

2,174

 

2,489

Inventories

 

1,791

 

1,545

 

1,559

Trade payables

 

(2,118)

 

(2,147)

 

(2,176)

Operating working capital

 

2,227

 

1,572

 

1,872

Other working capital items

 

(783)

 

(870)

 

(796)

Non-current assets

 

13,098

 

10,821

 

10,788

Less investments in associates and joint ventures

 

(203)

 

(185)

 

(186)

Less pension assets

 

(1,151)

 

(842)

 

(978)

Deferred tax liabilities

 

(504)

 

(434)

 

(461)

Invested capital

 

12,684

 

10,062

 

10,239

Invested capital at the end of Q2 2013 totaled €10.2 billion, €0.1 billion higher than at year-end 2012. Invested capital was mainly impacted by the net effect of:

  • An increase of operating working capital of €0.3 billion mainly due to seasonality. Expressed as a percentage of revenue, operating working capital was 12.1 percent (Q2 2012: 13.8 percent; year-end 2012: 10.7 percent).
  • A decrease of €0.1 billion due to foreign currency translation, due to the stronger euro.

Operating working capital

in € millions, % of revenue

 

June 30, 2012

 

December 31, 2012

 

June 30, 2013

Decorative Paints

 

661

 

13.9

 

353

 

8.9

 

447

 

9.5

Performance Coatings

 

871

 

14.8

 

742

 

13.3

 

860

 

14.7

Specialty Chemicals

 

783

 

13.7

 

564

 

10.7

 

645

 

12.9

Other activities

 

(88)

 

 

 

(87)

 

 

 

(80)

 

 

Total

 

2,227

 

13.8

 

1,572

 

10.7

 

1,872

 

12.1

In % of revenue

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