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Invested and operating working capital


Invested capital

in € millions

 

September 30, 2012

 

December 31, 2012

 

September 30, 2013

Trade receivables

 

2,432

 

2,174

 

2,374

Inventories

 

1,718

 

1,545

 

1,483

Trade payables

 

(2,048)

 

(2,147)

 

(2,074)

Operating working capital

 

2,102

 

1,572

 

1,783

Other working capital items

 

(914)

 

(870)

 

(982)

Non-current assets

 

10,867

 

10,821

 

10,372

Less investments in associates and joint ventures

 

(192)

 

(185)

 

(188)

Less pension assets

 

(967)

 

(842)

 

(723)

Deferred tax liabilities

 

(482)

 

(434)

 

(420)

Invested capital

 

10,414

 

10,062

 

9,842

Invested capital at the end of Q3 2013 totaled €9.8 billion, €0.2 billion lower than at year-end 2012. Invested capital was mainly impacted by the net effect of:

  • An increase of operating working capital of €0.2 billion mainly due to seasonality. Expressed as a percentage of revenue, operating working capital was 11.8 percent (Q3 2012: 13.3 percent; year-end 2012: 10.7 percent)
  • A decrease of €0.3 billion due to foreign currency translation, caused by the stronger euro

Operating working capital

in € millions, % of revenue

 

September 30, 2012

 

December 31, 2012

 

September 30, 2013

Decorative Paints

 

587

 

12.9

 

353

 

8.9

 

424

 

9.3

Performance Coatings

 

857

 

14.6

 

742

 

13.3

 

840

 

14.8

Specialty Chemicals

 

734

 

13.2

 

564

 

10.7

 

641

 

12.8

Other activities

 

(76)

 

 

 

(87)

 

 

 

(122)

 

 

Total

 

2,102

 

13.3

 

1,572

 

10.7

 

1,783

 

11.8

In % of revenue

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