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Invested and operating working capital


Invested capital

in € millions

 

December 31, 2012

 

December 31, 2013

Trade receivables

 

2,174

 

2,087

Inventories

 

1,545

 

1,426

Trade payables

 

(2,147)

 

(2,129)

Operating working capital

 

1,572

 

1,384

Other working capital items

 

(870)

 

(774)

Non-current assets

 

10,821

 

9,714

Less investments in associates and joint ventures

 

(185)

 

(183)

Less pension assets

 

(842)

 

(471)

Deferred tax liabilities

 

(434)

 

(389)

Invested capital

 

10,062

 

9,281

Invested capital at year-end 2013 totaled €9.3 billion, €0.8 billion lower than at year-end 2012. Invested capital was mainly impacted by the net effect of:

  • An decrease of operating working capital of €0.2 billion due to working capital management. Expressed as a percentage of revenue, operating working capital was 9.9 percent (year-end 2012: 10.7 percent)
  • A decrease of €0.4 billion due to foreign currency translation, caused by the stronger euro
  • Qualifying certain businesses and assets as assets held for sale

Operating working capital

in € millions, % of revenue

 

December 31, 2012

 

December 31, 2013

Decorative Paints

 

353

 

8.9

 

228

 

6.1

Performance Coatings

 

742

 

13.3

 

693

 

12.7

Specialty Chemicals

 

564

 

10.7

 

553

 

11.5

Other activities

 

(87)

 

 

 

(90)

 

 

Total

 

1,572

 

10.7

 

1,384

 

9.9

AkzoNobel – Operating working capital (bar chart)
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