Invested and operating working capital

Invested capital

in € millions

 

March 31, 2013

 

December 31, 2013

 

March 31, 2014

Trade receivables

 

2,468

 

2,087

 

2,329

Inventories

 

1,633

 

1,426

 

1,519

Trade payables

 

(2,169)

 

(2,129)

 

(2,033)

Operating working capital

 

1,932

 

1,384

 

1,815

Other working capital items

 

(809)

 

(774)

 

(653)

Non-current assets

 

10,966

 

9,714

 

9,218

Less investments in associates and joint ventures

 

(186)

 

(183)

 

(178)

Less pension assets

 

(1,006)

 

(471)

 

(57)

Deferred tax liabilities

 

(413)

 

(389)

 

(387)

Invested capital

 

10,484

 

9,281

 

9,758

Invested capital at the end of Q1 2014 totaled €9.8 billion, up €0.5 billion on year-end 2013. Invested capital was primarily impacted by the seasonal increase of operating working capital of €0.4 billion.

Operating working capital

in € millions, % of revenue

 

March 31, 2013

 

December 31, 2013

 

March 31, 2014

Decorative Paints

 

537

 

14.5

 

228

 

6.1

 

441

 

12.7

Performance Coatings

 

879

 

16.5

 

693

 

12.7

 

813

 

15.4

Specialty Chemicals

 

647

 

13.0

 

553

 

11.5

 

647

 

13.2

Other activities

 

(131)

 

 

 

(90)

 

 

 

(86)

 

 

Total

 

1,932

 

13.9

 

1,384

 

9.9

 

1,815

 

13.4

In % of revenue

AkzoNobel – Operating working capital (bar chart)AkzoNobel – Operating working capital (bar chart)