Invested and operating working capital

Invested capital

in € millions

 

June 30, 2013

 

December 31, 2013

 

June 30, 2014

Trade receivables

 

2,489

 

2,087

 

2,456

Inventories

 

1,559

 

1,426

 

1,541

Trade payables

 

(2,176)

 

(2,129)

 

(2,209)

Operating working capital

 

1,872

 

1,384

 

1,788

Other working capital items

 

(796)

 

(774)

 

(626)

Non-current assets

 

10,788

 

9,714

 

9,418

Less investments in associates and joint ventures

 

(186)

 

(183)

 

(179)

Less pension assets

 

(978)

 

(471)

 

(60)

Deferred tax liabilities

 

(461)

 

(389)

 

(402)

Invested capital

 

10,239

 

9,281

 

9,939

Invested capital at the end of Q2 2014 totaled €9.9 billion, up €0.6 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

 

June 30, 2013

 

December 31, 2013

 

June 30, 2014

Decorative Paints

 

447

 

9.5

 

228

 

6.1

 

373

 

8.7

Performance Coatings

 

860

 

14.7

 

693

 

12.7

 

843

 

14.7

Specialty Chemicals

 

645

 

12.9

 

553

 

11.5

 

655

 

13.3

Other activities

 

(80)

 

 

 

(90)

 

 

 

(83)

 

 

Total

 

1,872

 

12.1

 

1,384

 

9.9

 

1,788

 

12.1

In % of revenue

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