Invested and operating working capital

Invested capital

in € millions

 

September 30, 2013

 

December 31, 2013

 

September 30, 2014

Trade receivables

 

2,374

 

2,087

 

2,500

Inventories

 

1,483

 

1,426

 

1,579

Trade payables

 

(2,074)

 

(2,129)

 

(2,294)

Operating working capital

 

1,783

 

1,384

 

1,785

Other working capital items

 

(982)

 

(774)

 

(717)

Non-current assets

 

10,372

 

9,714

 

9,686

Less investments in associates and joint ventures

 

(188)

 

(183)

 

(185)

Less pension assets

 

(723)

 

(471)

 

(76)

Deferred tax liabilities

 

(420)

 

(389)

 

(405)

Invested capital

 

9,842

 

9,281

 

10,088

Invested capital at the end of Q3 2014 totaled €10.1 billion, up €0.8 billion on year-end 2013. Invested capital was primarily impacted by the seasonal increase of operating working capital of €0.4 billion and by foreign currency effects due to the weaker euro.

Operating working capital

in € millions, % of revenue

 

September 30, 2013

 

December 31, 2013

 

September 30, 2014

Decorative Paints

 

424

 

9.3

 

228

 

6.1

 

341

 

8.1

Performance Coatings

 

840

 

14.8

 

693

 

12.7

 

842

 

14.8

Specialty Chemicals

 

641

 

12.8

 

553

 

11.5

 

669

 

13.5

Other activities

 

(122)

 

 

 

(90)

 

 

 

(67)

 

 

Total

 

1,783

 

11.8

 

1,384

 

9.9

 

1,785

 

12.1

In % of revenue

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