Invested and operating working capital

Invested capital

in € millions

 

March 31, 2014

 

December 31, 2014

 

March 31, 2015

Trade receivables

 

2,329

 

2,246

 

2,683

Inventories

 

1,519

 

1,545

 

1,703

Trade payables

 

(2,033)

 

(2,373)

 

(2,360)

Operating working capital

 

1,815

 

1,418

 

2,026

Other working capital items

 

(653)

 

(676)

 

(706)

Non-current assets

 

9,218

 

10,125

 

10,815

Less investments in associates and joint ventures

 

(178)

 

(183)

 

(159)

Less pension assets

 

(57)

 

(409)

 

(593)

Deferred tax liabilities

 

(387)

 

(412)

 

(442)

Invested capital

 

9,758

 

9,863

 

10,941

Invested capital at the end of Q1 2015 totaled €10.9 billion, up €1.1 billion on year-end 2014 due to currency impact of a weaker euro and seasonality of operating working capital. Within Performance Coatings we accommodated planned inventory increases as part of our scheduled footprint optimization.

Operating working capital

in € millions, % of revenue

 

March 31, 2014

 

December 31, 2014

 

March 31, 2015

Decorative Paints

 

441

 

12.7

 

202

 

5.5

 

407

 

11.4

Performance Coatings

 

813

 

15.4

 

733

 

12.9

 

977

 

17.1

Specialty Chemicals

 

647

 

13.2

 

587

 

12.3

 

718

 

13.9

Other activities

 

(86)

 

 

 

(104)

 

 

 

(76)

 

 

Total

 

1,815

 

13.4

 

1,418

 

10.1

 

2,026

 

14.1

In % of revenue

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