Invested and operating working capital

Invested capital

in € millions

 

September 30, 2014

 

December 31, 2014

 

September 30, 2015

Trade receivables

 

2,500

 

2,246

 

2,580

Inventories

 

1,579

 

1,545

 

1,581

Trade payables

 

(2,294)

 

(2,373)

 

(2,291)

Operating working capital

 

1,785

 

1,418

 

1,870

Other working capital items

 

(717)

 

(676)

 

(833)

Non-current assets

 

9,686

 

10,125

 

10,031

Less investments in associates and joint ventures

 

(185)

 

(183)

 

(167)

Less pension assets

 

(76)

 

(409)

 

(317)

Deferred tax liabilities

 

(405)

 

(412)

 

(400)

Invested capital

 

10,088

 

9,863

 

10,184

Invested capital at the end of Q3 2015 totaled €10.2 billion, up €0.3 billion on year-end 2014. Invested capital was primarily impacted by currency variation and seasonal increase of operating working capital.

Operating working capital

in € millions, % of revenue

 

September 30, 2014

 

December 31, 2014

 

September 30, 2015

Decorative Paints

 

341

 

8.1

 

202

 

5.5

 

378

 

9.0

Performance Coatings

 

842

 

14.8

 

733

 

12.9

 

887

 

14.9

Specialty Chemicals

 

669

 

13.5

 

587

 

12.3

 

665

 

13.5

Other activities

 

(67)

 

 

 

(104)

 

 

 

(60)

 

 

Total

 

1,785

 

12.1

 

1,418

 

10.1

 

1,870

 

12.4

In % of revenue

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