Change
Tools: Print this page Recommend this page

Invested capital


IN € MILLIONS

MARCH 31

DECEMBER 31

MARCH 31

 

2010

2009

2009

 

 

 

 

Trade receivables

2,095

1,762

2,029

Inventories

1,458

1,314

1,584

Trade payables

(1,516)

(1,385)

(1,272)

Operating working capital in business areas

2,037

1,691

2,341

 

 

 

 

Other working capital items

(1,008)

(956)

(910)

Non-current assets

12,349

12,645

12,942

Deferred tax liabilities

(615)

(574)

(677)

Less investments in associates
and joint ventures

(182)

(176)

(179)

Discontinued operations

(898)

(978)

 

 

 

 

Invested capital ongoing activities

12,581

11,732

12,539

Invested capital of ongoing operations at March 31, 2010, totaled €12.6 billion (year-end 2009: €11.7 billion). The increase of €0.9 billion was due to:

  • Foreign currency effects on intangibles and property, plant and equipment
  • An increase of €208 million of long-term receivables related to pension funds in an asset position
  • Payments of accrued interest of €159 million, being the first payment under bonds refinanced in late 2008 and early 2009. The normalized annual cash outflow for these bonds is €148 million
  • An increase of operating working capital of €346 million. Expressed as a percentage of revenue, operating working capital was 15.6 percent (Q1 2009: 19.1 percent).

We have redefined invested capital to include deferred tax liabilities. Invested capital as previously reported (excluding deferred tax liabilities and including discontinued operations) totaled €13.2 billion and €14.2 billion at the end of Q4 and Q1 2009 respectively.

Copyright © 2010 Akzo Nobel N.V.