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Invested and operating working capital


Invested capital

IN € MILLIONS

JUNE 30

DECEMBER 31

JUNE 30

 

2010

2009

2009

 

 

 

 

Trade receivables

2,477

1,762

2,164

Inventories

1,639

1,314

1,444

Trade payables

(1,770)

(1,385)

(1,370)

Operating working capital in business areas

2,346

1,691

2,238

 

 

 

 

Other working capital items

(1,262)

(956)

(707)

Non-current assets

13,027

12,645

12,907

Deferred tax liabilities

(644)

(574)

(631)

Less investments in associates and joint ventures

(182)

(176)

(172)

Discontinued operations

(898)

(994)

 

 

 

 

Invested capital

13,285

11,732

12,641

Invested capital at June 30, 2010, totaled €13.3 billion, €1.6 billion higher than year-end 2009. Invested capital was impacted by the following items:

  • Foreign currency effects on intangibles and property, plant and equipment, due to the weakening euro.
  • An increase of €251 million of long-term receivables related to pension funds in an asset position.
  • An increase of operating working capital of €655 million due the seasonality of some of our activities. Expressed as a percentage of revenue, operating working capital was 15.0 percent (year-end 2009: 13.7 percent; Q2, 2009: 16.2 percent).
  • Payments of accrued interest of €159 million, being the first payment under bonds refinanced in late 2008 and the first half of 2009. The normalized cash outflow for these bonds is €148 million.

Operating working capital

IN € MILLIONS

JUNE 30

DECEMBER 31

JUNE 30

 

2010

2009

2009

 

 

 

 

Decorative Paints

796

532

852

Performance Coatings

838

594

727

Specialty Chemicals

712

565

659

 

 

 

 

Total

2,346

1,691

2,238

IN % OF REVENUE

AkzoNobel – Operating working capital (bar chart)
Copyright © 2010 Akzo Nobel N.V.