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Invested and operating working capital


Invested capital

IN € MILLIONS

SEPTEMBER 30

DECEMBER 31

SEPTEMBER 30

 

2010

2009

2009

 

 

 

 

Trade receivables

2,269

1,762

2,008

Inventories

1,621

1,314

1,355

Trade payables

(1,699)

(1,385)

(1,356)

Operating working capital in business areas

2,191

1,691

2,007

 

 

 

 

Other working capital items

(1,055)

(956)

(862)

Non-current assets

12,327

12,645

12,579

Deferred tax liabilities

(596)

(574)

(581)

Less investments in associates and joint ventures

(190)

(176)

(170)

Discontinued operations

(898)

(920)

 

 

 

 

Invested capital

12,677

11,732

12,053

Invested capital at September 30, 2010 totaled €12.7 billion, €1 billion higher than at 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 €257 million of long-term receivables related to pension funds in an asset position.
  • An increase of operating working capital of €500 million due the seasonality of some of our activities. Expressed as a percentage of revenue, operating working capital was 14.1 percent (year-end 2009: 13.7 percent; Q3 2009: 14.6 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

SEPTEMBER 30

DECEMBER 31

SEPTEMBER 30

 

2010

2009

2009

 

 

 

 

Decorative Paints

710

532

719

Performance Coatings

787

594

667

Specialty Chemicals

694

565

621

 

 

 

 

Total

2,191

1,691

2,007

IN % OF REVENUE

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