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Invested and operating working capital


Invested capital

in € millions

March 31,
2010

December 31,
2010

March 31,
2011

Trade receivables

2,095

2,101

2,359

Inventories

1,458

1,678

1,781

Trade payables

(1,516)

(1,763)

(1,823)

Operating working capital in Business Areas

2,037

2,016

2,317

Other working capital items

(1,008)

(1,203)

(1,072)

Non-current assets

12,349

12,669

12,503

Less investments in associates and joint ventures

(182)

(175)

(177)

Deferred tax liabilities

(615)

(589)

(558)

Invested capital

12,581

12,718

13,013

Invested capital at March 31, 2011 totaled €13.0 billion, €0.3 billion higher than at year-end 2010. Invested capital was impacted by the following items:

  • Foreign currency effects on intangibles and property, plant and equipment, due to the strenghtening euro. In total, equity decreased by €0.3 billion due to the currency translation impact.
  • An increase of €215 million of long-term receivables related to pension funds in an asset position.
  • An increase of operating working capital due to increased business activities. Expressed as a percentage of revenue, operating working capital was 15.3 percent (Q1 2010: 15.6 percent; year-end 2010: 13.9 percent).
  • Payments of accrued interest of €148 million.

Operating working capital

in € millions, % of revenue

March 31, 2010

December 31, 2010

March 31, 2011

Decorative Paints

690

16.3

651

14.3

803

16.8

Performance Coatings

698

16.6

714

14.4

805

16.3

Specialty Chemicals

649

14.1

651

12.9

709

13.1

Total

2,037

15.6

2,016

13.9

2,317

15.3

In % of revenue

AkzoNobel – Operating working capital (bar chart)
Copyright © 2011 Akzo Nobel N.V.