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Invested and operating
working capital


Invested capital

in € millions

June 30, 2010

December 31, 2010

June 30, 2011

Trade receivables

2,477

2,101

2,477

Inventories

1,639

1,678

1,880

Trade payables

(1,770)

(1,763)

(1,968)

Operating working capital in Business Areas

2,346

2,016

2,389

Other working capital items

(1,262)

(1,203)

(991)

Non-current assets

13,027

12,669

12,449

Less investments in associates and joint ventures

(182)

(175)

(182)

Deferred tax liabilities

(644)

(589)

(550)

Invested capital

13,285

12,718

13,115

Invested capital at the end of Q2 2011 totaled €13.1 billion, €0.4 billion higher than at year-end 2010. Invested capital was impacted by the net effect of:

  • Foreign currency effects on intangibles and property, plant and equipment, due to the strenghtening euro. In total, invested capital decreased by €0.4 billion due to the currency translation impact.
  • An increase of €0.2 billion of long-term receivables related to pension funds in an asset position.
  • An increase of operating working capital due to seasonal business activities. Expressed as a percentage of revenue, operating working capital was 14.5 percent (Q2 2010: 15.0 percent; year-end 2010: 13.9 percent).
  • Payments of accrued interest of €148 million.

Operating working capital

in € millions, % of revenue

June 30, 2010

December 31, 2010

June 30, 2011

Decorative Paints

796

14.2

651

14.3

858

14.7

Performance Coatings

838

16.6

714

14.4

823

15.7

Specialty Chemicals

712

14.1

651

12.9

708

13.1

Total

2,346

15.0

2,016

13.9

2,389

14.5

In % of revenue

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