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Historical operating working capital<br />
Operating working capital (2008 – 2010)<br />
CHF MM in % of net sales<br />
400<br />
350<br />
300<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
12.4%<br />
244<br />
Note: Including inventories, trade receivables, advance payments to suppliers, trade payables, advance payments by customers<br />
FAK/BMK 2010 March 2011<br />
14.2%<br />
198<br />
9.4%<br />
158<br />
2008 2009 2010<br />
16.0%<br />
14.0%<br />
12.0%<br />
10.0%<br />
8.0%<br />
6.0%<br />
4.0%<br />
2.0%<br />
0.0%<br />
Comments<br />
<strong>Autoneum</strong><br />
• Operating working capital requirement was<br />
significantly reduced to 9.4% of net sales despite<br />
increased sales<br />
• Improvements driven by improved inventory<br />
management since 2008<br />
• Absolute operating working capital levels in 2010<br />
positively impacted by the stronger CHF vs USD<br />
and EUR<br />
73
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