Working capital and net assets

SEKm Dec. 31, 2011 % of annualized net sales Dec. 31, 2010 % of annualized net sales
Inventories 11,957 10.5 11,130 10.2
Trade receivables 19,226 17.0 19,346 17.7
Accounts payable –18,490 –16.3 –17,283 –15.8
Provisions –9,776   –10,009  
Prepaid and accrued income and expenses –6,598   –7,095  
Taxes and other assets and liabilities –1,499   –1,991  
Working capital –5,180 –4.6 –5,902 –5.4
Property, plant and equipment 15,613   14,630  
Goodwill 6,008   2,295  
Other non-current assets 8,717   6,706  
Deferred tax assets and liabilities 1,853   2,175  
Net assets 27,011 23.8 19,904 18.2
Average net assets 22,091 21.7 19,545 18.4
Return on net assets, % 13.7   27.8  
Return on net assets, excluding items affecting comparability, % 13.5   31.0