R&D and Innovation in Energy Efficient Products

May 2020 Working Capital 5,630 5,821 8,630 8,665 9,516 2019 12M 1,177 9,157 5,564 2019 9M 1,091 5,580 Trade Rec. Inventory Other Rec. ■Trade Payables Working Capital / Sales Other Pay. Working Capital 30.9% 30.3% 30.8% 29.3% 32.2% 33.8% 35.1% 33.5% 30.3% 31.6% 32.7% 28.0% 27.3% 28.4% 28.3% 27.0% 26.4% Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Arçelik

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