2013-02-20 07:21:46 -
AMSTERDAM, THE NETHERLANDS -- (Marketwire) -- 02/20/13 --
February 20, 2013
* 2012 revenue up 5 percent driven by favorable currencies and pricing,
offset
by lower volumes
* 2012 EBITDA 4 percent higher at EUR1,901 million (2011: EUR1,834
million)
* Performance improvement program 2012 target has been exceeded
* Net loss from continuing operations EUR1,733 million (2011: EUR536
million
income), due to the Q3 impairment charge of EUR2,106 million
* Net cash from operating activities up 86 percent to EUR737 million
* Adjusted EPS EUR3.26 (2011: EUR3.10)
* Total dividend for 2012 proposed at EUR1.45 (2011: EUR1.45)
* Decorative Paints North America reported in discontinued operations;
Chemicals Pakistan divestment completed in 2012
* The economic environment remains challenging, especially in Europe
Full-year 2012 in EUR million
FY 2011 FY 2012 D%
Revenue 14,604 15,390 5
EBITDA(1) 1,834 1,901 4
EBITDA margin (in %) 12.6 12.4
Net income 477 (2,169)
Q4 2012 in EUR million
Q4 2011 Q4 2012 D%
Revenue 3,549 3,673 3
EBITDA(1) 352 363 3
EBITDA margin (in %) 9.9 9.9
Net income (68) (59)
(1) Excluding incidentals
Akzo Nobel N.V. (AkzoNobel) today announced its Q4 and full-year 2012
results.
Revenue for the year was up 5 percent driven by favorable
currencies and
pricing, which was partially offset by a decline in volumes. EBITDA for the
year
was 4 percent higher at EUR1,901 million (2011: EUR1,834 million)
helped by the
performance improvement program, which contributed EUR276 million to
EBITDA. As a
consequence of the impairment charge of EUR2,106 million in Q3
related to
Decorative Paints, we recorded a full-year operating loss of EUR1,244
million.
Excluding this impairment charge, operating income was EUR862 million
positive
(2011: EUR1,145 million).
CEO Ton Büchner
"AkzoNobel delivered a strong set of results in difficult markets,
underpinned
by the performance improvement program which exceeded our intermediate
targets."
Commenting on the outlook Büchner said: "The economic environment
remains
challenging and we expect no fundamental changes in the trends that we have
seen
recently in our businesses. We will continue to focus on performance
improvements and operational efficiencies in order to benefit from our
strong
portfolio of businesses with many leading market positions and exposure to
growth markets."
Business performance
Decorative Paints was impacted by weaker demand in the European markets.
Specialty Chemicals delivered a robust performance, despite weaker demand
in the
second half of the year. Performance Coatings recorded a strong performance
driven by margin management and operational efficiency actions, despite
weaker
volumes overall.
Portfolio changes
On December 14, 2012, AkzoNobel announced the sale of Decorative Paints
North
America to PPG. On December 28, 2012, the company completed the sale of
Chemicals Pakistan, which was subsequently deconsolidated. In early 2012,
AkzoNobel acquired Boxing Oleochemicals in Specialty Chemicals - the
leading
supplier of nitrile amines and derivatives in China and throughout Asia.
The
Schramm/SSCP acquisition accounted for the positive acquisition effect in
Performance Coatings as these activities were consolidated from Q4 2011.
Incidental items
AkzoNobel incurred higher restructuring costs, mainly in mature markets, as
the
company implemented its performance improvement program. Restructuring
activities are ongoing across the businesses, with the restructuring being
stepped up in the European Decorative Paints business in Q4.
Raw materials
On average, raw material costs were stable compared with the previous year,
with
the upward pressure on oil prices offsetting softer TiO(2) prices.
Proposed dividend
AkzoNobel will propose a total dividend for 2012 of EUR1.45. A final
dividend will
be paid in cash unless shareholders elect to receive a stock dividend.
###PRECONTENT2###
The 2012 full-year and Q4 report can be read on
www.akzonobel.com/quarterlyresults :
www.akzonobel.com/quarterlyresults .
AkzoNobel is the largest global paint and coatings company and a major
producer
of specialty chemicals. We supply industries and consumers worldwide with
innovative products and are passionate about developing sustainable answers
for
our customers. Our portfolio includes well known brands such as Dulux,
Sikkens,
International and Eka. Headquartered in Amsterdam, the Netherlands, we are
a
Global Fortune 500 company and are consistently ranked as one of the
leaders on
the Dow Jones Sustainability Indexes. With operations in more than 80
countries,
our 55,000 people around the world are committed to excellence and
delivering
Tomorrow's Answers Today™.
Pdf file AkzoNobel Q4/FY 2012 press release:
hugin.info/130660/R/1679494/548456.pdf :
hugin.info/130660/R/1679494/548456.pdf
AkzoNobel report for the year 2012 and 4th quarter:
hugin.info/130660/R/1679494/548457.pdf :
hugin.info/130660/R/1679494/548457.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Akzo Nobel NV via Thomson Reuters ONE
[HUG#1679494]
Not for publication - for more information
Corporate Media Relations
tel. +31 20 502 7833
Contact: Marcel van de Hoef
Corporate Investor Relations
tel. +31 20 502 7854
Contacts: Jonathan Atack and Sheryl Stokes
