AkzoNobel publishes Q3 2010 results
(Thomson Reuters ONE) -
October 21, 2010
· Revenue ?3.9 billion (2009: ?3.4 billion), up 13 percent (5 percent in
constant currencies)
· EBITDA ?574 million (2009: ?528 million), up 9 percent (2 percent in constant
currencies)
· Total net income up 21 percent to ?238 million (2009: 197 million)
· Sale of National Starch completed on October 1
· Two bolt-on acquisitions in Performance Coatings
· Interim dividend of ?0.32 declared, up 7 percent from 2009
· New medium-term ambitions announced
· Outlook confirmed: AkzoNobel remains cautiously optimistic
Akzo Nobel N.V. (AkzoNobel), the largest global paints and coatings company and
major producer of specialty chemicals, today reported a revenue increase of
13 percent for the third quarter of 2010 and an EBITDA margin of 14.8 percent.
Strong revenue gains continued to be achieved in high growth markets across all
business areas, while revenue development in the mature markets remained weak.
Performance Coatings and Specialty Chemicals reported the strongest revenue
increases of 18 and 15 percent respectively, with Decorative Paints revenue up
8 percent.
EBITDA for the third quarter rose 9 percent to ?574 million, with total net
income rising 21 percent on 2009 to ?238 million.
On October 1, the company completed the sale of its National Starch business for
US$1.3 billion. Two acquisitions were announced during the quarter - the
Lindgens Metal Decorating Coatings and Inks business, and China's Changzhou
Prime Automotive Paint Co., Ltd business, both within the Performance Coatings
business area.
CEO Hans Wijers
"Our Q3 results clearly illustrate that, in line with our recently announced
medium-term ambitions, our three business areas are growing revenue. Although
there is reason for caution in mature markets, we are confident that we are in
good shape to benefit from our geographic spread and leading positions. We are
particularly optimistic about our strong revenue growth in high growth markets
and our ongoing efforts to capture value. Our disciplined focus on customers,
cost and cash remains strong, and we are making excellent progress in driving
top line growth.
Our third quarter was also notable for two bolt-on acquisitions in Performance
Coatings and, the sale of National Starch on October 1. The Sikkens healthcare
concept for hospitals in the Netherlands was also launched and our Glidden brand
clinched the contract to be the primary paint supplier for Walmart in the US.
Following the recent launch of our Value & Values ambitions, AkzoNobel is
confidently entering a period of accelerated and sustainable growth. We will
leverage our leading positions, global mega-trends and geographical spread to
achieve our revenue target of ?20 billion and grow our EBITDA each year while
maintaining a 13 to 15 percent margin level."
Medium- term strategic ambitions
AkzoNobel has the aspiration to be the world's leading coatings and specialty
chemicals company. On September 28, the company announced new medium-term
ambitions to grow revenue to ?20 billion, increase EBITDA each year while
maintaining a 13 to 15 percent margin, reduce OWC percent of revenue year-on-
year by 0.5 percent towards a 12 percent level, and pay a stable to rising
dividend.
The sustainability ambitions are to remain in the top three on the Dow Jones
Sustainability Indexes, to be top quartile in our peer group in terms of safety
performance, diversity, employee engagement and development, and eco-efficiency
improvement rates.
2010 outlook
Construction and housing markets, particularly in mature markets, remain soft.
However, AkzoNobel's leading positions, scale and presence in diversified
markets, together with a strong balance sheet and evidence of sustained
industrial demand beyond re-stocking, give reason for cautious optimism.
Business area highlights
Decorative Paints
3(rd) Quarter January - September
Q3 2010 Q3 2009 ?% 2010 2009 ?%
1,372 1,271 8 Revenue 3,829 3,551 8
198 198 - EBITDA 485 417 16
14.4 15.6 EBITDA margin (in %) 12.7 11.7
Performance Coatings
3(rd) Quarter January -
September
Q3 2010 Q3 2009 ?% 2010 2009 ?%
1,239 1,051 18 Revenue 3,548 3,098 15
166 169 (2) EBITDA 500 440 14
13.4 16.1 EBITDA margin (in %) 14.1 14.2
Specialty Chemicals
3(rd) Quarter January - September
Q3 2010 Q3 2009 ?% 2010 2009 ?%
1,272 1,109 15 Revenue 3,684 3,304 12
254 197 29 EBITDA 718 549 31
20.0 17.8 EBITDA margin (in %) 19.5 16.6
The Report for the third quarter of 2010 can be read on
www.akzonobel.com/quarterlyresults.
- - -
AkzoNobel is the largest global paints 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(TM).
Not for publication - for more information
Corporate Media Relations, tel. +31 20 502 7833
Contact: Tim van der Zanden
Corporate Investor Relations, tel. +31 20 502 7854
Contacts: Huib Wurfbain and Ivar Smits
[HUG#1453694]
AkzoNobel Q3 2010 Report:
http://hugin.info/130660/R/1453694/394166.pdf
Pdf file AkzoNobel Q3 2010 press release:
http://hugin.info/130660/R/1453694/394165.pdf
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Source: Akzo Nobel NV via Thomson Reuters ONE
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Datum: 21.10.2010 - 07:00 Uhr
Sprache: Deutsch
News-ID 45969
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