AkzoNobel delivering on growth strategy
(Thomson Reuters ONE) -
Please see pdf version of the press release for graphs and tables.
February 17, 2011
* 2010 revenue up 12 percent to ?14.6 billion; EBITDA* up 16 percent to ?1,964
million
* Total 2010 net income increased to ?754 million
* Q4 revenue up 17 percent to ?3.6 billion; Q4 EBITDA up 3 percent to ?377
million
* Adjusted EPS (earnings per share): ?3.71 (2009: ?2.06)
* Outlook: aiming for more than 5 percent revenue and EBITDA growth in 2011,
in line with strategic ambitions.
Akzo Nobel N.V. (AkzoNobel) today reported a revenue increase of 12 percent for
the year 2010 to ?14.6 billion. EBITDA increased 16 percent to ?1,964 million,
with EBITDA margins up at 13.4 percent. Total 2010 net income increased 165
percent to ?754 million.
Revenue growth was driven by a 6 percent volume increase across all three
Business Areas as demand recovered, particularly in high growth markets.
For the fourth quarter, volumes were up 3 percent, pricing improved 4 percent
and EBITDA rose 3 percent to ?377 million. The total net income amounted to ?162
million.
Raw material prices increased in 2010, particularly in the second half of the
year. The company expects 2011 prices to increase further. Pricing and cost
reduction actions are ongoing and AkzoNobel is confident that it will be able to
compensate for these increases during 2011.
Net debt decreased from ?1,744 million at year-end 2009 to ?936 million at year-
end 2010, mainly due National Starch divestment generating ?1 billion of cash.
Net cash from operating activities was ?519 million (2009: ?1,220 million)
reflecting investment in working capital facilitating growth and higher
restructuring payments in 2010.
In September 2010, the company announced a simplified dividend policy, stating
that it intends to pay a stable to rising dividend. In line with this policy,
AkzoNobel is proposing a final dividend of ?1.08, which would make a total 2010
dividend of ?1.40, up 4 percent from ?1.35 in 2009.
CEO Hans Wijers
"Our 2010 performance marks the first year of delivery of our new strategy. All
Business Areas have reported strong revenue growth, increased profitability,
improved sustainability performance and higher returns on invested capital.
"AkzoNobel's revenue in high growth markets, currently representing around 40
percent of our total, grew more than 20 percent, outperforming the market in
2010. In our mature markets, revenue increased close to 10 percent, further
evidence that our medium-term growth plans are on track.
"Broad demand improvement in both mature and high growth markets for Specialty
Chemicals led to a full-year EBITDA increase of 27 percent. Performance Coatings
delivered a solid performance, supported by volume growth and selective
acquisitions, although EBITDA margins were impacted by higher raw material
costs. Double digit revenue growth for Decorative Paints was achieved in Asia
and Latin America, with lower volumes in mature markets.
"During 2010, we continued to invest in profitable growth throughout our
portfolio. The opening of our Ningbo plant in China in November, the selective
acquisitions in Performance Coatings, the milestone contract with Walmart and
the recently announced Pulp and Paper Chemicals customer contract in Brazil
clearly demonstrate that AkzoNobel is on track to meet its medium-term
ambitions."
AkzoNobel continued to make progress on its strategic sustainability agenda.
Improvements were shown in areas such as percent of revenue from eco-premium
solutions, fresh water management and diversity and inclusion. The improvement
of the Total Recordable Injury Rate needs attention. Overall, the company is
well on its way to reaching its mid-term ambitions.
Outlook 2011
AkzoNobel expects to make further progress on its medium-term strategic
ambitions. The company is aiming for more than 5 percent revenue and EBITDA
growth in 2011.
* EBITDA is defined as Earnings Before Interest, Tax, Depreciation, and
Amortization, before incidentals.
The Report for 2010 and the fourth 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 in
the area of sustainability. 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
Pdf file AkzoNobel press release:
http://hugin.info/130660/R/1489831/425395.pdf
AkzoNobel Report for 2010 and 4th quarter:
http://hugin.info/130660/R/1489831/425397.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(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#1489831]
Unternehmensinformation / Kurzprofil:
Datum: 17.02.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 51595
Anzahl Zeichen: 6385
contact information:
Town:
Amsterdam
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 194 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"AkzoNobel delivering on growth strategy"
steht unter der journalistisch-redaktionellen Verantwortung von
Akzo Nobel NV (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
