AkzoNobel provides trading update
(Thomson Reuters ONE) -
June 27, 2011
As part of its ongoing communications with its key stakeholders, Akzo Nobel N.V.
("AkzoNobel") today provides a trading update.
AkzoNobel confirms that revenue development year-to-date has met the company's
expectations, but that results for the second quarter will be adversely impacted
by ongoing challenging trading conditions and one-off factors.
Recent performance has continued to be impacted by further raw material price
inflation in Q2 and, as a result, sequential second quarter contribution margins
are expected to be flat compared with Q1. Year-on-year raw material prices are
estimated to be around 20 percent higher.
In addition, continued softness of demand in our mature markets and prolonged
maintenance stops within Specialty Chemicals will also impact results in the
second quarter. These factors lead to an expected second quarter EBITDA of
around ?550 million.
AkzoNobel expects full-year 2011 EBITDA to be at least in line with the prior
year, assuming no further deterioration in economic conditions.
CEO Hans Wijers commented: "We are on track in terms of our medium-term growth
ambitions. Our revenues for the first half will illustrate this as they are
expected to be ahead of full-year guidance, driven by positive price and volume
development.
"Ongoing actions to mitigate raw material price inflation, company-wide cost
containment actions, our continuing successful progress in turning around the
performance of US Decorative Paints and continued encouraging growth in high
growth markets, will all help mitigate the weaker-than-expected market
conditions."
- - -
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Not for publication - for more information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 Corporate
Investor Relations
Tel: +31 20 502 7833 Tel.:
+31 20 502 78 56
Contact: Tim van der Zanden Contact: Huib
Wurfbain, Ivar Smits
Pdf file AkzoNobel press release:
http://hugin.info/130660/R/1526104/461853.pdf
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Source: Akzo Nobel NV via Thomson Reuters ONE
[HUG#1526104]
Unternehmensinformation / Kurzprofil:
Datum: 27.06.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 55866
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contact information:
Town:
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Kategorie:
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