AkzoNobel publishes Q3 2011 results
(Thomson Reuters ONE) -
October 20, 2011
* Revenue up 5 percent to ?4 billion, driven by pricing actions to offset raw
material cost inflation
* Weaker economic conditions and continued raw material price inflation
impacted results, particularly in Decorative Paints
* EBITDA decreased to ?507 million (2010: ?574 million)
* Net income continuing operations ?148 million (2010: ?217 million)
* Adjusted earnings per share ?0.91 (2010: ?1.19)
* Interim dividend of ?0.33 per share declared, up 3 percent
* Major performance improvement program launched to deliver ?500 million
EBITDA in 2014
Q3 2011 in ? million
Q3 2010 Q3 2011 D%
Revenue 3,867 4,051 5
EBITDA 574 507 (12)
EBITDA margin (in %) 14.8 12.5
Net income cont' operations 217 148 (32)
January-September 2011 in ? million
Jan.-Sep. 2010 Jan.-Sep. 2011 D%
Revenue 11,020 11,910 8
EBITDA 1,587 1,495 (6)
EBITDA margin (in %) 14.4 12.6
Net income cont' operations 534 531 -
Akzo Nobel N.V. (AkzoNobel) today announced revenue growth of 5 percent, driven
by pricing actions to offset raw material cost inflation. Market conditions have
become more difficult since the second quarter, which has had an impact on
results, particularly in Decorative Paints.
While the overall top-line growth remained relatively strong, volume development
continued to soften. In addition, input costs continued to rise, outpacing
selling price increases. Consequently EBITDA decreased 12percent to ?507
million. Further price increases are being implemented and the cost base is
being adjusted.
A major performance improvement program has been launched and the full ?500
million EBITDA will be delivered in 2014.
CEO Hans Wijers
"Although our top-line revenue growth throughout the quarter was relatively
strong, we have seen the macroeconomic situation worsen which has impacted our
third quarter results. We have also not yet fully offset the unprecedented raw
material cost increases; but this quarter illustrates that we are making good
progress, as evidenced by the 6 percent overall price increase, led by Specialty
Chemicals.
"We do not expect the macroeconomic situation to improve quickly. So, as in
2008, we are taking action and have launched a major performance improvement
program to deliver ?500 million EBITDA in 2014. This program will ensure that
our growth ambitions are delivered at or above the mid-point of our 13-15
percent EBITDA margin guidance. Our strong fundamentals, commitment to deliver
and this program give us confidence in the future."
Business area highlights
Decorative Paints
3(rd) Quarter January-September
2010 2011 D% 2010 2011 D%
1,372 1,435 5 Revenue 3,829 4,092 7
198 148 (25) EBITDA 485 429 (12)
14.4 10.3 EBITDA margin (in %) 12.7 10.5
Performance Coatings
3(rd) Quarter January-September
2010 2011 D% 2010 2011 D%
1,239 1,295 5 Revenue 3,548 3,844 8
166 157 (5) EBITDA 500 470 (6)
13.4 12.1 EBITDA margin (in %) 14.1 12.2
Specialty Chemicals
3(rd) Quarter January-September
2010 2011 D% 2010 2011 D%
1,272 1,349 6 Revenue 3,684 4,050 10
254 238 (6) EBITDA 718 699 (3)
20.0 17.6 EBITDA margin (in %) 19.5 17.3
The 2011 third quarter report can be read on 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(TM).
Not for publication - for more information
Corporate Media Relations Corporate Investor
Relations
Tel. +31 20 502 7833 Tel. +31 20 502 7854
Contact: Tim van der Zanden Contacts: Jonathan Atack, Huib
Wurfbain and Ivar Smits
AkzoNobel Report for the third quarter:
http://hugin.info/130660/R/1556312/480244.pdf
Pdf file AkzoNobel Q3 press release:
http://hugin.info/130660/R/1556312/480242.pdf
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originality of the information contained therein.
Source: Akzo Nobel NV via Thomson Reuters ONE
[HUG#1556312]
Unternehmensinformation / Kurzprofil:
Datum: 20.10.2011 - 06:59 Uhr
Sprache: Deutsch
News-ID 78794
Anzahl Zeichen: 6823
contact information:
Town:
Amsterdam
Kategorie:
Business News
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