AkzoNobel publishes Q1 results
(Thomson Reuters ONE) -
April 19, 2012
* Revenue up 6 percent to ?3.97 billion, mainly driven by pricing actions
* EBITDA 3 percent lower at ?423 million (2011: ?437 million), as weaker end
markets and cost inflation impacted results
* Net income from continuing operations ?70 million (2011: ?132 million), due
to higher incidental charges
* Cash from operating activities was impacted by a one-time pension payment
and seasonal build-up of operating working capital
* Adjusted EPS ?0.63 (2011: ?0.72)
* Performance improvement program on track
* Economic environment and certain raw materials remain principal
sensitivities in 2012
Q1 2012 in ? million
Q1 2011 Q1 2012 D%
Revenue 3,762 3,972 6
EBITDA 437 423 (3)
EBITDA margin (in %) 11.6 10.6
Net income continuing operations 132 70
Akzo Nobel N.V. (AkzoNobel) today reported a 6 percent increase in first quarter
revenue compared with the same period in 2011, mainly driven by pricing actions
to offset higher raw material costs. The EBITDA for Q1 was 3 percent lower at
?423 million, due to weaker end markets and cost inflation. The company also
announced that its global performance improvement program is on track.
Overall raw material prices remain a challenge. Looking forward, the company
expects the higher oil and TiO(2) prices on average to have an inflationary
impact.
Cash from operating activities was impacted by a one-time pension payment and
the seasonal build-up of operating working capital.
Decorative Paints achieved a revenue increase of 4 percent in the first quarter,
primarily driven by margin management in weak markets. Lower volumes impacted
EBITDA, particularly in North America which benefited last year from a one-time
positive customer load-in. Restructuring and cost reduction actions are underway
in Europe and North America to offset weaker demand.
In Performance Coatings, revenue increased 11 percent and EBITDA was up 15
percent compared with the previous year. Industrial Coatings - boosted by
acquisition activity - achieved the strongest growth, followed by Marine and
Protective Coatings. Although overall activity levels were flat, there was
significant variability between individual segments.
Specialty Chemicals revenue was up 4 percent, mainly due to the Boxing
Oleochemicals acquisition and a positive price/mix effect. EBITDA was 2 percent
lower, reflecting different trading conditions in certain businesses.
CEO Hans Wijers
"We are continuing to focus on performance improvement. Our global margin
management efforts are also proving successful as we continue to mitigate the
adverse effects of higher raw material costs. However, our volumes were down
slightly, reflecting the volatile nature of the economic conditions. Despite
these challenges, we have solid fundamentals, renowned brands and a strong
geographic spread. Furthermore, the ongoing performance improvement program
shows that we are taking the right steps towards achieving our medium-term
ambitions."
Business area highlights
Decorative Paints
Q1 2011 Q1 2012 D%
Revenue 1,196 1,242 4
EBITDA 90 76 (16)
EBITDA margin (in %) 7.5 6.1
Performance Coatings
Q1 2011 Q1 2012 D%
Revenue 1,237 1,369 11
EBITDA 143 164 15
EBITDA margin (in %) 11.6 12.0
Specialty Chemicals
Q1 2011 Q1 2012 D%
Revenue 1,351 1,399 4
EBITDA 241 235 (2)
EBITDA margin (in %) 17.8 16.8
The 2012 Q1 report can be downloaded via the AkzoNobel Report iPad app
http://bit.ly/obljrf or read online at www.akzonobel.com/quarterlyresults.
- - -
AkzoNobel Report Q1 2012:
http://hugin.info/130660/R/1603862/507241.pdf
Pdf file AkzoNobel Q1 2012 press release:
http://hugin.info/130660/R/1603862/507240.pdf
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Source: Akzo Nobel NV via Thomson Reuters ONE
[HUG#1603862]
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Datum: 19.04.2012 - 01:00 Uhr
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