- Revenue down 7 percent, due to weak demand in Europe and divestments
- Operating income at €217 million (2012: €236 million) as weaker end markets and production issues in the Specialty Chemicals value chain impacted results
- Cash from operating activities improved €298 million due to lower pension payments
- Net income attributable to shareholders €89 million (2012: €84 million)
- Adjusted EPS €0.51 (2012: €0.65)
- Divestment of Decorative Paints North America completed on April 1, 2013
- Strategic focus announced in February addresses the need for performance improvement in challenging market conditions
Akzo Nobel N.V. (AkzoNobel) today reported a 7 percent revenue decrease in the first quarter compared with the same period last year. This was due to weak demand in European markets and divestments. Operating income for Q1 was 8 percent lower at €217 million. The acceleration of AkzoNobel’s performance improvement program is progressing toward achieving the full EBITDA benefit of €500 million a year early, as announced at the strategy update in February 2013.
In December 2012, AkzoNobel completed the divestment of Chemicals Pakistan, which accounts for the divestment impact in revenue.
The divestment of Decorative Paints North America was completed on April 2013 and is reported in discontinued operations. The cash inflows and the deal result will be reported in Q2.
CFO Keith Nichols
"The economic environment remains challenging and we do not expect an early improvement in the trends that we see in our businesses. The acceleration of our performance improvement program and the strategic priorities announced in February are the right focus to have in these markets."