Media release

AkzoNobel’s Q1 results show progress towards 15 by 20 strategy, despite headwinds from higher raw material costs and macro-economic uncertainty

April 24, 2019

Akzo Nobel N.V. (AKZA; AKZOY) publishes results for first quarter 2019

Adjusted operating income1 9% higher at €163 million

- Raw material inflation continued; variable costs €77 million higher

- Ongoing pricing initiatives resulted in price/mix up 6%

- Cost-saving programs delivered €38 million

- Volumes lower due to value over volume strategy


ROS2, excluding unallocated costs, increased to 9.1% (2018: 8.7%)

- Decorative Paints continued good momentum in seasonally low quarter

- Automotive and Specialty Coatings impacted by order pattern

On track to return a total of €6.5 billion to shareholders

€639 million cash payments to main UK pension plans


AkzoNobel CEO, Thierry Vanlancker, commented:

“We’re encouraged by the underlying business performance during this seasonally low quarter. Our pricing initiatives and cost-saving programs resulted in 9% higher profit and return on sales up at 9.1%. 

“Decorative Paints demonstrated good momentum and all Performance Coatings businesses increased profitability, apart from Automotive and Specialty Coatings which was impacted by order pattern.  

“Our transformation plans for creating a more fit-for-purpose organization are on track and delivered savings of €38 million during the quarter. We’re maintaining our focus as we continue to deliver towards our Winning together: 15 by 20 strategy.” 

Q1 2018


Q1 2019




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We are delivering towards our Winning together: 15 by 20 strategy and continue creating a fit-for purpose organization for a focused paints and coatings company, contributing to the achievement of our 2020 guidance.

Demand trends differ per region and segment in an uncertain macro-economic environment. Raw material inflation is expected to continue during the first half of 2019, although at a lower rate than 2018.

Robust pricing initiatives and cost-saving programs are in place to address the current challenges. We continue executing our transformation to deliver the next €200 million cost savings by 2020, incurring one-off costs in 2019 and 2020.

We target a leverage ratio of between 1.0-2.0 times net debt/EBITDA by the end of 2020 and commit to retain a strong investment grade credit rating.

The report for the first quarter 2019 can be viewed and downloaded at
1 Adjusted operating income = operating income excluding identified items (previously called EBIT)
2 ROS excluding unallocated costs is adjusted operating income as a percentage of revenue excluding unallocated corporate center costs1 Adjusted operating income = operating income excluding identified items (previously called EBIT)
3 Constant Currencies calculations exclude the impact of changes in foreign exchange rates

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