media release

AkzoNobel Consolidates National Starch in 2008 Figures

AkzoNobel issues restated figures for the first three quarters of 2008 consolidating National Starch

  • Restated figures for the first three quarters of 2008 provided                           

In preparation of the release of the full year results on February 24, AkzoNobel has released the restated figures for the first three quarters in 2008, now including National Starch.

During 2008, National Starch (the former ICI Specialty Starch business) was classified as a discontinued operation. The intended sale of National Starch did not take place in 2008. In accordance with IFRS, the financial results of this business have therefore been re-classified as “continuing operations” within Specialty Chemicals.

The following overviews present the financial highlights and P&L for the first three quarters of 2008, restated to include National Starch.

Financial Highlights 2008  (in € millions)
Continuing operations before incidentalsQ1Q2Q3Q3 ytd
Revenue in constant currencies3,9774,3114,24512,533
Revenue3,7674,0384,04911,854
EBITDA in constant currencies4586085301,596
EBITDA4305655151,510
EBITDA margin (in %)11.414.012.712.7
EBIT before fair value adjustments3104503971,157
EBIT after fair value adjustments2744103631,047
Net income from continuing operations before fair value adjustments179277243699
Net income from continuing operations154248219621
Earnings per share from continuing operations (€)0.590.970.912.45
 
After incidentals
EBIT (operating income)110323284717
Net income from continuing operations44188145377
Net income from discontinued operations61(9)759
Net income total operations105179152436
 
Earnings per share
From continuing operations (€)0.170.730.601.49
Total operations (€)0.400.700.631.72
 
Capital expenditures106128122356
Number of employees (continuing operations) at quarter-end61,83062,30061,320 



 

Specialty Chemicals (in € millions)
RevenueQ1Q2Q3Q3 ytd
Functional Chemicals277285306868
Pulp & Paper Chemicals248247256751
Industrial Chemicals*247220252719
National Starch261168229658
Surface Chemistry201211210622
Polymer Chemicals134137132403
Chemicals Pakistan12815090368
Intragroup revenue/other(36)(31)(34)(101)
Total1,4601,3871,4414,228
Total constant currencies1,5371,4841,5054,526
 
Before incidentals
EBITDA in constant currencies256257243756
EBITDA237234237708
EBITDA margin (in %)16.216.916.416.5
EBITDA before fair value adjustments174 176 176 526 
EBITDA after fair value adjustments160 156163 479
 
After incidentals
EBIT (operating income)142154160456
EBIT margin (in %)9.711.111.110.6
 
Capital expenditures567170197
Number of employees (continuing operations) at quarter-end13,17013,28013,300 


* The Base Chemicals business has been renamed Industrial Chemicals.


 

Consolidated statement of income (in € millions)
Continuing operationsQ1Q2Q3Q3 ytd
Revenue3,7674,0384,04911,854
Cost of sales(2,434)(2,523)(2,561)(7,518)
Gross Profit1,3331,5151,4884,336
Selling expenses(821)(832)(827)(2,480)
Research and development costs(85)(84)(86)(255)
General and administrative expenses(318)(269)(252)(839)
Other operating income1(7)(39)(45)
EBIT (Operating income)110323284717
Financing income30 5340 123 
Financing expenses(71)(79) (72)(222) 
EBIT (Operating income) less financing income and expenses  69 297252618 
Results from associates and joint ventures 413
Profit before tax73 302 256 631
Income tax(15)(92)(94)(201)
Profit for the period from continuing operations58210162430
     
Discontinued operations    
Profit for the period from discontinued operations61(9)59
Profit for the period119 201169489 
Attributed to:    
Equity holders of the company (net income)105179152436
Minority interests14221753
Profit for the period119201169489

Income per share from continuing operations before incidentals (in €)

Basic0.590.97 0.91 2.45 
Diluted0.58 0.960.91 2.44 

Income per share from continuing operations after incidentals (in €)

Basic 0.17 0.73 0.60 1.49 
Diluted 0.17 0.72 0.601.48 

Income per share from discontinued operations (in €)

Basic0.23 (0.03) 0.03 0.23 
Diluted0.23 (0.03) 0.03 0.23 

Income per share from total operations (in €)

Basic0.40 0.700.63 1.72 
Diluted0.400.69 0.63 1.71 

 The figures mentioned in this press release are unaudited.

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