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

Nachrichtenquelle: GlobeNewswire
24.04.2019, 07:01  |  337   |   |   

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." 

    AkzoNobel in € millions Q1 2018 Q1 2019 Delta% Delta% CC3
    Revenue 2,176 2,185 -% 1%
    Adjusted operating income1 149 163 9%  
    ROS excluding unallocated costs2 8.7% 9.1%    

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