Trading in Q4, 2013 continued to be in line with previous trends and the economic environment continued to be challenging. As previously indicated, AkzoNobel’s full year 2013 operating income before incidental items is unlikely to exceed €908M. The Performance Improvement Program is on track to achieve its 2013 targets. Restructuring charges are expected to exceed €300M, largely in line with prior indications for 2013. For 2014, the company sees continued opportunities to invest in additional efficiency gains and now anticipates charging at least €250M in the year.
The sale of the Building Adhesives business was successfully completed in Q4, which will result in an incidental profit of around €200M. This is expected to be largely offset by additional incidental charges, including a non-cash write-down in Specialty Chemicals, among others.
