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Revenue down 7%, due to weak demand in Europe and divestments
Operating income at €217M million (€236M yr-on-yr) as weaker end markets and production issues in the Specialty Chemicals value chain impacted results
Cash from operating activities improved €298M due to lower pension payments
Net income attributable to shareholders €89M (€84M yr-on-yr)
Adjusted EPS €0.51 (€0.65 yr-on-yr)
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.
CFO Keith Nichols commented: "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 programme and the strategic priorities announced in February are the right focus to have in these markets.”
