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AkzoNobel has reported a positive volume and price/mix development in all three Business Areas. Q1 revenues of €3383M were 2% lower yr-on-yr. The decrease was mainly a consequence of a 5% impact from currency translation. Operating income was flat at €216M after €15M higher restructuring charges and currencies. Continuous improvement programmes are ongoing and the company is on track to achieve its 2015 targets.
Volume in decorative paints was up compared with 2013 due to development in Asia, while conditions in Europe and Latin America were challenging.
CFO Keith Nichols commented: "AkzoNobel remains on track to deliver its 2015 targets of 9% return on sales, 14% return on invested capital and a net debt/EBITDA ratio lower than 2.0.”
