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Highlights included: Revenue down 4%, mainly due to divestments. Operating income at €322M (€388M yr-on-yr) driven by adverse price/mix developments. Net income attributable to shareholders €429M (€219M yr-on-yr) due to recognition of a deferred tax asset and the divestment of Decorative Paints in North America. Adjusted EPS €1.37 (€1.06 yr-on-yr). Performance improvement programme on track to be completed in 2013, delivering €500M EBITDA benefit a year early. Operational focus of strategy update announced in February is the right approach for continuing challenging market conditions; 2015 targets confirmed. Restructuring activities being stepped up, full-year charges expected to be in the order of €325M (initial estimate: €205M), with the benefits of these additional €120M costs realised in 2014 and beyond.
CEO Ton Büchner said: "While I am pleased to report that our Decorative Paints and Performance Coatings businesses have reported an improved or stable return on sales for the first half of the year, our end markets remain challenging and this was particularly visible at the end of Q2.”
