Change

Report of the Board of Management


  • Report of the Board of Management up 5 percent driven by favorable currencies and pricing, offset by lower volumes
  • EBITDA 4 percent higher at €1,901 million (2011: €1,834 million)
  • Performance improvement program 2012 target has been exceeded
  • Net loss from continuing operations €1,733 million (2011: €536 million income), due to the Q3 impairment charge of €2,106 million
  • Net cash from operating activities up 86 percent to €737 million
  • Adjusted EPS €3.26 (2011: €3.10)
  • Total dividend for 2012 proposed at €1.45 (2011: €1.45)
  • Decorative Paints North America reported in discontinued operations; Chemicals Pakistan divestment completed in 2012
  • The economic environment remains challenging, especially in Europe

Financial highlights

 

Continuing operations

 

 

 

 

 

 

 

In € millions

 

2011

 

2012

 

∆%

1

Excluding incidentals.

Revenue

 

14,604

 

15,390

 

5

EBITDA1

 

1,834

 

1,901

 

4

EBITDA margin (in %)

 

12.6

 

12.4

 

 

EBIT1

 

1,271

 

1,276

 

EBIT margin (in %)

 

8.7

 

8.3

 

 

ROI1 (in %)

 

10.5

 

10.0

 

 

 

 

 

 

 

 

 

Operating income

 

1,145

 

(1,244)

 

 

Operating income before impairment

 

1,145

 

862

 

(25)

Net income from continuing operations

 

536

 

(1,733)

 

 

Net income from discontinued operations

 

(59)

 

(436)

 

 

Net income total operations

 

477

 

(2,169)

 

 

Earnings per share from continuing operations (in €)

 

2.29

 

(7.30)

 

 

Earnings per share from total operations (in €)

 

2.04

 

(9.14)

 

 

Adjusted earnings per share (in €)

 

3.10

 

3.26

 

 

 

 

 

 

 

 

 

Capital expenditures

 

658

 

826

 

26

Net cash from operating activities

 

396

 

737

 

86

Invested capital

 

12,613

 

11,030

 

 

Net debt

 

1,895

 

2,298

 

 

Number of employees

 

52,020

 

50,610

 

 

Financial highlights

Revenue for the year was up 5 percent driven by favorable currencies and pricing, offset by lower volumes. EBITDA for the year was 4 percent higher at €1,901 million (2011: €1,834 million). The performance improvement program exceeded intermediate targets. As a consequence of the impairment charge of €2,106 million, operating income was €1,244 million negative; excluding the impairment charge, this was €862 million positive (2011: €1,145 million).

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