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Operating income


In 2012, the ongoing businesses of Decorative Paints recorded a goodwill impairment of €2,106 million. An amount of €372 million was recorded for the Decorative Paints business in North America in results from discontinued operations. In this report, impairments from the 2012 numbers are excluded from operating income to present comparable financial outcomes.

  • Decorative Paints’ results include the gain of €198 million on the divestment of Building Adhesives. Margins improved due to margin management and lower raw material prices, both for the full year and the fourth quarter. Performance improvement programs and restructuring measures have lowered the cost base. Restructuring charges were below the previous year
  • In Performance Coatings, margins were stable despite higher restructuring costs
  • Specialty Chemicals’ results include a non-cash impairment charge of €139 million on a business held for sale. Focus on cost control and margin management was maintained in all businesses, with a comprehensive performance improvement program being implemented at Functional Chemicals

Full-year average raw material costs were down, having stabilized during the year.

Operating income

4th quarter

 

 

 

January - December

2012

 

2013

 

in € millions

 

2012

 

2013

(91)

 

146

 

Decorative Paints

 

94

 

398

114

 

73

 

Performance Coatings

 

542

 

525

73

 

(30)

 

Specialty Chemicals

 

500

 

297

(60)

 

(73)

 

Other activities/eliminations

 

(228)

 

(262)

36

 

116

 

Total

 

908

 

958

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