Revenue declined 2 percent compared with the previous year, due to adverse currencies and overall flat volumes, but with continued variability between individual segments. Volumes were down at the start of the year compared with 2012 – reflecting the difficult trading conditions – but gradually improved, with Q4 volumes being up 2 percent. Despite higher restructuring costs, margins were stable.
Q4 revenue was down 2 percent after a 5 percent currency impact. Restructuring initiatives accelerated, with the intended closure of seven sites located in Europe, Brazil and China being communicated. This resulted in lower operating income compared with 2012.
Revenue development 2013
Revenue development Q4 2013