Quarterly statistics

2013

 

 

 

 

 

 

 

 

 

 

 

2014

Q1

 

Q2

 

Q3

 

Q4

 

year

 

in € millions

 

Q1

 

Q2

 

Q3

 

Q4

 

year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

925

 

1,179

 

1,136

 

934

 

4,174

 

Decorative Paints

 

865

 

1,074

 

1,050

 

920

 

3,909

1,331

 

1,458

 

1,415

 

1,367

 

5,571

 

Performance Coatings

 

1,319

 

1,434

 

1,420

 

1,416

 

5,589

1,244

 

1,253

 

1,252

 

1,200

 

4,949

 

Specialty Chemicals

 

1,222

 

1,228

 

1,239

 

1,194

 

4,883

(35)

 

(25)

 

(25)

 

(19)

 

(104)

 

Other activities/eliminations

 

(23)

 

(26)

 

(23)

 

(13)

 

(85)

3,465

 

3,865

 

3,778

 

3,482

 

14,590

 

Total

 

3,383

 

3,710

 

3,686

 

3,517

 

14,296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

88

 

141

 

146

 

(13)

 

362

 

Decorative Paints

 

56

 

141

 

150

 

58

 

405

163

 

197

 

193

 

110

 

663

 

Performance Coatings

 

163

 

212

 

170

 

142

 

687

174

 

198

 

185

 

169

 

726

 

Specialty Chemicals

 

204

 

204

 

232

 

175

 

815

(50)

 

(62)

 

(68)

 

(58)

 

(238)

 

Other activities/eliminations

 

(59)

 

(48)

 

(65)

 

(45)

 

(217)

375

 

474

 

456

 

208

 

1,513

 

Total

 

364

 

509

 

487

 

330

 

1,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10.8

 

12.3

 

12.1

 

6.0

 

10.4

 

EBITDA margin (in %)

 

10.8

 

13.7

 

13.2

 

9.4

 

11.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

(28)

 

(28)

 

(24)

 

(26)

 

(106)

 

Decorative Paints

 

(27)

 

(26)

 

(27)

 

(29)

 

(109)

(25)

 

(25)

 

(24)

 

(28)

 

(102)

 

Performance Coatings

 

(27)

 

(24)

 

(25)

 

(25)

 

(101)

(62)

 

(64)

 

(66)

 

(65)

 

(257)

 

Specialty Chemicals

 

(60)

 

(64)

 

(64)

 

(68)

 

(256)

(4)

 

(2)

 

(3)

 

2

 

(7)

 

Other activities/eliminations

 

(3)

 

(3)

 

(3)

 

(2)

 

(11)

(119)

 

(119)

 

(117)

 

(117)

 

(472)

 

Total

 

(117)

 

(117)

 

(119)

 

(124)

 

(477)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization

(17)

 

(11)

 

(15)

 

(13)

 

(56)

 

Decorative Paints

 

(12)

 

(13)

 

(10)

 

(13)

 

(48)

(9)

 

(9)

 

(9)

 

(9)

 

(36)

 

Performance Coatings

 

(10)

 

(10)

 

(10)

 

(11)

 

(41)

(13)

 

(13)

 

(12)

 

(13)

 

(51)

 

Specialty Chemicals

 

(9)

 

(16)

 

(12)

 

(14)

 

(51)

 

 

(1)

 

 

(1)

 

Other activities/eliminations

 

 

 

(1)

 

 

(1)

(39)

 

(33)

 

(37)

 

(35)

 

(144)

 

Total

 

(31)

 

(39)

 

(33)

 

(38)

 

(141)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income excluding incidentals

43

 

102

 

107

 

(52)

 

200

 

Decorative Paints

 

17

 

102

 

113

 

16

 

248

129

 

163

 

160

 

73

 

525

 

Performance Coatings

 

126

 

178

 

135

 

106

 

545

99

 

121

 

107

 

91

 

418

 

Specialty Chemicals

 

135

 

124

 

156

 

93

 

508

(54)

 

(64)

 

(71)

 

(57)

 

(246)

 

Other activities/eliminations

 

(62)

 

(51)

 

(69)

 

(47)

 

(229)

217

 

322

 

303

 

55

 

897

 

Total

 

216

 

353

 

335

 

168

 

1,072

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

43

 

102

 

107

 

146

 

398

 

Decorative Paints

 

17

 

102

 

113

 

16

 

248

129

 

163

 

160

 

73

 

525

 

Performance Coatings

 

126

 

178

 

135

 

106

 

545

99

 

121

 

107

 

(30)

 

297

 

Specialty Chemicals

 

135

 

124

 

156

 

93

 

508

(54)

 

(64)

 

(71)

 

(73)

 

(262)

 

Other activities/eliminations

 

(62)

 

(51)

 

(69)

 

(132)

 

(314)

217

 

322

 

303

 

116

 

958

 

Total

 

216

 

353

 

335

 

83

 

987

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.3

 

8.3

 

8.0

 

3.3

 

6.6

 

ROS (in %)

 

6.4

 

9.5

 

9.1

 

2.4

 

6.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incidentals per Business Area

 

 

 

198

 

198

 

Decorative Paints

 

 

 

 

 

 

 

 

 

 

Performance Coatings

 

 

 

 

 

 

 

 

(121)

 

(121)

 

Specialty Chemicals

 

 

 

 

 

 

 

 

(16)

 

(16)

 

Other activities/eliminations

 

 

 

 

(85)

 

(85)

 

 

 

61

 

61

 

Total

 

 

 

 

(85)

 

(85)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incidentals included in operating income

 

 

 

 

 

Restructuring costs

 

 

 

 

 

 

 

 

(139)

 

(139)

 

Impairment

 

 

 

 

 

 

 

 

 

 

Provisions for legacy items and project costs

 

 

 

 

(34)

 

(34)

 

 

 

216

 

216

 

Results on acquisitions and divestments

 

 

 

 

 

 

 

 

(16)

 

(16)

 

Other incidental results

 

 

 

 

(51)

 

(51)

 

 

 

 

 

 

61

 

61

 

Total

 

 

 

 

(85)

 

(85)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation net financing expense

9

 

8

 

6

 

9

 

32

 

Financing income

 

12

 

9

 

9

 

12

 

42

(56)

 

(57)

 

(54)

 

(54)

 

(221)

 

Financing expenses

 

(44)

 

(37)

 

(36)

 

(40)

 

(157)

(47)

 

(49)

 

(48)

 

(45)

 

(189)

 

Net interest on net debt

 

(32)

 

(28)

 

(27)

 

(28)

 

(115)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other interest movements

(5)

 

(5)

 

(5)

 

(6)

 

(21)

 

Financing expenses related to pensions

 

(5)

 

(4)

 

(4)

 

(5)

 

(18)

(12)

 

15

 

(8)

 

(3)

 

(8)

 

Interest on provisions

 

(4)

 

(11)

 

(8)

 

(9)

 

(32)

1

 

6

 

5

 

6

 

18

 

Other items

 

4

 

3

 

1

 

1

 

9

(16)

 

16

 

(8)

 

(3)

 

(11)

 

Net other financing charges

 

(5)

 

(12)

 

(11)

 

(13)

 

(41)

(63)

 

(33)

 

(56)

 

(48)

 

(200)

 

Net financing expenses

 

(37)

 

(40)

 

(38)

 

(41)

 

(156)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarterly net income analysis

3

 

6

 

4

 

1

 

14

 

Results from associates and joint ventures

 

6

 

6

 

6

 

3

 

21

(16)

 

(25)

 

(14)

 

(13)

 

(68)

 

Profit attributable to non-controlling interests

 

(16)

 

(24)

 

(16)

 

(16)

 

(72)

157

 

295

 

251

 

69

 

772

 

Profit before tax

 

185

 

319

 

303

 

45

 

852

(45)

 

38

 

(83)

 

(21)

 

(111)

 

Income tax

 

(43)

 

(89)

 

(84)

 

(36)

 

(252)

112

 

333

 

168

 

48

 

661

 

Profit for the period from continuing operations

 

142

 

230

 

219

 

9

 

600

29

 

(13)

 

33

 

30

 

14

 

Effective tax rate (in %)

 

23

 

28

 

28

 

80

 

30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share from continuing operations (in €)

0.40

 

1.28

 

0.64

 

0.14

 

2.46

 

Basic

 

0.52

 

0.84

 

0.83

 

(0.03)

 

2.16

0.40

 

1.27

 

0.64

 

0.14

 

2.44

 

Diluted

 

0.52

 

0.83

 

0.82

 

(0.03)

 

2.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share from discontinued operations (in €)

(0.03)

 

0.50

 

 

0.07

 

0.54

 

Basic

 

0.01

 

 

0.01

 

0.06

 

0.07

(0.03)

 

0.50

 

 

0.07

 

0.54

 

Diluted

 

0.01

 

 

0.01

 

0.06

 

0.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share from total operations (in €)

0.37

 

1.78

 

0.64

 

0.21

 

3.00

 

Basic

 

0.53

 

0.84

 

0.84

 

0.03

 

2.23

0.37

 

1.77

 

0.64

 

0.21

 

2.98

 

Diluted

 

0.53

 

0.83

 

0.83

 

0.03

 

2.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of shares (in millions)

239.4

 

241.0

 

242.1

 

242.4

 

241.2

 

Weighted average number of shares

 

243.0

 

244.4

 

245.4

 

245.7

 

244.7

239.8

 

242.1

 

242.1

 

242.6

 

242.6

 

Number of shares at end of quarter

 

243.4

 

245.4

 

245.4

 

246.0

 

246.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted earnings (in € millions)

157

 

295

 

251

 

69

 

772

 

Profit before tax from continuing operations

 

185

 

319

 

303

 

45

 

852

 

 

 

(61)

 

(61)

 

Incidentals reported in operating income

 

 

 

 

85

 

85

39

 

33

 

36

 

36

 

144

 

Amortization of intangible assets

 

31

 

39

 

33

 

38

 

141

(57)

 

28

 

(93)

 

(34)

 

(156)

 

Adjusted income tax

 

(52)

 

(101)

 

(94)

 

(72)

 

(319)

(16)

 

(25)

 

(14)

 

(13)

 

(68)

 

Non-controlling interests

 

(16)

 

(24)

 

(16)

 

(16)

 

(72)

123

 

331

 

180

 

(3)

 

631

 

Adjusted net income for continuing operations

 

148

 

233

 

226

 

80

 

687

0.51

 

1.37

 

0.74

 

(0.01)

 

2.62

 

Adjusted earnings per share (in €)

 

0.61

 

0.95

 

0.92

 

0.33

 

2.81