Change

Revenue


Revenue was up 12 percent for the year. During 2010, demand recovered and volumes increased, notably in the high growth markets.

Revenue development in % versus 2009

 

 

 

 

 

 

 

Volume

Price

Acquisitions/ divestments

Exchange rates

Total

 

 

 

 

 

 

Decorative Paints

2

1

6

9

Performance Coatings

7

(1)

3

7

16

Specialty Chemicals

11

(4)

6

13

Total

6

6

12

Decorative Paints

Decorative Paints full-year revenue growth was 9 percent. Demand in the high growth markets showed a robust recovery in 2010 after a challenging 2009. Our growth strategy of investing in brands, distribution and people, and expanding into mid-tier markets in high growth regions, is progressing well. Growth rates achieved in China and South East Asia have significantly outpaced markets, while demand in most of the mature markets declined during the year. As a result, our revenue in mature markets declined, apart from the UK, where we continued to strengthen the Dulux market position and gained share in the trade segment.

Performance Coatings

Performance Coatings had a good year, with revenue up 16 percent. Volume increases were seen in all businesses and all geographic regions, especially in Eastern Europe, Latin America and Asia. Powder Coatings showed the largest increase due to an acquisition, followed by Industrial Coatings, driven by good performances in Coil and Packaging Coatings. Wood Finishes and Adhesives and Marine and Protective Coatings had slower volume growth due to continued weak demand in the US housing market and lower investment levels in the European and US markets.

Specialty Chemicals

A broad recovery in demand, combined with the success of our strategic growth platforms, led to a volume increase across nearly all business lines in our Specialty Chemicals portfolio. In particular, volumes in the Americas and Asia returned to pre-crisis levels. Revenue increased 13 percent for the year, driven by the volume improvement, stable pricing and favorable currency effects.

Acquisitions and divestments

The acquisition and divestment effect on individual Business Area revenue during the year was due to the following:

  • In Performance Coatings, we consolidated the acquired former Dow Chemical powder coatings activities as of June. We acquired the Lindgens Metal Decorating and Inks business in Q3 and on October 1, we acquired Changzhou Prime Automotive Paint Co., Ltd to grow our Car Refinishes business in China.
  • In Specialty Chemicals, we divested PTA Pakistan in September 2009. This impacted 2010 revenue in Specialty Chemicals by 4 percent. During 2010, National Starch was classified as a discontinued operation and was sold on October 1, 2010, at a gain of €53 million.

Revenue in € millions

Revenue (bar chart)

Revenue development
in % versus 2009

Revenue development versus 2009 (bar chart)
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