|
IN € MILLIONS |
1ST QUARTER |
| |
|
|
2010 |
2009 |
Δ% |
|
|
|
|
|
|
Decorative Paints |
82 |
48 |
71 |
|
Performance Coatings |
143 |
105 |
36 |
|
Specialty Chemicals |
207 |
151 |
37 |
|
Other activities/eliminations |
(33) |
(15) |
|
|
|
|
|
|
|
Total |
399 |
289 |
38 |
EBITDA totaled €399 million, 38 percent higher than in 2009, with the EBITDA margin at 12.3 percent (2009: 9.4 percent). With operating costs lower, the incremental margin from recovering demand was largely delivered into EBITDA.
- In Decorative Paints, synergies and restructuring benefits have contributed to a better result. EBITDA margin is 7.8 percent, an improvement compared with Q1 2009 (4.9 percent). In line with our strategy, we have increased advertising and promotion spend by 0.5 percent of sales, to accelerate growth in the key high growth markets.
- In Performance Coatings, overall margins improved during the quarter, but declined from the levels in Q4 of 2009. The higher growth markets displayed the most visible signs of recovery.
- In Specialty Chemicals, product mix and sustained margin management efforts led to an improvement in margin for the quarter, though raw material prices have increased following higher oil and feedstock prices. With operating costs well controlled, the incremental contribution margin was largely delivered to the bottom line.