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Performance Coatings – Overview

  • Revenue increased by 6 percent, volumes up 8 percent
  • EBITDA up 36 percent at €143 million (2009: €105 million)
  • EBITDA margin at 13.6 percent (2009: 10.6 percent)
  • Strong volume recovery continues
  • Lower Marine maintenance activity
  • Restructuring programs continued to deliver savings

It was a strong Q1 for Performance Coatings, with revenue increasing 6 percent, including a favorable currency translation effect of 2 percent. After a difficult Q1 last year – with reduced volumes for most of our businesses – there has been recovery throughout the year, although most businesses are still below pre-recessionary levels. During Q1, volume recovery was evident in all businesses, with the exception of the late-cycle Marine and Protective Coatings business. Overall margins improved during the quarter, but declined from the levels of Q4 2009. The higher growth markets displayed the most visible signs of recovery. All businesses benefited from margin management and cost reduction programs, resulting in an EBITDA of €143 million, 36 percent higher than in Q1 2009. The EBITDA margin was 13.6 percent (Q1 2009: 10.6 percent).

Performance Coatings – Revenue development Q1 2010 (bar chart)
Performance Coatings – Brands (logos)
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