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Performance Coatings – Overview

  • Revenue up 19 percent, with volumes up 12 percent
  • EBITDA at €191 million, up 15 percent
  • EBITDA margin at 15.2 percent (2009: 15.6 percent)
  • Broad demand improvement in all industrial businesses
  • Powder Coatings started integration of acquired activities

Performance Coatings had another strong quarter, with revenue up 19 percent (10 percent in constant currencies). The negative price effect of 3 percent is mainly caused by a change in the mix of products sold. After a strong Q1, stronger demand continued throughout Q2, with increased volumes most evident in the Powder, Industrial and Wood Finishes segments and in the high growth markets. Marine and Protective Coatings revenue was down 2 percent in constant currencies, due to continued weakness in the late-cycle marine maintenance market and the construction-related protective coatings markets. The restructuring efforts of last year continued to support performance. On June 30, production ceased at the Fombio site in Italy, where multiple businesses were located. EBITDA of €191 million was 15 percent higher than in 2009 (in constant currencies: 5 percent), while the EBITDA margin was 15.2 percent. In all businesses, increased raw material prices affected margins. Margin management programs are in place to mitigate the effects. The improvement in operating working capital performance also continued.

Revenue development Q2 2010

Performance Coatings – Revenue development Q2 2010 (bar chart)
Performance Coatings – Brands (logos)
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