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In Europe, revenue was up 2 percent (in constant currencies: down 1 percent). Performance in various parts of the region was mixed. Turkey and Russia recovered quickly from the economic downturn and experienced robust revenue growth in 2010. Revenues in mature European markets declined with the exception of the UK, where paint demand declined slightly but revenue in the UK was up compared with 2009. We strengthened our Dulux market positions and grew our share in trade markets. Western and Northern Europe experienced challenging market conditions due to low customer confidence, a weak construction and renovation industry and lower trade demand. Revenue in this part of Europe was lower as a result. In mature European markets, we continued to focus on operational efficiency, complexity reduction, margin management and operating working capital improvement. Full-year EBITDA in Europe improved from last year despite generally weaker markets.

In Q4, revenue was 2 percent higher than in 2009 (in constant currencies down 1 percent). The revenue development in Q4 followed a similar trend as the full year. EBITDA in Q4 declined, primarily due to a weak performance in Continental Europe. During the fourth quarter, we acquired the paints distributor Sofip in France. Earlier in the year, we completed three other distributor acquisitions: Peintures de France, Peintures Chartraines, and Joyes.


Copyright © 2011 Akzo Nobel N.V.