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Financial highlights


Revenue was up 5 percent, due to volume growth of 3 percent and pricing of 5 percent (before a 1 percent adverse mix effect). Demand has been volatile during the quarter in the mature markets of Decorative Paints. Utilization rates in Specialty Chemicals have continued to be high.

EBITDA has been impacted by further raw material price inflation, demand volatility and continually soft demand (particularly in mature markets), as well as prolonged maintenance stops within Specialty Chemicals and the strong euro. We are implementing additional improvement measures and functional and operational excellence initiatives to sustainably underpin our performance. These will ensure that our growth ambitions are delivered at or above the mid-point of our 13-15 percent EBITDA margin guidance.

Continuing operations before incidentals

2nd quarter

 

 

January - June

 

2010

2011

Δ%

in € millions

2010

2011

Δ%

3,907

4,097

5

Revenue

7,153

7,859

10

614

551

(10)

EBITDA

1,013

988

(2)

15.7

13.4

 

EBITDA margin (in %)

14.2

12.6

 

466

401

(14)

EBIT

724

690

(5)

11.9

9.8

 

EBIT margin (in %)

10.1

8.8

 

 

 

 

Moving average ROI (in %)

10.8

10.4

 

 

 

 

Operating ROI (in %)

27.5

26.2

 

1.18

1.09

 

Adjusted earnings per share (in €)

1.70

1.82

 

 

 

 

 

 

 

 

After incidentals

2nd quarter

 

 

January - June

 

2010

2011

Δ%

in € millions

2010

2011

Δ%

455

428

(6)

Operating income

679

705

4

247

251

 

Net income from continuing operations

317

383

 

26

17

 

Net income from discontinued operations

37

13

 

273

268

 

Net income total operations

354

396

 

1.06

1.07

 

Earnings per share from continuing operations (in €)

1.36

1.64

 

1.17

1.14

 

Earnings per share from total operations (in €)

1.52

1.69

 

 

 

 

 

 

 

 

130

164

 

Capital expenditures

227

294

 

391

165

 

Net cash from operating activities

(134)

(354)

 

 

 

 

Interest coverage

5.9

7.6

 

 

 

 

Invested capital

13,285

13,115

 

 

 

 

Net debt

2,339

1,808

 

 

 

 

Number of employees

55,480

56,410

 

Copyright © 2011 Akzo Nobel N.V.