Performance Coatings – Overview

• Full-year revenue down 2 percent impacted by adverse currency effects
• Full-year operating income down 3 percent to €525 million (2012: €542 million), with underlying improvements offset by higher restructuring charges and adverse currency effects
• Full-year ROS 9.4 percent (2012: 9.5 percent)
• Operational efficiency improvements contributed in all businesses
• Restructuring initiatives accelerated in Q4

Revenue declined 2 percent compared with the previous year, due to adverse currencies and overall flat volumes, but with continued variability between individual segments. Volumes were down at the start of the year compared with 2012 – reflecting the difficult trading conditions – but gradually improved, with Q4 volumes being up 2 percent. Despite higher restructuring costs, margins were stable.

Q4 revenue was down 2 percent after a 5 percent currency impact. Restructuring initiatives accelerated, with the intended closure of seven sites located in Europe, Brazil and China being communicated. This resulted in lower operating income compared with 2012.

Revenue development 2013

Revenue development Q4 2013