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Strategic targets: 2014 performance

Financial performance Sustainability performance  Return on sales (ROS) We use return on sales (ROS) as a performance indicator to reflect profitability relative to revenue. ROS as a target will focus management on delivery and quality of profits. ROS is defined as operating income as percentage of revenue. Progress towards our 2015 target Modest volume growth Robust operating expenditure cost control Restructuring costs significantly down compared with 2013 Excluding incidental items, ROS was 7.5 percent (2013: 6.1 percent) Target 9.0% Return on sales (ROS) development Operating income in % of revenue * Excluding an impairment in Decorative Paints of €2,106 [...]

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Value creation summary

Our Performance Coatings businesses are focused on all four of our end-user segments. Supplying high performance products and cutting-edge technologies primarily to business-to-business customers, we are increasingly incorporating low energy processes and working to reduce our carbon footprint across the value chain. Innovation is also key to our product development, which is often highly technical in order to meet strict customer specifications. Particular emphasis is placed on supplying products that offer environmental and social benefits for our customers. These initiatives will help us to create economic, social and environmental value. Social value is also [...]

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Pulp and Performance Chemicals

Due to divestments, overall volumes were lower than in 2013. However, on a comparable basis, core product lines reported growing or stable volume development Volumes in the South American bleaching chemicals business grew substantially following the inauguration of the Imperatriz Chemical Island in northern Brazil. Europe and Asia reported solid regional performance, while North American volumes were on a par with the previous year Expancel, our expandable microspheres business, put in a solid performance, with significant revenue growth The Colloidal Silica business continued to grow in key segments We expect to close the divestment of Paper Chemicals to Kemira in [...]

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Sustainability performance

 Eco-premium solutions with customer benefits Our 2020 target is to achieve 20 percent of revenue from products and services which provide customers and consumers in our downstream value chain with a significant sustainability advantage compared with the most commonly available equivalent commercial products or industrial processes. Continued steady progress towards our 2020 target Percentage of revenue from eco-premium products and services with downstream benefits slightly higher than 2013 Increase came from a combination of new products and growth in revenue from existing products in Specialty Chemicals and Performance Coatings Target 20% Eco-premium [...]

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Report of the Supervisory Board

Meetings The Supervisory Board held ten meetings during 2014. Six were plenary sessions with the full Executive Committee present for all or part of the meetings. Two meetings were held without the full Executive Committee present; the Board of Management attended seven of the ten meetings. All Supervisory Board meetings except one were preceded or succeeded by an executive session of the Supervisory Board, with the Chief Executive Officer (CEO) in attendance. An attendance overview of the Supervisory Board and its committees can be seen on this page. The Chairman of the Supervisory Board prepared the meetings with the Corporate Secretary and discussed matters such [...]

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Implementation in 2014

[...] levels cannot be justified in any given circumstance. To ensure that remuneration is linked to performance, a significant proportion of the remuneration package is variable and dependent on the short and long-term performance of the individual Board member and the company. Performance targets must be realistic and sufficiently stretching and – particularly with regard to the variable remuneration components – the Supervisory Board ensures that the relationship between the chosen performance criteria and the strategic objectives applied, as well as the relationship between remuneration and performance, are properly reviewed and accounted for, both ex-ante and [...]

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Note 2: Reporting principles

Reporting scope This Report 2014 integrates our financial and sustainability reporting and is addressed to readers interested in both areas. In particular, we seek ways of linking sustainability performance to business results in areas such as resource efficiency, carbon emission reduction, eco-premium solutions, safety, people development and engagement, and operational eco-efficiency. The information in this Report 2014 offers an update on our implementation of the ten principles of the United Nations Global Compact (UNGC). More sustainability information is available on our corporate website, including an index of the Global Reporting Initiative (GRI) G4 [...]

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Note 4: Employee benefits

Salaries, wages and other employee benefits in operating income In € millions 2013 2014 Salaries and wages (2,268) (2,226) Post-retirement cost (268) (221) Other social charges (414) (377) Total (2,950) (2,824) Average number of employees Average number during the year 2013 2014 Decorative Paints 16,800 15,500 Performance Coatings 21,300 21,000 Specialty Chemicals 10,600 10,000 Corporate and other 1,500 1,700 Total 50,200 48,200 The average number of employees working outside the Netherlands was 43,100 (2013: 45,000). Employees At year-end 2013 2014 Decorative Paints 16,200 15,200 Performance Coatings 21,400 20,500 Specialty Chemicals 10,400 9,800 Corporate and [...]

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Note 22: Remuneration of the Supervisory Board and the Board of Management

[...] for the Chairman, €78,000 for the Deputy Chairman and €65,000 for the other members (as of May 1, 2014). Members of committees receive an extra compensation. Members living outside the Netherlands receive an attendance fee dependent on the country of residence. Members who are resident in the Netherlands do not receive an attendance fee except for meetings held outside the Netherlands. Supervisory Board Total remuneration Remuneration Attendance fee Committee allowance fees Employer’s charges Total remuneration In € 2013 2014 1 Chairman as from April 29, 2014. 2 Until December 22, 2014. 3 Until April 29, 2014. 4 As from April 29, 2014. Antony Burgmans, [...]

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How we created value in 2014

By bringing more value to our customers, investors, employees and society in general, we can better position ourselves for growth and achieve our strategic vision of leading market positions delivering leading performance. Economic value Environmental value Social value Financial overview 2014 revenue was down 2 percent, with volume up 1 percent in all Business Areas, more than offset by adverse currency effects and divestments. Operating income was up 3 percent at €987 million, due to higher operating results and lower restructuring charges, offset by higher incidental charges. Excluding incidental items, ROS was 7.5 percent (2013: 6.1 percent). ROI was 10.0 [...]

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