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Note 3: Stakeholder engagement

[...] can vary from pro-active engagement to providing information upon request. This section includes several 2014 highlights. More details can be found on our corporate website, in the Strategic performance section and other chapters of this Report 2014: Customers: Business performance section Investors: Governance and compliance section Specific sustainability/research organizations and NGOs: Note 3 of this section Employees: Note 6 of this section Suppliers: Note 7 of this section Communities: Note 14 of this section Stakeholder engagement in 2014 Our commitment and primary partners We support a number of charters and external organizations to demonstrate our [...]

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Note 23: Financial risk management

[...] – mitigate these financial risks in order to minimize potential adverse effects on our financial performance. Our risk mitigating activities include the use of derivative financial instruments to hedge certain risk exposures. The Board of Management is ultimately responsible for risk management. We centrally identify, evaluate and hedge financial risks, and monitor compliance with the corporate policies approved by the Board of Management, except for commodity risks, which are subject to identification, evaluation and hedging in the businesses. We have treasury hubs located in Brazil, Asia and the US that are primarily responsible for regional cash management and [...]

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Strategic focus areas

As part of the corporate strategy development process we carried out in 2012, we identified five key focus areas. The following is a brief description of accomplishments in 2014, along with plans for 2015 and beyond for each of the five areas. Care for the customer AkzoNobel holds many market leadership positions. In order to maintain these positions, we have identified organic growth as one of our priorities. In 2014, we made some progress in terms of organic growth, with volume growth of 1 percent for the company as a whole. However, there is still considerable room for improvement. The starting point for organic growth is care for our customers. It begins with a [...]

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Note 1: Summary of significant accounting policies

[...] in accounting policies Consolidation IFRS 10 “Consolidated Financial Statements”, effective January 1, 2014, introduced an amended concept of control to determine whether an investee should be consolidated. This standard did not affect our scope of consolidation. Joint arrangements Under IFRS 11 “Joint Arrangements”, effective January 1, 2014, the interest in a joint arrangement has to be classified as either a joint operation (if the investor has rights to the assets and the obligations for liabilities relating to the arrangement) or a joint venture (if the investor has rights only to the net assets of the arrangement). This standard did not affect our [...]

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Segment information

Our Decorative Paints business supplies a full range of interior and exterior decoration and protection products for both the professional and do-it-yourself markets. Our Performance Coatings businesses are represented in most markets of this industry and we serve a large range of customers including ship and yacht builders, architects, consumer electronics and appliance companies, steel manufacturers, the construction industry, furniture makers, aircraft, bus and truck producers, can makers and vehicle bodyshops. Our Specialty Chemicals products are used in a wide variety of everyday products such as ice cream, soups, disinfectants, plastics, soaps, detergents, [...]

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Note 1: Managing our sustainability agenda

[...] employees – not to mention the planet – will also benefit. For more details, see the Strategic performance section of this Report 2014. Our strategy has three sustainability focus areas designed to deliver more value from fewer resources, with targets for 2020. Our progress in terms of creating more value from fewer resources is measured by a special Resource Efficiency Index (REI), which monitors the gross margin generated over the resource/energy use across the value chain (measured as cradle-to-grave carbon footprint). We focus on three aspects: Sustainable business: Involves creating business value through products and solutions that provide both [...]

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Note 8: People safety

Overall performance indicators for people safety show that the company continues to make improvements towards the targets set for 2015. Implementation of the people safety programs coincides with a continued decrease in the number of injuries to employees, supervised and independent contractors. Our behavior-based safety program, which actively engages all personnel in identifying and addressing at-risk behavior, has been tailored to the needs of our non-manufacturing personnel and rolled out. Our main performance indicators for people safety are the total reportable injury rate (TRR) and the lost time injury (LTI) rate. Employee and supervised contractors total [...]

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Note 4: Sustainable business

[...] and expect it to be a long-term indicator for AkzoNobel. Although margin variability may affect performance in any given year, the long-term trend must be upwards. A review of our performance over the past six years reveals a variable trend. We have seen increases from factors such as: Improvements in energy efficiency Increased renewable and low carbon energy supply The ongoing switch towards waterborne coatings Margin improvements as a result of higher value added products However, alongside these positive factors we have seen tighter margins, together with expansion in markets that are slower in adopting low VOC coatings and have a high proportion of high carbon [...]

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Strategy

Our vision is to be the leading coatings company from a performance perspective. Our expected outcomes for 2015 are to achieve a return on sales level of 12 percent and a return on investment of 25 percent. We are on track to deliver on these expectations, as evidenced by our 2014 financial results. In 2014, we introduced a simplified and leaner organizational structure. This new structure has reduced the number of global management layers, which in turn will enhance decision-making efficiency and improve our customer focus, while at the same time reducing costs. We also continue to progress in our three main action areas: Actions Drive overarching performance [...]

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Note 14: Community

[...] this program, we are also inspiring people to get involved in making their world a better place. During 2014, we donated around 120,000 liters of paint, worth an estimated €0.4 million. Approximately 1,600 AkzoNobel employees were involved, volunteering roughly 10,000 hours of their time to various “Let’s Colour” projects across the globe. We also trained nearly 5,000 people as painters. In 2014, we estimate that we positively impacted the lives of around seven million people. Community Program Our Community Program encourages sites and individuals to take part in projects where our products/resources and the skills and knowledge of employees can benefit [...]

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