Operating income

• Operating income in Decorative Paints significantly improved due to the benefits of our new operating model, strict cost containment, lower restructuring costs and favorable currency developments
• Operating income in Performance Coatings increased due to the simplification of its business structure, reduced restructuring expenses, cost control measures and favorable currencies
• Specialty Chemicals improved its profitability due to benefits from continuous improvement measures, reduced restructuring expenses and favorable currency effects

Total restructuring charges amounted to €11 million (2014: €44 million).

Raw material prices were lower, although in many markets foreign currency effects have adversely impacted raw material costs.