Financial News

Akzonobel reports 2009 financial results

March 16, 2010

AkzoNobel announced its 2009 fourth quarter and full-year results. The company reported 2009 revenue of €13.893 million, ten percent below the previous year. For the full year, volumes were down nine percent while revenue dropped seven. Volumes stabilized in Europe during the fourth quarter, whereas the high growth markets outperformed the relatively weak final quarter of 2008. Commercial markets continued to be weak, particularly in the mature markets. This was the main reason for the EBITDA margin of 10.5%, compared with 11.9% in 2008. Latin America and Asia delivered strong performances, with Asian revenue slightly below 2008, while Latin American revenue in constant currencies was slightly ahead of the previous year. Although 2009 revenue for the performance coatings division de­creased by 12%, all businesses benefited from cost reduction and margin management programs, with the industrial activities unit closing six sites during the year. This resulted in an EBITDA margin of 14.5%, 2.1% ahead of 2008. EBITDA was up four percent from 2008 at €587 million.