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AkzoNobel revenue up 14% despite impact of lockdowns in China and destocking in EMEA DIY channels

Highlights Grow & Deliver (compared with Q2 2021)

•Revenue up 14% and 10% higher in constant currencies1, pricing up 16%
•ROS2 at 8.7% (2021: 13.3%), resulting from lower volumes and continued raw material and freight costs inflation
•Adjusted EBITDA at €337 million (2021: €419 million)
•Acquisition of Grupo Orbis completed in April 2022. Intended acquisition of Kansai Paint’s business in Africa announced in June 2022. Intended acquisition of the liquid wheel coatings business of Germany-based Lankwitzer Lackfabrik GmbH announced in July 2022
 

Highlights Q2 2022 (compared with Q2 2021)

•Pricing up 16%; offsetting the increase of raw material and other variable costs. Volumes 9% lower
•Operating income at €205 million (2021: €384 million), includes €44 million negative impact from Identified items (2021: €49 million net positive impact). OPI margin 7.2% (2021: 15.3%)
•Adjusted operating income3 at €249 million (2021: €335 million)
•Net cash from operating activities decreased to negative €52 million (2021: positive €168 million)
•Net income attributable to shareholders at €106 million (2021: €261 million)
•EPS from total operations at €0.60 (2021: €1.40); adjusted EPS from continuing operations at €0.84 (2021: €1.20)
 

AkzoNobel CEO, Thierry Vanlancker, commented:

“Our Q2 results were clearly impacted by two months of lockdowns in China and destocking in decorative paint do-it-yourself channels in Europe. Demand from our customers got back on track in June. Despite the significant Q2 headwinds we were able to match the volumes from pre-COVID Q2 2019.

“I’m extremely proud of how the organization stays focused and has the agility to push ahead with our Grow & Deliver ambitions of €2 billion EBITDA in 2023 – while mitigating increasing macro-economic and geo-political uncertainty with further cost reduction and margin management initiatives.”

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Source: AkzoNobel

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