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AkzoNobel Releases Preliminary 2017 Numbers

Friday, February 9, 2018

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On Thursday (Feb. 8), global coatings firm AkzoNobel (Amsterdam) released a preliminary report of its unaudited financial numbers for 2017, which indicated the complete internal separation of the Specialty Chemicals business and a small increase in overall revenue.

Preliminary Report

The Specialty Chemicals arm of the company is ready to be fully separated through a private sale or demerger, which is still on track to take place in April of this year. Moving forward, Specialty Chemicals has been reported as discontinued operations. Despite the operations adjustment, the segment continued to deliver performance-wise throughout 2017, reported AkzoNobel.

Revenue, including discontinued operations, is expected to be up 3 percent for fiscal 2017 at 14.575 billion euros ($17 billion). In comparison, the company saw 14.1 billion euros in revenue in 2016.

AkzoNobel

On Thursday (Feb. 8), global coatings firm AkzoNobel (Amsterdam) released a preliminary report of its unaudited financial numbers for 2017, which indicated the complete internal separation of the Specialty Chemicals business and a small increase in overall revenue.

Under the same parameters, EBIT for 2017 is expected to be around 1.525 billion euros, up slightly from 2016’s 1.502 billion euros.

AkzoNobel also reported positive developments continuing for its Decorative Paints segment, especially in Asia. The Performance Coatings segment was impacted by less-than-ideal conditions in the marine and oil and gas industries, which included factors such as higher raw-material costs and adverse effects from foreign currency.

The company has also confirmed its financial guidance for 2020, with Paints and Coatings projected to net 15 percent return on sales, and return on investment predicted to be greater than 25 percent. Specialty Chemicals is also projected to earn 16 percent ROS with 20 percent greater ROI, reflecting AkzoNobel’s continued probability growth.

The company’s focus on becoming a paints and coatings firm is also reportedly progressing well, with associated one-off costs falling within expected parameters. The first phase of creating a paints and coatings organization is on track to achieve 110 million euros in savings in 2018. Measures to mitigate market challenges are also still being implemented.

AkzoNobel will be releasing full-year and fourth-quarter reports on Thursday, March 8. The delay is due to financial reporting related to the separation of Specialty Chemicals.

   

Tagged categories: AkzoNobel; Annual report; Business matters; Business operations; Finance

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