NETHERLANDS - Akzo Nobel N.V. announced on February 6th its Q4 and full-year 2013 results. Revenue for 2013 totaled €14,590 million, down 5 percent against 2012.
The company explains the slowdown as a consequence of adverse currency effects and divestments. Furthermore, 2013 operating income came in at €897 million (2012: €908 million), net income attributable to shareholders reached €724 million, up from €386 million in 2012.
The company has also reported it has successfully completed its multi-year performance improvement program a year ahead of schedule, exceeding its targets in doing so. In 2014, AkzoNobel will continue to significantly restructure to reduce costs further and anticipates related restructuring charges of at least €250 million.
CEO Ton Büchner explained, "We indicated at the start of 2013 that trading conditions would continue to be challenging and that has proven to be the case. In response we accelerated our company-wide improvement actions and have brought our performance improvement program to a successful conclusion a year ahead of schedule and above target.”
