(AGENPARL) – mar 23 aprile 2024 Akzo Nobel N.V.
Media release
April 23, 2024
AkzoNobel delivers continued volume growth and margin expansion in both
Paints and Coatings
Akzo Nobel N.V. (AKZA; AKZOY) publishes results for Q1 2024
Highlights Q1 2024 (compared with Q1 2023)
• Organic sales up 2%, driven by volume growth in both Paints and Coatings; revenue down 1%
• Operating income improved to €261 million (2023: €182 million)
• Adjusted EBITDA €363 million (2023: €305 million), adjusted EBITDA margin 13.8% (2023: 11.5%)
• Net cash from operating activities negative €170 million (2023: negative €50 million)
AkzoNobel CEO, Greg Poux-Guillaume, commented:
“Our performance for the first quarter combined volume growth in both Paints and Coatings with
margin expansion, as it did in the previous quarter. After growing volumes 2% in Q1, we’re preparing
for further growth in areas where we see market opportunities such as in Powder, where we’re adding
new production lines. Our momentum and the progress of our efficiency measures bode well for a
strong 2024 performance in markets which remain mixed.”
AkzoNobel in € millions
Revenue
Operating income
Adjusted EBITDA
Adjusted EBITDA margin
Q1 2023
2,657
11.5%
Q1 2024
2,640
Δ% organic
13.8%
2024 Outlook
Based on current market conditions and constant currencies, AkzoNobel targets to deliver between
€1.5 and €1.65 billion adjusted EBITDA in 2024, while reducing its leverage to around 2.3 times net
debt/EBITDA by the end of the year.
Recent highlights
Capacity expansion completed at Vietnam multi-site
A major investment project has been completed at our production plant in Bac Ninh province near
Hanoi in Vietnam. It will help to strengthen the company’s position in Asia and sharpen our focus on
more sustainable manufacturing. Five new powder coating lines have been added at the multi-site,
along with a line for producing water-based products for the consumer electronics market.
Renewable electricity landmark achieved in Latin America
All our manufacturing locations in Latin America are now operating on 100% renewable electricity,
further boosting the company’s ambition to reduce carbon emissions across the full value chain by
50% by 2030 (baseline 2018). The milestone follows on from similar achievements in North America
(early 2023) and Europe (early 2022).
Growth targeted in Pakistan as new site takes root
We’ve opened a new €26 million manufacturing plant in Faisalabad – the company’s largest
investment in Pakistan to date. The 25-acre site, which has facilities for making decorative paint, wood
finishes, automotive and specialty coatings, coil coatings and protective coatings, will help to meet
increasing customer demand across a variety of markets.
Christian Neefestraat 2
1077 WW Amsterdam
P.O. Box 75730
1070 AS Amsterdam
Netherlands
http://www.akzonobel.com
About this media release
This media release covers the highlights for the quarter. We recommend reading the media release in combination with the full quarterly report.
The quarterly report provides additional information, including the IAS34 condensed consolidated financial statements. The interim condensed
consolidated financial statements were discussed and approved by the Board of Management and the Supervisory Board. These condensed
financial statements have been authorized for issue. All figures in this media release and in the AkzoNobel quarterly report are unaudited.
Forward looking statements are based on organic volumes and constant currencies, and assume no significant market disruptions. Please read
the Safe Harbor statement in the full quarterly report.
The report for the first quarter can be viewed and downloaded here: https://akzo.no/Q1-2024-results
Organic Sales, Adjusted EBITDA and Adjusted EBITDA margin (%) are Alternative Performance Measures (APM’s). AkzoNobel uses APM
adjustments to the IFRS measures to provide supplementary information on the reporting of the underlying developments of the business. A
reconciliation of the alternative performance measures to the most directly comparable IFRS measures can be found in the AkzoNobel quarterly
report.
This is a public announcement by Akzo Nobel N.V. pursuant to section 17 paragraph 1 of the European Market Abuse
Regulation (596/2014).
About AkzoNobel
Since 1792, we’ve been supplying the innovative paints and coatings that help to color people’s lives and protect what matters most. Our world
class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. We’re active in more
than 150 countries and use our expertise to sustain and enhance everyday life. Because we believe every surface is an opportunity. It’s what
you’d expect from a pioneering and long-established paints company that’s dedicated to providing sustainable solutions and preserving the best of
what we have today – while creating an even better tomorrow. Let’s paint the future together.
Not for publication – for more information
AkzoNobel Media Relations
Contact: Joost Ruempol
AkzoNobel Investor Relations
Contact: Kenny Chae
Safe Harbor Statement
This media release contains statements which address such key issues as AkzoNobel’s growth strategy, future financial results, market positions,
product development, products in the pipeline and product approvals. Such statements should be carefully considered, and it should be
understood that many factors could cause forecast and actual results to differ from these statements. These factors include, but are not limited to,
price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal
issues, and legislative, fiscal, and other regulatory measures, as well as significant market disruptions such as the impact of pandemics. Stated
competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more
comprehensive discussion of the risk factors affecting our business, please see our latest annual report.
Link to the first quarter report: https://akzo.no/Q1-2024-results
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