AkzoNobel Q2 results 2013
Akzo Nobel N.V. (AkzoNobel) reported a 4 percent decrease in revenues in the second quarter compared with the same period last year. This was due to divestments and adverse currencies against a backdrop of continued challenging market conditions. Operating income for Q2 was 17 percent lower at €322 million. Net income attributable to shareholders for the quarter rose to €429 million, buoyed by recognition of a deferred tax asset and profit on the divestment of Decorative Paints North America. The acceleration of AkzoNobel’s performance improvement program is on track to achieve the full EBITDA benefit of €500 million by the end of this year, whilst additional charges are expected in the second half of the year as restructuring activities are stepped up.
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