AkzoNobel has published it's first quarter results for 202. The highlights are:
- Revenue up 10% and 16% higher in constant currencies with strong growth in Asia
- ROS increased to 13.6% (Q1 2020: 10.4%)
- €300 million share buyback completed on April 16, 2021; €1 billion share buyback starts April 27, 2021
- Acquisition of Titan Paints in Spain completed in March 2021
Q1 2021 (compared with Q1 2020)
- Revenue up 10% and 16% higher in constant currencies, with volumes up 16% and price up 2%, mainly due to strong end market demand. Compared with Q1 2019*, revenue was up 10% in constant currencies
- Operating income up 62% at €303 million (2020: €187 million); OPI margin improved to 13.4% (2020: 9.1%)
- Adjusted operating income up 43% at €307 million (2020: €214 million) and excludes €4 million negative impact from identified items, mainly related to transformation initiatives (2020: €27 million negative identified items related to transformation initiatives)
- Net cash from operating activities improved by €129 million to an outflow of €31 million (2020: outflow of €160 million)
- Net income from total operations up 90% at €217 million (2020: €114 million)
- EPS from total operations up 95% at €1.15 (2020: €0.59); adjusted EPS4 from continuing operations up 66% at €1.18 (2020: €0.71)
*Q1 2019 comparatives are included to allow for proper comparison in light of the COVID-19 impact in 2020.
AkzoNobel CEO, Thierry Vanlancker, commented: “We delivered very strong results for the quarter, including 16% growth and higher profitability. It’s encouraging how we’ve pivoted from our successful 15 by 20 ambition with a powerful start to our new Grow & Deliver strategy, which is already having a positive impact on our results.
“Ongoing challenges related to raw materials are an industry-wide issue and require our continued attention. I’m very proud of how our teams continue to serve our customers, while dealing with the significant disruption. Going forward, we’ll remain focused on offsetting higher raw material costs with pricing initiatives and cost discipline, to ride out the wave and build on our strong foundation for growth.”