Q1
Polar Pod partnership to push boundaries of scientific exploration
A pioneering expedition, which will send a manned oceanographic platform drifting around
Antarctica, has brought AkzoNobel on board as exclusive paints and coatings partner. The
Polar Pod will enable scientists and researchers to study the Antarctic Circumpolar Current,
which has a major influence on the Earth's climate. AkzoNobel will support the 1,000-ton platform for the next five years, from project construction through to the completion of its three-year mission, which is expected to start in December 2023.
AkzoNobel I Report for the first quarter 2021 2
Our results at a glance
Highlights Q1 2021
Summary of financial outcomes
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First quarter
Revenue up 10% and 16% higher in constant currencies with strong growth in Asia
ROS1 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 20192, 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 EPS from continuing operations up 66% at ¬1.18 (2020: ¬0.71)
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ROS is adjusted operating income as percentage of revenue; ROS excluding unallocated cost was reported in relation to the Winning together: 15 by 20 strategy and is no longer reported.
Q1 2019 comparatives are included in this report to allow for proper comparison in light of the COVID-19 impact in 2020.
in ¬ millions / %
Revenue
AkzoNobel targets to grow at least in line with its relevant markets. Trends differ per region and segment with raw material disruption and inflation expected, especially in Q2 and Q3.
Margin management and cost discipline are in place to deliver 50 basis points increase in
