2
Report
Operation Night Watch
We recently partnered with the Rijksmuseum in Amsterdam for one of the most innovative projects in the history of art
the live restoration of Rembrandt's Night Watch. In a spectacular fusion of old and new, Operation Night Watch will use ground-breaking techniques to preserve the painting for future generations. We'll also be contributing our color expertise to the historic project.
19
AkzoNobel I Report for the second quarter and half-year 2019 2
Our results at a glance
Q2 2019 results show continued progress towards our Winning together: 15 by 20 strategy
" Adjusted operating income 36% higher at ¬305 million (2018: ¬225 million)
" ROS, excluding unallocated costs, increased to 13.7% (2018: 12.1%)
" Focus on value over volume resulted in price/mix up 5% and 6% lower volumes
" Transformation on track and delivered ¬43 million cost savings
" Acquisition of Mapaero, announced July 18, 2019, further strengthens our aerospace coatings business
2020 guidance*
ROS 15%
ROI >25%
Summary of financial outcomes
Second quarter
Q2 2019:
" Revenue was flat and up 1% in constant currencies, with positive price/mix of 5% and acquisitions contributing 1%,
offset by 6% lower volumes
" Adjusted operating income up 36% at ¬305 million (2018: ¬225 million, which included ¬20 million of one-off costs) driven by ongoing pricing initiatives and cost-saving programs; ROS at 12.4% (2018: 9.2%)
" Operating income at ¬308 million includes ¬3 million positive impact from identified items, related to a gain on disposal following asset network optimization ( ¬57 million) and transformation costs ( ¬54 million); 2018 operating income at ¬192
million included ¬33 million negative identified items
" Decorative Paints ROS up at 13.5% (2018: 12.2%); Performance Coatings ROS up at 13.6% (2018: 11.8%)
" Adjusted EPS from continuing operations up 85% at ¬0.96 (2018: ¬0.52); EPS from total operations at ¬1.07 (2018: ¬1.06)
January-June
2018
2019
2,446
2,451
285
