Akzo Nobel reports 2004 net income rise of 42% to EUR 856 million

07-Feb-2005

Akzo Nobel reported net income of EUR 856 million for full year 2004, a 42% increase over the comparable figure of EUR 602 million in 2003. Hans Wijers, Akzo Nobel CEO, said: "This robust performance is the result of sustained focus to strengthen the Company and concentrate the organization on value creation, leadership, and growth. " Sales were EUR 12.7 billion, down 3% on 2003. Autonomous growth was 2%, which did not fully offset the impact from currencies and the net effect of divestments and acquisitions while EBIT was EUR 1,210 million, down 10%. Akzo Nobel recorded a significant net nonrecurring gain of EUR 86 million resulting from restructuring charges, antitrust provisions, and the book profit generated by the major chemicals divestment program completed in the course of the year. Net income for the year was EUR 856 million (2003: EUR 602 million) and earnings per share amounted to EUR 3.00 (2003: EUR 2.11). The Company's balance sheet was substantially strengthened with net borrowings reduced by EUR 1.3 billion. Pharma - Sales EUR 3,246 million (2003: EUR 3,550 million) EBIT EUR 522 million (2003: EUR 692 million) coatings - Sales EUR 5,249 million (2003: EUR 5,160 million) EBIT EUR 421 million (2003: EUR 414 million) Chemicals - Sales EUR 4,305 million (2003: EUR 4,470 million) EBIT EUR 354 million (2003: EUR 341 million)

https://www.chemeurope.com/en/news/43213/akzo-nobel-reports-2004-net-income-rise-of-42-to-eur-856-million.html