AkzoNobel Full-Year Report 2022

Revenue was 8% higher, and 9% higher in constant currencies, mainly resulting from significant pricing initiatives with pricing up 11%. Volumes were 9% lower, driven by softer demand in both Decorative Paints and Performance Coatings. Furthermore, volumes were negatively impacted by continued impact from COVID-19 in China. Acquisitions added 5%, mainly related to Grupo Orbis.

Cost of sales
Raw material and other variable costs (including freight), adjusted for the impact of lower volumes, increased €209 million compared with the fourth quarter of 2021.