Akzonobel Half-Year Report 2024
Organic sales up 2% due to volume growth and higher price/mix, revenue up 2%. Volume growth in Coatings was partly offset by slightly lower volumes in Paints. Deco EMEA was flat on unfavorable weather. Volume growth in Coatings was driven by double digit growth in China and solid growth in the rest of Asia and North America, with a flat market in Europe.
Price/mix was up 1%, driven by pricing in hyperinflationary economies Türkiye and Argentina. Underlying price/mix was flattish.
Acquisitions added 1% due to the acquisition of Huarun (completed in August 2023), while adverse currencies negatively impacted revenue by 1%.
Organic sales up 3%, revenue up 1%. Organic sales growth was driven by higher volumes in most businesses, including mid-single digit growth in Powder Coatings and double digit growth for most businesses in China.
Adverse currencies negatively impacted revenue by 2%, resulting in 1% revenue growth.
Operating income increased to €358 million (2023: €298 million), mainly due to higher volumes and gross margin expansion, partly offset by operating cost inflation. Operating income includes identified items of negative €12 million (2023: negative €20 million), mainly due to restructuring related costs.
Highlights
- Organic sales up 2%, driven by higher volumes and positive price/mix; revenue flat
- Operating income €531 million (2023: €461 million)
- Adjusted EBITDA €763 million (2023: €702 million); Adjusted EBITDA margin 14.1% (2023: 13.0%)
- Net cash from operating activities negative €19 million (2023: positive €255 million)