Full-year revenue in Decorative Paints declined 3 percent compared with 2012 due to adverse currency effects and divestments. Volumes were up 3 percent for the year with increases in all regions except Europe, which was flat overall, reflecting the difficult trading conditions. Margins improved due to margin management and lower raw material prices, both for the full year and the fourth quarter.
Q4 revenue was down 6 percent due to the divestment of Building Adhesives and adverse currency effects. Volumes in Q4 were up in all regions, against a low base in 2012.
Performance improvement programs and restructuring measures have lowered the cost base by more than 3 percent. Restructuring charges were below the previous year, resulting in higher operating income compared with 2012 before the divestment gain of €198 million on Building Adhesives.
Revenue development 2013
Revenue development Q4 2013