Revenue

• The Decorative Paints business achieved a revenue increase of 4 percent in the first quarter, primarily driven by margin management in weak markets. Volumes decreased 4 percent due to difficult market conditions and prior year customer load-in.
• Revenue in Performance Coatings increased 11 percent compared with the previous year. Industrial Coatings – boosted by acquisition activity – achieved the strongest growth, followed by Marine and Protective Coatings. Although overall activity levels were flat, there was significant variability between individual segments. We continue to manage our selling prices in response to the raw material cost increases.
• In Specialty Chemicals, revenue increased 4 percent, mainly due to the Boxing Oleochemicals acquisition and a positive price/mix effect. The volume dip in Q4 2011 of 4 percent appears to have been due to temporary customer destocking as we have seen some recovery, but the overall trend is still slightly negative.

Revenue development Q1 2012