EBITDA

EBITDA was 7 percent higher at €540 million. The EBITDA margin was 12.6 percent (2011: 12.5 percent).

• In Decorative Paints, we have been able to reverse the negative EBITDA trend from 8 percent negative in Q2 to flat in Q3. Additional restructuring efforts are being initiated in Europe.
• In Performance Coatings, overall margins improved due to a combination of margin management activities and ongoing cost control. The major restructuring activities in the quarter are focused on Marine and Protective Coatings, Automotive and Aerospace Coatings Europe and the ongoing integration of the Schramm acquisition.
• In Specialty Chemicals, all businesses performed ahead of the previous year, except for Functional Chemicals, which remained impacted by the supply/demand imbalance in Ethylene Amines, combined with low demand in products for building and construction segments.