Revenue increased 10 percent compared with the previous year. The strongest growth came from Industrial Coatings and Marine and Protective Coatings. Volume declined, with differences between individual businesses. Overall margins improved due to a combination of margin management activities and the ongoing cost control. The major restructuring activities were undertaken in mature markets, where we experience lower activity levels. Integration activities relating to the Schramm acquisition continued.
In Q4, revenue was up 5 percent over the previous year, supported by currencies and the acquisition of Schramm. Margin management and operational efficiency improvements resulted in an EBITDA margin of 13.6 percent (2011: 10.6 percent).
Revenue development 2012
Revenue development Q4 2012