Operating income

• In Decorative Paints, operating income was at the same level as the previous year. Excluding the effect of divestments and adverse currency effects, operating income improved due to restructuring activities in Europe and improved margins
• In Performance Coatings, profitability improved due to operating effectiveness measures, which more than offset increased restructuring costs and adverse currency impact
• In Specialty Chemicals, profitability increased compared with 2013 due to benefits from restructuring activities and cost savings, supported by volume growth

Average raw material costs were slightly down on Q2 2013, and stable compared with 2013 exit prices. In some high growth markets, currency effects on imported raw materials have affected some businesses.

ROS for the quarter was 9.5 percent (2013: 8.3 percent). Excluding restructuring charges of €45 million (2013: €40 million), ROS was 10.7 percent (2013: 9.3 percent). The majority of the restructuring charges related to Decorative Paints in Europe and Performance Coatings.