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Strategic targets: 2015 performance

Financial performance Sustainability performance  Return on sales (ROS) We use return on sales (ROS) as a performance indicator to reflect profitability relative to revenue. ROS as a target will focus management on delivery and quality of profits. ROS is defined as operating income as percentage of revenue. Exceeded our 2015 target Positive impact of process optimization Lower costs Reduced restructuring expenses as we move into a stronger emphasis on continuous improvement Target 9.0% Return on sales (ROS) development Operating income in % of revenue  Return on investment (ROI) We use return on investment (ROI) as a performance indicator to reflect profit [...]

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Value creation summary

Our Performance Coatings businesses serve all four end-user segments, supplying high performance coatings primarily to business-to-business customers. We are increasingly incorporating low energy processes and working to reduce our carbon footprint across the value chain. Innovation is also key to our product development, which is often highly technical in order to meet strict customer specifications. Particular emphasis is placed on supplying products that offer environmental benefits for our customers. These initiatives will help us to create economic, social and environmental value. We continue to be committed to safety, as well as our talent development [...]

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Report of the Supervisory Board

Meetings The Supervisory Board held nine meetings during 2015. Six were plenary sessions with the full Executive Committee present for all or part of the meetings. Three meetings were held without the full Executive Committee present; the Board of Management attended seven of the nine meetings. Almost all plenary sessions of the Supervisory Board were preceded or succeeded by an executive session of the Supervisory Board, with the CEO in attendance. An attendance overview of the meetings of the Supervisory Board and its committees can be seen on this page. Supervisory Board attendance record The table on the right provides an overview of the attendance record of [...]

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Pulp and Performance Chemicals

Revenue was down 2 percent, due to the divestment of our Paper Chemicals business to Kemira in May. This was partly offset by favorable currencies and higher volumes in growth segments Overall volumes were higher than 2014, excluding the divestment effect. Core growth segments continued to deliver volume increases in line with our plans Innovations in differentiated applications and technologies in colloidal silica and expandable microspheres fueled growth Investments in growth areas allowed us to meet customer demands in a more efficient way We rolled out our four-dimensional profit & loss (4D P&L) reporting methodology to a number of additional [...]

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Note 2: Reporting principles

Reporting scope This Report 2015 integrates our financial and sustainability reporting and is addressed to readers interested in both areas. In particular, we seek ways of linking sustainability performance to business results in areas such as resource efficiency, carbon emission reduction, eco-premium solutions, safety, people development and engagement, and operational eco-efficiency. The information in this Report 2015 offers an update on our implementation of the ten principles of the United Nations Global Compact (UNGC). More sustainability information is available on our corporate website, including an index of the Global Reporting Initiative G4 indicators [...]

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Implementation in 2015

[...] levels cannot be justified in any given circumstance. To ensure that remuneration is linked to performance, a significant proportion of the remuneration package is variable and dependent on the short and long-term performance of the individual Board member and the company. Performance targets must be realistic and sufficiently stretching and – particularly with regard to the variable remuneration components – the Supervisory Board ensures that the relationship between the chosen performance criteria and the strategic objectives applied, as well as the relationship between remuneration and performance, are properly reviewed and accounted for, both ex-ante and [...]

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Note 4: Employee benefits

Salaries, wages and other employee benefits in operating income In € millions 2014 2015 Salaries and wages (2,226) (2,188) Post-retirement cost (221) (128) Other social charges (377) (412) Total (2,824) (2,728) Average number of employees Average number during the year 2014 2015 Decorative Paints 15,500 15,100 Performance Coatings 21,000 19,700 Specialty Chemicals 10,000 9,300 Corporate and other 1,700 2,000 Total 48,200 46,100 The average number of employees working outside the Netherlands was 41,200 (2014: 43,100). Employees At year-end 2014 2015 Decorative Paints 15.200 14.900 Performance Coatings 20.500 19.300 Specialty Chemicals 9.800 9.100 Corporate and [...]

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Note 21: Remuneration of the Supervisory Board and the Board of Management

[...] Remuneration Attendance fee Committee allowance fees Employer’s charges Total remuneration In € 2014 2015 1 Until April 22, 2015. 2 As of May 1, 2015. Antony Burgmans, Chairman 124,200 130,000 2,500 20,000 – 152,500 Sari Baldauf 91,700 65,000 12,500 20,000 – 97,500 Peggy Bruzelius 116,500 65,000 15,000 20,000 10,300 110,300 Uwe-Ernst Bufe 1 87,000 26,000 5,000 – – 31,000 Byron Grote 66,700 65,000 15,000 23,300 – 103,300 Louis Hughes 112,200 65,000 30,000 21,700 3,600 120,300 Dick Sluimers 2 – 43,300 2,500 13,300 – 59,100 Ben Verwaayen 89,700 65,000 15,000 15,000 3,600 98,600 Total 688,000 524,300 97,500 133,300 17,500 772,600 Shares held by the [...]

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How we created value in 2015

By bringing more value to our customers, investors, employees and society in general, we can better position ourselves for growth and achieve our strategic vision of leading market positions delivering leading performance. Economic value Environmental value Social value Financial overview We delivered on our 2015 targets. Revenue was up 4 percent, due to 6 percent favorable currency effects, partly offset by divestments and lower volume. Operating income was up 59 percent at €1,573 million, reflecting the positive effects of process optimization, lower costs, reduced restructuring expenses, favorable currency developments and the impact of incidental items. ROS [...]

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Note 22: Financial risk management

[...] – mitigate these financial risks in order to minimize potential adverse effects on our financial performance. Our risk mitigating activities include the use of derivative financial instruments to hedge certain risk exposures. The Board of Management is ultimately responsible for risk management. We centrally identify, evaluate and hedge financial risks, and monitor compliance with the corporate policies approved by the Board of Management, except for commodity risks, which are subject to identification, evaluation and hedging in the businesses. We have treasury hubs located in Brazil, China, Singapore and the US that are primarily responsible for regional cash [...]

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