Financial highlights
- Record ROS and ROI for AkzoNobel
- Performance continued to improve, we delivered on our 2015 targets
- Free cash flow positive after dividend
Return on sales
In %
Return on investment
In %
* Return on sales and Return on investment in 2012 were adjusted for goodwill impairment on the Decorative Paints business.
We delivered our 2015 targets. 2015 revenue was up 4 percent, due to 6 percent favorable currency effects, partly offset by divestments and lower volumes. 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 increased to 10.6 percent (2014: 6.9 percent). ROI increased to 15.0 percent (2014: 10.0 percent)
Summary of financial outcomes
Fourth quarter |
|
January-December |
||||||||||
2014 |
2015 |
∆% |
in € millions |
2014 |
2015 |
∆% |
||||||
3,517 |
3,559 |
1 |
Revenue |
14,296 |
14,859 |
4 |
||||||
83 |
345 |
316 |
Operating income |
987 |
1,573 |
59 |
||||||
168 |
268 |
60 |
Operating income excluding incidental items |
1,072 |
1,462 |
36 |
||||||
2.4 |
9.7 |
|
ROS% |
6.9 |
10.6 |
|
||||||
4.8 |
7.5 |
|
ROS excl. incidental items (in %) |
7.5 |
9.8 |
|
||||||
|
|
|
|
|
|
|
||||||
|
|
|
Average invested capital |
9,871 |
10,475 |
|
||||||
|
|
|
Moving average ROI (in %) |
10.0 |
15.0 |
|
||||||
|
|
|
Moving average ROI excl. incidental items (in %) |
10.9 |
14.0 |
|
||||||
|
|
|
|
|
|
|
||||||
330 |
426 |
29 |
EBITDA |
1,690 |
2,088 |
24 |
||||||
186 |
228 |
|
Capital expenditures |
588 |
651 |
|
||||||
481 |
768 |
|
Net cash from operating activities |
811 |
1,136 |
40 |
||||||
|
|
|
Net debt |
1,606 |
1,226 |
|
||||||
|
|
|
|
|
|
|
||||||
(7) |
194 |
|
Net income from continuing operations |
528 |
973 |
84 |
||||||
14 |
9 |
|
Net income from discontinued operations |
18 |
6 |
|
||||||
7 |
203 |
|
Net income attributable to shareholders |
546 |
979 |
79 |
||||||
0.03 |
0.82 |
|
Earnings per share from total operations (in €) |
2.23 |
3.95 |
|
||||||
0.33 |
0.72 |
27 |
Adjusted earnings per share (in €) |
2.81 |
4.02 |
43 |
||||||
|
|
|
Number of employees at year-end |
47,200 |
45,600 |
|
||||||
Financial performance against 2015 targets
|
Target |
2015 |
2015 (excl. incidental items) |
|||
ROS% |
9.0% |
10.6% |
9.8% |
|||
ROI% |
14.0% |
15.0% |
14.0% |
|||
Net debt/EBITDA |
<2.0 |
0.6 |
0.6 |