Operating income

Operating income increased 59 percent to €1,573 million, reflecting the positive effects of process optimization, lower costs, favorable currency developments and the impact of incidental items.

• In Decorative Paints, operating income increased 39 percent as a result of the new operating model and lower costs
• In Performance Coatings, operating income increased 45 percent due to performance improvement initiatives, including management delayering and currencies
• In Specialty Chemicals, operating income increased 20 percent, with significant savings from continuous improvement programs and incidental items

Total restructuring charges in 2015 amounted to €74 million (2014: €253 million). Restructuring expenses were lower for all businesses.

Raw material prices were lower, although in certain regions foreign currency effects adversely impacted raw material costs in local currencies.