AkzoNobel Releases Full-Year and Fourth-Quarter Financial Results
AMSTERDAM — Akzo Nobel N.V. published results for fourth-quarter and full-year 2020, reporting net cash from operating activities significantly increased to €1,220 million for the year. Key highlights for full-year 2020 include 15.0% ROS excluding unallocated cost, delivering on the company’s 15 by 20 promise; ROI excluding unallocated cost up at 20.6%, exceeding AkzoNobel’s 2020 ambition; €243 million of cost savings, of which €115 million were structural savings; and a €545 million share buyback in 2020. For the fourth quarter of 2020, the company reported strong growth in volumes of 6%, the second consecutive quarter of volume growth. ROS excluding unallocated cost increased to 15.3% (2019: 11.0%) due to strong margin management and cost savings. The company reported total cost savings €34 million, of which €25 million structural savings related to transformation initiatives. The company announced the acquisition of Titan Paints in Spain and the completed acquisition of Nautical Coatings in the fourth quarter of 2020.
AkzoNobel CEO Thierry Vanlancker, said, “Our 2020 results demonstrate structural performance improvement from the first phase of our transformation. Despite COVID-19 headwinds, we rose to the challenge and delivered our 15 by 20 promise, achieving 15% return on sales and more than 20% return on investment.