AkzoNobel N.V. Publishes 2022 Financial Results
Courtesy of Akzo Nobel N.V.
AkzoNobel N.V. has published its fourth-quarter and full-year 2022 financial reports. When comparing fourth-quarter 2022 to fourth-quarter 2021, revenue was up 8% and 9% higher in constant currencies; pricing was up 11%, while volumes 9% lower. Operating income was €103 million (compared to €205 million in 2021), resulting from lower volumes, higher raw material and freight costs, and inflation on operating expenses; OPI margin 4.0% (compared to 8.5% in 2021). Adjusted operating income was €126 million (compared to €209 million in 2021), excluding €23 million negative impact from Identified items (compared to €4 million negative impact in 2021); and ROS was 4.8% (compared to 8.7% in 2021). Also, a share buyback of €500 million was finalized in December.
When comparing full-year 2022 to full-year 2021, revenue was up 13% and 11% higher in constant currencies, pricing was up 14%, and volumes was 7% lower. Operating income was €708 million (compared to €1,118 million in 2021), resulting from lower volumes, higher raw material and freight costs, inflation on operating expenses, and €46 million negative impact from hyperinflation accounting. OPI margin was 6.5% (compared to 11.7% in 2021). Adjusted operating income was €789 million (compared to €1,092 million in 2021), excluding €81 million negative impact from Identified items (compared to €26 million positive impact in 2021); and ROS was 7.3% (compared to 11.4% in 2021). Adjusted EBITDA was €1,157 million (compared to €1,436 million in 2021). A final dividend was proposed of €1.54 per share (compared to €1.54 per share in 2021).
“Looking back on 2022, it was a year of persistent worldwide uncertainty as global events caused significant cost inflation, disrupted supply chains, and prompted declining consumer confidence,” said AkzoNobel CEO, Greg Poux-Guillaume. “Our quarter four results continued to be impacted by softer demand, as well as the lingering effects of COVID-19 in some of our most important markets.
“Moving forward, with our margin management and cost reduction programs firmly in place, we plan to mitigate the ongoing pressure from cost inflation and aim to deliver €1.2 to €1.5 billion adjusted EBITDA for 2023, based on current market conditions. Since I joined, I’ve personally witnessed the dedication of our teams around the world, and I’m confident that together we’ll continue to improve the performance of AkzoNobel.”
For more information, visit: https://www.akzonobel.com/.
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