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).