AMSTERDAM, The Netherlands – With expected soft demand for 2014, AkzoNobel CEO Ton Büchner announced that the company will continue to cut costs. Büchner made the announcement as the company reported lower revenue for 2013.
Revenue for the year totaled €14,590 million, down 5 percent compared to 2012, a result of adverse currency effects and divestments. Operating income for 2013 excluding incidentals came in at €897 million (2012: €908 million excluding impairment). Net income attributable to shareholders reached €724 million, up from €386 million in 2012. Net debt came down by a third to €1,529 million at the end of 2013. The company has successfully completed its multi-year performance improvement program a year ahead of schedule, exceeding its targets in doing so. In 2014, AkzoNobel will continue to significantly restructure to reduce costs further and anticipates related restructuring charges of at least €250 million.