AMSTERDAM, The Netherlands - Akzo Nobel N.V. (AkzoNobel) reported a positive volume and price/mix development in all three of the company’s business areas for the first quarter of 2014. First-quarter revenues of €3,383 million were 2% lower compared with the same period last year. The decrease was mainly a consequence of a 5% impact from currency translation. Operating income was flat at €216 million after €15 million higher restructuring charges and currencies. As a consequence of de-risking our pension liabilities in the UK, other comprehensive income in shareholders' equity was adversely affected by €0.8 billion. Continuous improvement programs are ongoing, and the company is on track to achieve its 2015 targets.
CFO Keith Nichols commented, "These results are a further step towards the delivery of AkzoNobel's 2015 targets. Despite higher restructuring charges, continued adverse currency effects and ongoing weakness in Europe, our year-on-year return on sales, both before and after higher restructuring charges, improved for the third consecutive quarter. Net income attributable to shareholders and adjusted EPS have both increased significantly, benefiting from lower financing costs as a result of recent debt repayments. AkzoNobel remains on track to deliver its 2015 targets of 9% return on sales, 14% return on invested capital and a net debt/EBITDA ratio lower than 2.0."