In preparation of the release of the full year results on February 24, AkzoNobel has released the restated figures for the first three quarters in 2008, now including National Starch.
During 2008, National Starch (the former ICI Specialty Starch business) was classified as a discontinued operation. The intended sale of National Starch did not take place in 2008. In accordance with IFRS, the financial results of this business have therefore been re-classified as “continuing operations” within Specialty Chemicals.
The following overviews present the financial highlights and P&L for the first three quarters of 2008, restated to include National Starch.
|
Financial Highlights 2008 (in € millions) | ||||
|
Continuing operations before incidentals |
Q1 |
Q2 |
Q3 |
Q3 ytd |
|
Revenue in constant currencies |
3,977 |
4,311 |
4,245 |
12,533 |
|
Revenue |
3,767 |
4,038 |
4,049 |
11,854 |
|
EBITDA in constant currencies |
458 |
608 |
530 |
1,596 |
|
EBITDA |
430 |
565 |
515 |
1,510 |
|
EBITDA margin (in %) |
11.4 |
14.0 |
12.7 |
12.7 |
|
EBIT before fair value adjustments |
310 |
450 |
397 |
1,157 |
|
EBIT after fair value adjustments |
274 |
410 |
363 |
1,047 |
|
Net income from continuing operations before fair value adjustments |
179 |
277 |
243 |
699 |
|
Net income from continuing operations |
154 |
248 |
219 |
621 |
|
Earnings per share from continuing operations (€) |
0.59 |
0.97 |
0.91 |
2.45 |
|
|
|
|
|
|
|
After incidentals | ||||
|
EBIT (operating income) |
110 |
323 |
284 |
717 |
|
Net income from continuing operations |
44 |
188 |
145 |
377 |
|
Net income from discontinued operations |
61 |
(9) |
7 |
59 |
|
Net income total operations |
105 |
179 |
152 |
436 |
|
|
|
|
|
|
|
Earnings per share | ||||
|
From continuing operations (€) |
0.17 |
0.73 |
0.60 |
1.49 |
|
Total operations (€) |
0.40 |
0.70 |
0.63 |
1.72 |
|
| ||||
|
Capital expenditures |
106 |
128 |
122 |
356 |
|
Number of employees (continuing operations) at quarter-end |
61,830 |
62,300 |
61,320 |
|
|
Specialty Chemicals (in € millions) | ||||
|
Revenue |
Q1 |
Q2 |
Q3 |
Q3 ytd |
|
Functional Chemicals |
277 |
285 |
306 |
868 |
|
Pulp & Paper Chemicals |
248 |
247 |
256 |
751 |
|
Industrial Chemicals* |
247 |
220 |
252 |
719 |
|
National Starch |
261 |
168 |
229 |
658 |
|
Surface Chemistry |
201 |
211 |
210 |
622 |
|
Polymer Chemicals |
134 |
137 |
132 |
403 |
|
Chemicals Pakistan |
128 |
150 |
90 |
368 |
|
Intragroup revenue/other |
(36) |
(31) |
(34) |
(101) |
|
Total |
1,460 |
1,387 |
1,441 |
4,228 |
|
Total constant currencies |
1,537 |
1,484 |
1,505 |
4,526 |
|
|
|
|
|
|
|
Before incidentals | ||||
|
EBITDA in constant currencies |
256 |
257 |
243 |
756 |
|
EBITDA |
237 |
234 |
237 |
708 |
|
EBITDA margin (in %) |
16.2 |
16.9 |
16.4 |
16.5 |
|
EBITDA before fair value adjustments |
174 |
176 |
176 |
526 |
|
EBITDA after fair value adjustments |
160 |
156 |
163 |
479 |
|
|
|
|
|
|
|
After incidentals | ||||
|
EBIT (operating income) |
142 |
154 |
160 |
456 |
|
EBIT margin (in %) |
9.7 |
11.1 |
11.1 |
10.6 |
|
| ||||
|
Capital expenditures |
56 |
71 |
70 |
197 |
|
Number of employees (continuing operations) at quarter-end |
13,170 |
13,280 |
13,300 |
|
* The Base Chemicals business has been renamed Industrial Chemicals.
|
Consolidated statement of income (in € millions) | ||||
|
Continuing operations |
Q1 |
Q2 |
Q3 |
Q3 ytd |
|
Revenue |
3,767 |
4,038 |
4,049 |
11,854 |
|
Cost of sales |
(2,434) |
(2,523) |
(2,561) |
(7,518) |
|
Gross Profit |
1,333 |
1,515 |
1,488 |
4,336 |
|
Selling expenses |
(821) |
(832) |
(827) |
(2,480) |
|
Research and development costs |
(85) |
(84) |
(86) |
(255) |
|
General and administrative expenses |
(318) |
(269) |
(252) |
(839) |
|
Other operating income |
1 |
(7) |
(39) |
(45) |
|
EBIT (Operating income) |
110 |
323 |
284 |
717 |
|
Financing income |
30 |
53 |
40 |
123 |
|
Financing expenses |
(71) |
(79) |
(72) |
(222) |
|
EBIT (Operating income) less financing income and expenses |
69 |
297 |
252 |
618 |
|
Results from associates and joint ventures |
4 |
5 |
4 |
13 |
|
Profit before tax |
73 |
302 |
256 |
631 |
|
Income tax |
(15) |
(92) |
(94) |
(201) |
|
Profit for the period from continuing operations |
58 |
210 |
162 |
430 |
|
|
|
|
|
|
|
Discontinued operations |
|
|
|
|
|
Profit for the period from discontinued operations |
61 |
(9) |
7 |
59 |
|
Profit for the period |
119 |
201 |
169 |
489 |
|
Attributed to: |
|
|
|
|
|
Equity holders of the company (net income) |
105 |
179 |
152 |
436 |
|
Minority interests |
14 |
22 |
17 |
53 |
|
Profit for the period |
119 |
201 |
169 |
489 |
|
Income per share from continuing operations before incidentals (in €) | ||||
|
Basic |
0.59 |
0.97 |
0.91 |
2.45 |
|
Diluted |
0.58 |
0.96 |
0.91 |
2.44 |
|
Income per share from continuing operations after incidentals (in €) | ||||
|
Basic |
0.17 |
0.73 |
0.60 |
1.49 |
|
Diluted |
0.17 |
0.72 |
0.60 |
1.48 |
|
Income per share from discontinued operations (in €) | ||||
|
Basic |
0.23 |
(0.03) |
0.03 |
0.23 |
|
Diluted |
0.23 |
(0.03) |
0.03 |
0.23 |
|
Income per share from total operations (in €) | ||||
|
Basic |
0.40 |
0.70 |
0.63 |
1.72 |
|
Diluted |
0.40 |
0.69 |
0.63 |
1.71 |