AkzoNobel Publishes 2Q 2020 Results

摘要

AkzoNobel published the results for second quarter 2020. ROS, excluding unallocated costs, increased to 14% (2019:13.7%) due to strong margin management and cost savings; Headwinds related to COVID-19 eased during the quarter, with revenue almost 30% lower in April and nearly 5% lower in June; Total cost savings delivered €116 million, of which €38 million structural savings related to transformation initiatives; Net cash from operating activities improved to €308 million (2019: €152 million); maintained a strong balance sheet Revenue 19% lower and 17% lower in constant currencies, with positive price/mix of 2% and 18% lower volumes, mainly due to the impact of COVID-19; Adjusted operating income at €238 million (2019: €305 million); ROS was 12.0% (2019: 12.4%); Operating income at €207 million includes €31 million negative impact from identified items, related to transformation costs (2019: €308 million, including €3 million positive identified items); OPI margin was 10.4% (2019: 12.6%); Net income attributable to shareholders at €129 million (2019: €231 million); Adjusted EPS from continuing operations at €0.80 (2019: €0.96); EPS from total operations at €0.68 (2019: €1.07) "Despite lower end-market demand, our business return on sales increased 30 basis points to 14% for the second quarter as a result of continued focus on margin management and cost-saving measures," AkzoNobel CEO Thierry Vanlancker said. "I'm extremely proud of our teams around the world, who have continued to focus on serving our customers and delivered this resilient performance while also helping many communities affected by the pandemic. "Our rigorous cash management and strong balance sheet put us in a sound position to deal with the ongoing uncertainty from COVID-19 as we strive to deliver powerful performance as a frontrunner in our industry."