Akzo Nobel Warns on outlook: FY13 Adj Op not likely to be above €908M
- Trading into the fourth quarter of 2013 has continued to be in line with previous trends, and the economic environment continued to be challenging.
- The Performance Improvement Program is on track to achieve its 2013 targets. Restructuring charges are expected to exceed €300 million, largely in line with prior indications for 2013. For 2014, we see continued opportunities to invest in additional efficiency gains and now anticipate charging at least €250 million in the year.
- During the fourth quarter, the sale of the Building Adhesives business was successfully completed, which will result in an incidental profit of around €200 million. This is expected to be largely offset by additional incidental charges, including a non-cash write-down in Specialty Chemicals, among others.
- The Performance Improvement Program is on track to achieve its 2013 targets. Restructuring charges are expected to exceed €300 million, largely in line with prior indications for 2013. For 2014, we see continued opportunities to invest in additional efficiency gains and now anticipate charging at least €250 million in the year.
- During the fourth quarter, the sale of the Building Adhesives business was successfully completed, which will result in an incidental profit of around €200 million. This is expected to be largely offset by additional incidental charges, including a non-cash write-down in Specialty Chemicals, among others.