Akzo Nobel NV has announced its Q4 and full-year 2013 results. Revenue for the year totalled €14,590m, down 5% on 2012 as a consequence of adverse currency effects and divestments. 2013 operating income, 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 programme 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.
In other matters, Akzo Nobel has unveiled a new look supervisory board - changes which have been proposed for adoption by the company's AGM on April 29th, 2014.
Current chairman Karel Vuursteen will retire from the supervisory board having completed three terms of office since joining the Board in 2002. He became chairman in 2009.
Antony Burgmans will be put forward for re-appointment after reaching the end of his second term at this year's AGM. Following such re-appointment the supervisory board intends to elect Mr Burgmans as chairman to succeed Mr Vuursteen.
Louis Hughes will also reach the end of his second term this year and will be nominated for re-appointment.
Sir Peter Ellwood will step down at the AGM after six years on the Board. In his place the board is putting forward Mr Byron Grote for appointment. Mr Grote brings with him extensive experience of complex multi-national environments as well as deep financial expertise, having been a member of the Board of BP plc from 2000 to 2013, during which time he headed the petrochemicals business before becoming CFO. Mr Grote currently holds the role of non-executive director at Unilever, chairing the Audit Committee, and is also a non-executive director at Anglo-American plc.
Following the proposed changes, the supervisory board will have eight members instead of the current nine.
The full agenda for AkzoNobel NV's AGM, to be held in Amsterdam on April 29, 2014, will be published on March 18. The Annual Report over 2013 will be available online on the company's website and as an iOS app on the AppStore on February 26.
