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Akzo Nobel FY EBIT Rises 2%; Reconfirms 2020 Guidance

Akzo Nobel NV (AKZOY.PK,AKZOY) reported that its net income attributable to shareholders for fiscal year 2017 declined to 832 million euros from 970 million euros in the previous year.

EBIT, including discontinued operations, was up 2% to 1.525 billion euros.

Operating income, including discontinued operations, at 1.396 billion euros included identified items of 129 million euros, mainly related to the transformation of AkzoNobel, including the separation of Specialty Chemicals.

Revenue, including discontinued operations, was up 3% or up 4% excluding currency impact at 14.575 billion euros.

Akzo Nobel N.V. CEO, Thierry Vanlancker, said, "We are on track to create two focused, high performing businesses. The internal separation of the Specialty Chemicals business is complete and a full separation remains on track for April 2018. The transformation of AkzoNobel into a focused Paints and Coatings company is progressing well, with phase one on track to achieve €110 million savings in 2018, contributing directly towards delivering the 2020 financial guidance."

The company noted that it continues to implement various measures to mitigate current market challenges, including increased selling prices and cost discipline. "Winning Together - 15 by 20" strategy will create a focused Paints and Coatings company and deliver our 2020 guidance.

by RTTNews Staff Writer

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