Akzo Nobel provides for reversal of prejudice and profit to 908 million in 2013

SAO PAULO-the Dutch manufacturer of paints and chemicals, Akzo Nobel, owner of the Coral in Brazil, reiterated today that its operating profit will be around the 908 million euros in 2013, excluding non-recurring events faced by the company. In 2012, the company had recorded operating loss of 1.24 billion euros. According to statement released by the company, the fourth quarter brought no changes to the business environment, which is already challenging.
In the nine months to September last year, the group performed a result before interest and taxes to 842 million euros. Net revenues, in turn, amounted to 11.11 billion euros. The company adopted a restructuring programme, which passes through asset sales, to face the difficulties of the market.
According to the press release today, the 2013 targets for efficiency gains and simplifying the management structure are likely to be affected. The projection is that the initiative has cost more than 300 million euros in the year, being that other 250 million euros will be spent probably in 2014.
The manufacturer of Coral paints still reported that the balance between October and December will include earnings of 200 million euros, approximately, relating to the sale of chemical adhesives business. This value, however, will be overshadowed by writedowns in three months.
The result of the fourth quarter will be published by Akzo Nobel on 6 February. The company reaffirmed its Outlook for 2015, to resume operations. The idea is to achieve an investment return of 14% on the year and maintain leverage by index net debt/Ebitda below 2 times.