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Akzonobel Report 2017 Akzonobel in 2017 at a Glance

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Akzonobel Report 2017 Akzonobel in 2017 at a Glance AkzoNobel Report 2017 Report17 AkzoNobel in 2017 at a glance Creating two focused, Revenue in € millions ROS in % • Net income attributable to shareholders at €832 million (2016: €970 million) Continuing operations Continuing operations high performing • Total dividend proposed for 2017 up 52% Discontinued operations Discontinued operations businesses: Total operations to €2.50 per share (2016: €1.65) • Special cash dividend of €4.00 per share 14,197 14,575 • Separation of Specialty Chemicals on paid in December 2017 as advance 792 track for April 2018; Specialty Chemicals 4,763 4,963 proceeds related to the separation of business now reported as discontinued Specialty Chemicals operations • Net cash inflow from operating activities 12.1 12.5 • Revenue, including discontinued 10.6 10.5 at €969 million (2016: €1,291 million) 9,434 9,612 9.8 9.4 operations, up 3% (up 4% excluding 345 currency impact) at €14,575 million • EBIT, including discontinued operations, up 2% to a record €1,525 million 2016 2017 2016 2017 • Operating income, including discontinued operations, at €1,396 million includes identified items of €129 million, mainly EBIT in € millions ROI in % related to the transformation of Continuing operations Continuing operations AkzoNobel, including the separation of Discontinued operations Discontinued operations Specialty Chemicals Total operations • 2020 financial guidance* reconfirmed: Paints and Coatings 15% ROS, ROI 1,502 1,525 >25%; Specialty Chemicals 16% ROS, 574 620 ROI >20% 17.1 15.8 14.4 15.0 13.9 15.1 In the rest of this Report 2017, all financial 928 905 numbers refer to Paints and Coatings (unless otherwise stated). 2016 2017 2016 2017 Discontinued operations and held for sale As from December 22, 2017, the Specialty Chemicals business is classified as held for sale and discontinued operations, therefore the consolidated statement of income for 2017, and for 2016, have been represented to show the results of the Specialty Chemicals business as discontinued. The Specialty Chemicals business consists of the Specialty Chemicals Business Area and certain other assets and liabilities and income and expenses, which are directly attributed to the Specialty Chemicals business from the Other activities. * Excluding unallocated corporate center costs and invested capital; assumes no significant market disruption. Revenue by destination North America Mature Europe Emerging Europe Asia Pacific 12% 33% 9% 32% Paints and Coatings €9.6 billion revenue €905 million EBIT Latin America Other regions €1.76 earnings per share 9% 5% 150+ countries 35,700 employees 2017 business highlights Q1 Q1 Q1 Q2 Opened new plant in China to strengthen our Invested in a new £13 million innovation hub Partnered with SOS Children’s Villages to fight Held investor day in London to launch global position in powder coatings, led by our in the UK youth unemployment with the power of paint our new strategy Interpon brand Q2 Q2 Q2 Q3 Opened a new coatings facility in Chonburi, Partnered with The Ocean Cleanup together Double coatings acquisition of the UK’s Flexcrete Announced major expansion of organic peroxides Thailand with our International brand for the largest Technologies and Disa Technology in France capacity in China clean-up in history Q3 Q4 Q4 Q4 Opened the world’s most advanced and All our paints and coatings production in the Chemical Island in Brazil expanded to support Agreed to acquire the business of V.Powdertech, sustainable paint factory in Ashington, the new Netherlands is now powered by green energy growth of Fibria, the world’s leading producer of the leading Thai manufacturer of powder coatings center of production for Dulux in the UK eucalyptus pulp Report Featured content Connecting people and places 14 CEO statement 8 Our commitment to unlocking value, “accelerating growth and contributing to the success of our Setting new 12 customers becomes standards stronger by the day The largest ” clean-up in history 16 2 Contents Inspiring our world with color 46 AkzoNobel at a glance Cover flap Turning great How AkzoNobel performed in 2017 4 How AkzoNobel created value in 2017 6 ideas into reality 58 CEO statement 8 Strategic performance 18 Business performance 36 Leadership 60 Governance and compliance 80 Financial information 104 Sustainability statements 166 Index 196 Financial calendar 197 Glossary 198 The ultimate test 180 of performance 3 How AkzoNobel performed in 2017 Financial guidance The transformation of AkzoNobel into a focused Paints and Coatings company, including the separation of Specialty Chemicals, is progressing and the associated one-off costs 15% >25% are within expectations. Phase one of creating a fit-for-purpose Paints and Coatings organization (announced in October 2017) 1 2 Return on sales (ROS) Return on investment (ROI) is on track to achieve €110 million savings in 2018, contributing directly towards delivering Achieve return on sales (EBIT/ Achieve return on investment (EBIT/ the 2020 financial guidance. Various measures revenue) of 15% by 2020 average invested capital) of more to mitigate current market challenges, including increased selling prices and cost than 25% by 2020 discipline, also continue to be implemented. 1 Excluding unallocated corporate center costs; assumes no significant market disruption. 2 Excluding unallocated corporate center costs and invested capital; 2017 progress assumes no significant market disruption. 9.4% 13.9% 4 How AkzoNobel performed in 2017 | AkzoNobel Report 2017 Sustainability targets (including discontinued operations) 20% 25-30% REI Eco-premium solutions Carbon emissions Resource Efficiency Index Maintain revenue from Reduce our carbon emissions Monitor gross margin divided by downstream eco-premium across the value chain carbon emissions across the solutions of 20% of revenue by 25-30% per ton by 2020 value chain, as an indicator for by 2020 (2012 base) resource efficiency 2017 progress 20% 7% 10 6 AkzoNobel Report 2017 | How AkzoNobel performed in 2017 5 How AkzoNobel created value in 2017 Economic* value: Input Organization By bringing more value to our customers, €6.3 billion €9.6 billion €250 million investors, employees and society in general, group equity revenue capital expenditures we can better position ourselves for growth and achieve our strategic ambitions. €3.3 billion €905 million €6,045 million We are actively working to reduce our borrowings EBIT invested capital at year-end carbon footprint across the value chain – to improve our resource productivity and We invested in 2017 to keep our reduce our environmental footprint. €270 million facilities in good shape and expand our research and development expenses manufacturing capability. We are also creating social value by helping our employees to develop their skills and being active in the communities where we operate. And by continuing to innovate in order to supply more sustainable products and solutions for our customers, we create economic, environmental and social value. Environmental value: Input All these initiatives contribute to our financial performance and enable us to deliver more economic value for our investors. 45% 11% 9.7 million tons renewable energy renewable raw materials as % upstream CO2(e) emissions of organic materials 98,000 TJ €0.6 billion energy use energy spend Social value: Input Organization 45,400 0.2 employees at year-end 2017 total reportable rate of injuries (per 200,000 hours) * All economic data (excluding income tax paid, dividend paid and revenue from eco-premium solutions) relates to 22,900 Paints and Coatings. All environmental and social data number of volunteers for Community relates to the combined Paints and Coatings and Specialty Chemicals organization. Program projects (cumulative since 2005) 6 How AkzoNobel created value in 2017 | AkzoNobel Report 2017 Outcomes Revenue breakdown by Business Area in % €338 million 9.4% ROS income tax paid €1,187 million 13.9% ROI dividend paid A B A Decorative Paints 40 B Performance Coatings 60 20% of revenue from eco-premium solutions with customer benefits, due to RD&I investments Organization Outcomes 3.4 million tons 137 kilotons 11.5 million 7% CO2(e) emissions own operations total waste own operations tons improvement CO2(e) per ton of sales from downstream CO (e) emissions 2012 cradle-to-grave carbon footprint 2 31% 24.6 million 106 REI reduction in operational eco-efficiency in Resource Efficiency Index tons footprint (since 2009) CO2(e) emissions cradle-to-grave Outcomes 19% €2,853 million 2,636 female executives employee benefits Community Program projects (cumulative since 2005) 5% high potential turnover AkzoNobel Report 2017 | How AkzoNobel created value in 2017 7 CEO statement As we forge ahead to build for the future and maximize the CFO Maëlys Castella took a leave of absence, also for health power of our brands, the company is sharpening its focus. reasons. She has been an integral part of establishing a solid We have a new management team in place; have adopted a financial foundation. We look forward to welcoming her back new structure to create a simpler, faster organization ready in a senior management role once she returns. to adapt to new industry challenges; have committed to new financial guidance of 15% ROS* by 2020 and remain as The improvements Ton and Maëlys brought about were dedicated as ever to delivering for our customers. Thanks to crucial and helped pave the way for the new AkzoNobel. the tireless effort of our hard-working colleagues around the Thanks to their vision, leadership
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