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AkzoNobel Report 2014 Report14 AkzoNobel 2014 at a glance Key regions North America Mature Europe (by revenue) 15% 37% €14.3 billion revenue €987 million operating income €2.23 earnings per share 80+ countries 47,200 employees 10% 8% 200+ production sites Latin America Emerging Europe Our businesses Asia Pacific 26% Decorative Paints Performance Coatings Specialty Chemicals Whether our customers are professional We’re a leading supplier of performance As a major producer of specialty chemicals decorators or keen DIY-ers, they want great coatings with strong product technologies with leadership positions in many markets, paint that gives a great finish. We supply a and brands. Our high quality products we make sure that industries worldwide are huge variety of quality products for every are used by customers across the world supplied with high quality ingredients and situation and surface, including paints, to protect and enhance everything process aids for the manufacture of lacquers and varnishes. We also offer a from vessels, cars, aircraft, yachts and life’s essentials. range of mixing machines, color concepts architectural components (structural steel, and training courses for the building and building products, flooring) to consumer The business operates four units: renovation industry, while our specialty goods (mobile devices, appliances, beverage • Functional Chemicals coatings for metal, wood and other critical cans, furniture) and oil and gas platforms. (e.g. chelates, ethylene amines) building materials lead the market. • Industrial Chemicals The business operates four units: (e.g. chlor-alkali, caustic soda, salt) The business operates three units: • Automotive and Aerospace Coatings • Pulp and Performance Chemicals • Decorative Paints Europe, • Industrial Coatings (e.g. bleaching, colloidal silicas) Middle East and Africa (e.g. coil, wood and packaging) • Surface Chemistry • Decorative Paints Asia • Marine and Protective Coatings (e.g. surfactants, synthetic polymers • Decorative Paints Latin America • Powder Coatings and bio-polymers) Brands include Coral, Dulux, Flexa, Brands include Awlgrip, International, Brands include AkzoNobel, Bindzil, Biostyle, Hammerite, Sadolin and Sikkens. Interpon and Sikkens. Dissolvine, Ecosel, Eka, Expancel, Jozo and Kromasil. Some of our customers: thousands of paint Some of our customers: Airbus, Boeing, distributors around the world and large retail Bosch, Dell, IKEA, Philips, Samsung, Shell, Some of our customers: BASF, Bayer, Dow, outlets such as B&Q, Leroy Merlin and OBI. Toyota, Volkswagen and Whirlpool. GE, Huntsman, Momentive, Monsanto, P&G, Shin-Etsu, Stora Enso and Unilever. Decorative Paints 2014 revenue breakdown by Performance Coatings 2014 revenue breakdown Specialty Chemicals 2014 revenue breakdown end-user segment in % by end-user segment in % by end-user segment in % D A A B C D C B A A 4% A Buildings and Infrastructure 100 A Buildings and Infrastructure 21 A Buildings and Infrastructure 18 Other countries B Transportation 0 B Transportation 37 B Transportation 6 C Consumer Goods 0 C Consumer Goods 28 C Consumer Goods 19 D Industrial 0 D Industrial 14 D Industrial 57 COPPER ORANGE Color of the Year 2015 www.akzonobel.com/colorfutures Scan and explore Our Report 2014 is enriched with Layar, an app for smartphones. It brings paper to life and gives you access to extra digital content. Step 1 Download the free Layar app via the App Store or Android Market. Step 2 Open the app and hold your smartphone above any page with the Layar icon. Step 3 Click on “tap” to view. Step 4 The application will open on your phone. Enjoy! Interactive print Download the free Scan the page Discover Layar app interactive content Our Report 2014 is also available online (www.akzonobel.com/report) and as Report an iPad app (http://bit.ly/ANApp). The digital versions include integrated videos, an interactive chart generator, data comparison feature, animated charts and 14 diagrams and search-as-you-type capabilities. AkzoNobel is a leading global paints and coatings company and a major producer of specialty chemicals. Calling on centuries of expertise, we supply industries and consumers worldwide with innovative products and sustainable technologies designed to meet the growing demands of our fast-changing planet. Headquartered in Amsterdam, the Netherlands, we have approximately 47,000 people in around 80 countries, while our portfolio includes well-known brands such as Dulux, Sikkens, International, Interpon and Eka. Consistently ranked as one of the leaders in the area of sustainability, we are committed to making life more liveable and our cities more human. Human Cities initiative: Six ways to improve, energize and regenerate urban communities around the world p 10 “We remain on track to deliver on our 2015 targets” p 8 Color Heritage Transport Changing Inspiring Picture it the world with innovation before you pioneering through paint it technology partnerships p 72 p 84 p 96 2 Contents AkzoNobel at a glance Cover flap How AkzoNobel performed in 2014 4 How AkzoNobel created value in 2014 6 CEO statement 8 Human Cities initiative 10 Strategic performance 25 Business performance 61 Leadership 99 Governance and compliance 113 Financial information 139 Sustainability statements 193 Sport and leisure Education Sustainability Index 246 Financial calendar 247 Glossary 248 Measuring our Paint that keeps Making sport impact in 4D you cool more accessible p 206 p 212 p 234 3 How AkzoNobel performed in 2014 Financial strategic targets 9.0% 14.0% <2.0 Return on sales (ROS) Return on investment (ROI) Net debt/EBITDA Achieve return on sales Achieve return on investment Maintain net debt/EBITDA (operating income/revenue) (operating income/average lower than 2.0 by 2015 of 9.0 percent by 2015 invested capital) of 14.0 percent by 2015 Financial progress 2014 6.9% 10.0% 0.95 (excluding incidental items: 7.5% ) 4 Strategic performance | AkzoNobel Report 2014 Sustainability strategic targets 20% 25-30% Eco-premium solutions Carbon emissions Resource Efficiency Index Increase revenue from Reduce our carbon emissions Monitor new index, as future downstream eco-premium across the value chain by indicator for resource efficiency solutions to 20 percent of 25 to 30 percent per ton across the full value chain revenue by 2020 by 2020 (2012 base) Sustainability progress 2014 19% -4% 96 AkzoNobel Report 2014 | Strategic performance 5 How AkzoNobel created value in 2014 Economic value: Input Organization By bringing more value to our customers, €6.3 billion €14.3 billion €588 million investors, employees and society in general, group equity revenue capital expenditures we can better position ourselves for growth and achieve our strategic vision of leading market positions delivering €3.3 billion €987 million €9.9 billion leading performance. borrowings operating income invested capital So as well as actively working to reduce We invested in 2014 to keep our facilities our carbon footprint across the value chain €363 million €811 million in good shape, as well as expanding our – to improve our resource efficiency and research and development expenses cash flow from operations manufacturing capability reduce our environmental footprint – we’re also creating social value by developing our employees 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 ultimately lead to more 34% 13% 10.7 million tons economic value for our investors. renewable energy renewable raw materials as % upstream CO2(e) emissions of organic materials 98,000 TJ €5.5 billion energy use raw materials spend Social value: Input Organization Employee and supervised contractors 13,500 1.8 total reportable rate of injuries number of volunteers for Community total reportable rate of injuries Target: <2.0 (2015) Program projects (cumulative since 2005) 3.1 2.4 2.3 1.8 2011 2012 2013 2014 6 How AkzoNobel created value in 2014 | AkzoNobel Report 2014 Outcomes Revenue breakdown by Business Area Revenue breakdown by end-user segment in % in % €258 million 6.9% ROS income tax paid (excluding incidental items: 7.5% ) A D C A €280 million 10.0% ROI dividend paid C net debt B B 0.95 /EBITDA A Decorative Paints 27 A Buildings and Infrastructure 42 RD&I investments have resulted in B Performance Coatings 39 B Transportation 16 19 percent of revenue derived 19% C Specialty Chemicals 34 C Consumer Goods 17 from eco-premium solutions with of revenue from eco-premium solutions D Industrial 25 customer benefits. Organization Outcomes 4.0 million tons 149 kilotons 26.9 million tons 4% CO2(e) emissions own operations total waste own operations CO2(e) emissions cradle-to-grave increase CO2(e) per ton of sales from 2012 cradle-to-grave carbon footprint 24% 12.2 million tons 96 REI reduction in operational eco-efficiency downstream CO2(e) emissions in resource efficiency index footprint (since 2009) Outcomes 17% €2.8 billion 47,200 female executives employee benefits employees at year-end 2014 16% 3.97 2,260 high growth markets executives employee engagement score Community Program projects (cumulative since 2005) AkzoNobel Report 2014 | How AkzoNobel created value in 2014 7 CEO statement Dear stakeholder, When I look back at 2014, I see an eventful year, full of economic and market challenges. It was also a year of many changes at AkzoNobel, all of which were designed to make the company an even better place than it already is. The beginning of the year was very much dominated by unfavorable conditions with regard to currencies, while markets did seem to recover to a certain extent. That changed in the second half of the year when Europe again experienced a lack of growth and the recovery that everyone had hoped for didn’t materialize. At the same time, we saw some of the Asian economies and Latin America slow down.
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