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Fit for the Future Annual Report 2006 Fit for the Future Akzo Nobel Annual Report 2006

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Fit for the Future Annual Report 2006 Fit for the Future Akzo Nobel Annual Report 2006 Fit for the future Annual Report 2006 Fit for the future Akzo Nobel Annual Report 2006 Fit for the future Akzo Nobel NV Velperweg 76 P.O. Box 9300 6800 SB Arnhem The Netherlands Tel: +31 26 366 4433 Fax: +31 26 366 3250 E-mail: [email protected] Internet: www.akzonobel.com Akzo Nobel Profile Akzo Nobel NV Akzo Nobel is a multicultural organization Velperweg 76 P.O. Box 9300 serving customers throughout the world with 6800 SB Arnhem, the Netherlands Tel: +31 26 366 4433 coatings, chemicals, and human and animal Fax: +31 26 366 3250 healthcare products. We employ around Internet: www.akzonobel.com 62,000 people in more than 80 countries. For more information: Akzo Nobel Corporate Communications We are a Fortune Global 500 company and Tel: +31 26 366 2241 Fax: +31 26 366 5850 are listed on both the Euronext Amsterdam E-mail: [email protected] and NASDAQ stock exchanges. We are also Akzo Nobel Investor Relations Tel: +31 26 366 4317 included on the Dow Jones Sustainability Fax: +31 26 366 5797 Indexes and the FTSE4Good Index. E-mail: [email protected] Concept, design and production Addison Corporate Marketing Ltd, London Akzo Nobel Corporate Communications Photography Airbus Deutschland / M. Lindner (page 33) David Hannah. Photos courtesy of City of Melbourne (page 31) Michael Clement (pages 8, 11 and 18) Studio Toivo Steen AB (page 38) Our company Our commitments Our ambition Our people All other photography Getty Images and Akzo Nobel Akzo Nobel is a multicultural We will focus our efforts on To be the first choice of Akzo Nobel regards its people company. We are market-driven the success of our customers. customers, shareholders and as its most important resource. Lithography and printing and technology-based, serving We will provide competitive employees, and to be a We foster leadership, individual Tesink BV, Zutphen, the Netherlands customers throughout the world returns on our shareholders’ respected member of society. accountability, and teamwork. with healthcare products, investment. We will create an Our employees are professionals coatings and chemicals. attractive working environment whose entrepreneurial behavior Akzo Nobel conducts its for our employees. We will is result-oriented and guided by diversified activities through conduct our activities in a personal integrity. They strive for decentralized business units. socially responsible manner. the success of their own units We maintain a product portfolio in the interest of Akzo Nobel with leadership positions in as a global company. In return, important market segments. our employees can count on opportunities for individual and professional development in an international working environment. We offer them rewarding and challenging assignments with room for initiative. 01 2006 highlights Overview and strategy Akzo Nobel at a glance 02 Key developments 04 Top-line up 6% to EUR 13.7 billion Shareholder information 06 Chairman’s statement 08 Strategy 10 Growth in all segments Report of the Board of Management 12 Supervisory Board 18 Operational results up 14% to Report of the Supervisory Board 20 Business performance EUR 1.3 billion Akzo Nobel Coatings 22 Akzo Nobel Chemicals 36 Record net income, up 20% to Organon 48 EUR 1.15 billion Intervet 56 People and society Separation of Pharma imminent Our people 60 Corporate Social Responsibility 62 Akzo Nobel is ’Fit for the future’ Akzo Nobel Art Foundation 63 Governance and compliance Risk management 64 Corporate governance 66 Remuneration report 73 Financial statements Contents 77 EBIT before Summary of Revenues incidentals Net income significant accounting policies 78 Millions of euros (EUR) Millions of euros (EUR) Millions of euros (EUR) Consolidated statement of income 86 Consolidated balance sheet 87 945 961 Consolidated statement of cash flows 88 1,223 1,152 1,310 1,153 13,000 13,737 12,883 Consolidated statement of changes in equity 89 Notes to the consolidated financial statements 90 Akzo Nobel NV statement of income and balance sheet 112 Notes to the Akzo Nobel NV statement of income 113 Notes to the Akzo Nobel NV balance sheet 117 04 05 06 04 05 06 04 05 06 Auditors’ report 122 Profit allocation and distributions 123 Financial summary 124 Additional information Index 129 Financial calendar 130 Business principles 131 Definitions 132 Contact details 133 02 Overview and strategy Akzo Nobel at a glance Groups Key activities Akzo Nobel is the innovative, high-quality specialty coatings; Akzo Nobel world’s largest coatings products and services for car refinishes; marine, Coatings manufacturer and commands most market segments. Its protective and aerospace leading market positions in portfolio includes decorative coatings, and coatings- nearly all its businesses. paints; products for related products such Akzo Nobel develops, industrial applications as wood and manufactures, and markets including powder and building adhesives. Akzo Nobel is one of the world leader in pulp sustainable growth, Akzo Nobel world’s leading chemicals bleaching chemicals and an with the clear aim of Chemicals producers, holding leading important producer of salt, consolidating or establishing or strong global positions in functional chemicals, and leadership positions in many markets. A key surfactants. Focused on strategic markets. supplier to the polymer superior technologies and production and processing innovation, Akzo Nobel industries, they are also the Chemicals is committed to Organon creates, partnerships, Organon areas of anesthesia. It Organon manufactures, and markets seeks to leverage its has extensive expertise innovative prescription position as the leading in neuroscience and a rich medicines that improve the biopharmaceutical company and focused R&D program. health and quality of human in each of its core Research areas include life. Through a combination therapeutic fields: fertility, immunology and areas of innovation and business gynecology, and selected of oncology. Intervet is dedicated to aquatic, and companion organizations. Intervet is the Intervet research and development, animals. Products are world’s third largest animal production, and marketing grouped in two main health company and has of innovative animal health product sectors: vaccines grown to its current status products, and is providing a and pharmaceuticals. through a combination of full range of innovative Intervet operates globally organic development and products for livestock, with its own marketing strategic acquisitions. Revenues by destination Revenues by origin Millions of euros (EUR) % Millions of euros (EUR) % U.S. and Canada 2,711 19 U.S. and Canada 2,732 20 Latin America 924 7 Latin America 747 5 Asia 1,755 13 Asia 1,440 11 Other regions 674 5 Other regions 383 3 The Netherlands 915 6 The Netherlands 2,072 15 Germany 1,209 9 Germany 1,208 9 Sweden 523 4 Sweden 1,284 9 United Kingdom 781 6 United Kingdom 798 6 Other European countries 4,245 31 Other European countries 3,073 22 Total 13,737 Total 13,737 Akzo Nobel 03 Key brands Contribution to revenues Find out more on pages 45% 22–35 ® Find out more on pages 28% 36–47 Find out more on pages 19% 48–55 Find out more on pages 8% 56–59 Employees by region Number of employees end 2006 U.S. and Canada 8,800 Latin America 4,400 Asia 10,300 Other regions 2,100 The Netherlands 11,100 Germany 4,000 Sweden 3,900 United Kingdom 3,900 Other European countries 13,400 Total 61,900 Akzo Nobel at a glance Overview and strategy 04 Overview and strategy Key developments 01 02 Akzo Nobel Akzo Nobel Coatings Akzo Nobel announced its intention to Akzo Nobel’s improved social responsibility Significant acquisitions in 2006 included separate into two independent companies: performance was reflected in the company Sico Inc. (the largest coatings company Akzo Nobel, active in coatings and being ranked among the chemicals in Canada), the Flood Company in the chemicals, and Organon BioSciences, industry leaders on the prestigious Dow United States, Balakom in the Czech active in pharmaceuticals. Jones Sustainability World Indexes (DJSI). Republic and the Ukraine’s Khimrezerv. Shareholders approved the company’s A one-time tax benefit of around Akzo Nobel confirmed its position as the separation plans at an Extraordinary EUR 125 million was recorded following world’s leading coatings manufacturer by General Meeting in September. an agreement with tax authorities in launching the Global Coatings Report several countries. 2006, the first ever global assessment of Jörg Spiekerkötter was appointed Chief the coatings market. (01) Financial Officer of Organon BioSciences NV, marking an important landmark in The company’s growth strategy in China the establishment of Akzo Nobel’s Pharma continued to gather pace, with highlights businesses as a separate company. including the opening of two new facilities – in Langfang and Jaishan – and the New strategic targets for Akzo Nobel’s acquisition of the remaining shares in Coatings and Chemicals activities were the Akzo Nobel Chang Cheng Coatings announced. These included the intention joint venture. to outpace growth in selected markets, a targeted operational ROI (return on Two businesses – Decorative Coatings investment) of more than 20%, and Europe and Decorative Coatings maintaining the company’s A- credit rating. International – were integrated. This will enable Akzo Nobel to benefit not only from the global reach of the combined organization in areas such as technology, marketing, and purchasing, but also to leverage its scale and strong brands across multiple markets. Akzo Nobel 05 03 04 Akzo Nobel Chemicals Organon Intervet The strategic realignment of Akzo Nobel The Implanon® contraceptive implant New product approvals in the United States Chemicals was successfully concluded, developed by Organon was approved by were granted for the PreveNile™ equine transforming a relatively large and the U.S. Food and Drug Administration West Nile vaccine – which will strengthen fragmented range of business segments (FDA). (03) Intervet’s growth in the U.
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