2006-07-21 News Headlines

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Akzo Nobel strong results from Organon, Coatings and Chemicals

Coatings, Chemicals and Organon segments all contributed to substantial higher revenues and operational earnings for Akzo Nobel based in the Netherlands.

Akzo Nobel businesses performed well in the second quarter, with both top and bottom line improving significantly. Energy prices and raw materials still remain a concern.

Highlights

• Revenues up 7% to EUR 3.6 billion, operating income up 9% to EUR 365 million
• Net income nearly doubles to EUR 361 million
• Organon – double-digit growth, excellent operational performance
• Intervet – autonomous growth of 6%
• Coatings – record quarter, strong profit growth on significantly higher revenues
• Chemicals – autonomous growth of 7% 
• Divestment program close to finalization 
• Preparations for the separation of our Pharma business on track; update to follow later this year as planned
• Strong financial position

Operating income for Akzo Nobel rose 9% from EUR 334 million to EUR 365 million. Including incidentals, operating income increased 3% to EUR 352 million. Incidentals in the second quarter of 2006 resulted in a net loss of EUR 13 million (2005: gain of EUR 7 million). Restructuring and impairment charges of EUR 20 million were taken, related to various restructuring activities at Coatings and Chemicals.

The infertility product Puregon® Pen, a recent addition to Organon’s renowned range of female healthcare products. Click Go for larger image. photo: Copyright Akzo Nobel

Organon – double-digit growth, record quarter for Puregon®
Infertility products made a strong contribution, with Puregon®—Organon’s biggest selling product—enjoying a record quarter, up 10% to EUR 102 million. NuvaRing® also saw significant sales growth, especially in the United States, demonstrating the contraceptive ring’s strong market potential.

During the second quarter, the FDA deemed Livial® “not approvable” for the U.S. market. On July 17, the FDA approved Implanon™, which will now be introduced on the U.S. market.

Women in the United States now have the option of using the Implanon™ contraceptive implant developed by Akzo Nobel’s human healthcare business, Organon. About the size of a matchstick, Implanon (etonogestrel implant), is the world’s first and only single-rod implantable contraceptive, and is effective for up to three years. Launched in 1998, it has been used by more than 2.5 million women worldwide and is available in over 30 countries.

Made of a soft medical polymer, Implanon is inserted just under the skin of a woman’s upper inner arm by a healthcare professional during a simple in-office procedure, after which it is generally not visible. The product continuously releases a low, steady dose of progestogen (etonogestrel) for a period of three years. Removal can occur at anytime at the request of the user, after which the woman’s fertility rapidly returns to pre-existing fertility, commensurate with age. Implanon must be removed at the end of the third year and may be replaced by a new Implanon at the time of removal if continued contraceptive protection is desired.

To further focus on core activities, Intervet divested Crina S.A., one of its remaining feed additives businesses.

Akzo Nobel Coatings revenues in Q2 were up 9% to EUR 1.6 billion, in particular boosted by a robust performance from the industrial activities and Marine & Protective Coatings businesses.

Akzo Nobel Chemicals revenues rose 2% to EUR 981 million, supported by 3% volume growth and a 4% rise in prices.

Pulp & Paper Chemicals revenues continued to grow with higher volumes, particularly in Europe and the Americas. Base Chemicals showed a strong improvement in the Chlor Alkali business, while Functional Chemicals achieved solid top line growth due to higher volumes. Surfactants’ revenues were in line with the previous year, with higher selling prices more than offsetting raw material cost increases. Polymer Chemicals again showed double-digit revenue growth during the quarter.

Read a recent press release from Akzo Nobel about - 'Eka Chemicals to meet demand for its expertise in South America by building a chlorine dioxide plant to supply the Mucuri pulp mill in Bahia, Brazil.'

 Akzo Nobel based in the Netherlands provides customers throughout the world with human and animal healthcare products, coatings, and chemicals.

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