R E P O R T
F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5  
Key Figures
Millions of euros (EUR)
1st quarter
2005
2004
∆%
Net income
287
133 
116
– per share, in EUR
1.00
0.47 
Revenues
Organon
576
591
(3)
Intervet
262
258
2
Coatings
1,241
1,237 
–
Chemicals, ongoing operations
957
913 
5
Other
5
(38)
Akzo Nobel, ongoing operations
3,041
2,961
3
Chemicals, divested activities
208
Total
3,041
3,169 
(4)
Operating income (EBIT)
Organon
236
68 
247
Intervet
53
43
23
Coatings
62
84 
(26)
Chemicals, ongoing operations
97
85 
14
Other
(29) 
(40) 
Akzo Nobel, ongoing operations
419
240 
75
Chemicals, divested activities
16
Total
419
256 
64
EBIT margin, in %
13.8
8.1 
Number of employees
61,080
61,450 1
64,320 2
Net income – more than double last year 
Organon – successful margin protection; boosted by Risperdal® deal
Intervet – solid performance
Coatings – impacted by raw material prices
Chemicals – strong performance improvement continued
Strong financial position
Outlook unchanged
1 At December 31.
2 At March 31.
1
•
•
•
•
•
•

2
R E P O R T
F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5  
The report for the 2nd quarter of 2005 will be published on July 20, 2005.
Note
The data in this report are unaudited.
Revenues consist of sales of goods and services, and royalty income.
Autonomous growth is defined as the change in revenues attributable to changed volumes and
selling prices. It excludes currency, acquisition, and divestment effects.
Operational performance is defined as the change in operating income excluding effects from
currency translation, divestments, and changes in pension charges, and one-off items. 
One-off items are the special benefits, restructuring and impairment charges, charges related to
legal and antitrust cases, and results on divestments.
EBIT margin, formerly called return on sales, is operating income (EBIT) as percentage of revenues.
Safe Harbor Statement*
This report contains statements which address such key issues as Akzo Nobel’s growth strategy,
future financial results, market positions, product development, pharmaceutical products in the
pipeline, and product approvals. Such statements, including but not limited to the “Outlook”,
should be carefully considered, and it should be understood that many factors could cause
forecasted and actual results to differ from these statements. These factors include, but are not
limited to price fluctuations, currency fluctuations, developments in raw material and personnel
costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other
regulatory measures. These factors also include changes in regulations or interpretations related to
the implementation and reporting under IFRS, decisions to apply a different option of presentation
permitted by IFRS, and various other factors related to the implementation of IFRS, including the
implementation of IAS 32 and 39 for financial instruments. Stated competitive positions are based
on management estimates supported by information provided by specialized external agencies. For
a more complete discussion of the risk factors affecting our business please see our Annual Report
on Form 20-F filed with the United States Securities and Exchange Commission, a copy of which
can be found on the Company’s website www.akzonobel.com.
* Pursuant to the U.S. Private Securities Litigation Reform Act 1995.

C O N D E N S E D
C O N S O L I D A T E D
S T A T E M E N T
O F
I N C O M E
Millions of euros
1st quarter
2005
2004
∆%
Revenues
3,041
3,169 
(4)
Operating costs
(2,767)
(2,888)
Special benefits
149
44
Results on divestments
2
Restructuring and impairment charges
(5) 
(46) 
Charges related to legal and antitrust cases
(1)
(23)
Operating income (EBIT)
419 
256 
64
Financing charges
(32)
(38)
Operating income less financing charges
387 
218 
Taxes
(105)
(83)
Earnings of consolidated companies, after taxes
282
135 
109
Earnings from nonconsolidated companies
13
6
Earnings before minority interest
295
141
Minority interest
(8)
(8)
Net income
287
133 
116
EBIT margin, in %
13.8
8.1 
Interest coverage
13.1 
6.7 
Net income per share, in EUR
– basic 
1.00
0.47
– diluted 
1.00
0.46
EBITDA
556
406
37 
Capital expenditures
109
107
Depreciation
130
144 
3
R E P O R T
F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5

4
R E P O R T
F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5  
Introductory remarks
The figures in this report are based on International Financial Reporting Standards (IFRS). The 2004
comparative figures have been restated accordingly. See page 18 for further information on this
change in accounting principles when compared to last year’s first-quarter reporting. That page also
provides information on the effect of the adoption of IAS 32 and 39 for financial instruments per
January 1, 2005. The nonrecurring items the Company used to report until 2004 are now included
in the operational results.
Pharma’s figures are broken down into Organon and Intervet. Organon figures include the former
Diosynth business unit, producer of active pharmaceutical and biotechnological ingredients. Nobilon
(human vaccines) is included in Other. Nobilas (accident management services) has been transferred
from Coatings to Other. The Catalysts, Phosphorus Chemicals, and Coating Resins activities divested
during 2004 have been separated out of the Chemicals figures.
Net income – more than double last year
Net income rose 116% to EUR 287 million. Earnings per share were EUR 1.00 (2004: EUR 0.47).
Organon posted a pretax special benefit of EUR 149 million from the termination of the Risperdal®
copromotion. Intervet did clearly better than last year, while Chemicals also achieved substantial
earnings growth, which more than offset the loss of the earnings from the operations divested in
2004. Coatings’ results are under pressure from increased raw material prices.
Revenues – autonomous growth 3%
Revenues of EUR 3.0 billion of the ongoing operations were up 3% on last year, mainly attributable
to the autonomous growth of 3%. Prices increased 2% and volumes were 1% higher. To provide
coverage for increased raw material prices, Coatings raised its prices by 4% on last year. Revenues
developed as follows:
1 Includes the effect of the Chemicals businesses divested in 2004.
Operating income – up 64%
Operating income rose 64% to EUR 419 million. The EBIT margin was 13.8%, against 8.1% in the
first quarter of 2004. Organon profited from the termination of the Risperdal® copromotion on top
of slightly higher operational results. Intervet achieved 3% autonomous growth and reaped the
benefits from cost savings. Coatings’ results are under pressure from the higher raw material prices.
The ongoing Chemicals activities benefited from 6% autonomous growth and cost savings. Excluding
one-off items and divestments, operating income improved slightly to EUR 274 million.
Currency
Acquisitions/
In %
Total
Volume
Price
translation
divestments
Organon
(3)
(2)
–
(1)
Intervet
2
1
2
(1)
Coatings
–
(3)
4
(1)
–
Chemicals, ongoing
5
3
3
(1)
–
Akzo Nobel
(4)
1
2
(1)
(6)1

5
R E P O R T
F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5  
Earnings developed as follows:
Change from 1st quarter of 2004
Operating
Opera-
income for
tional
Currency
Lower
Millions
1
stquarter 
perform-
One-off
Divest-
transla-
pension
of euros
of 2005
Total
ance
items1
ments
tion
charges
Organon
236
168
6
159
1
2
Intervet
53
10
9
–
1
Coatings
62
(22)
(33)
8
–
3
Chemicals, ongoing
97
12
12
(2)
(1)
3
Chemicals, divested
(16)
(16)
Other2
(29)
11
3
5
–
3
Akzo Nobel
419
163
(3)
170
(16)
–
12
1 One-off items are the special benefits, restructuring and impairment charges, charges related to legal and
antitrust cases, and results on divestments.
2 “Other” mainly comprises pension costs related to former employees of divested operations as well as the
results of the (intermediate) holding companies, the captive insurance companies, Nobilon, and Nobilas.
Financing charges went down from EUR 38 million to EUR 32 million as a result of reduced net
borrowings. Interest coverage in the first quarter was 13.1 (2004: 6.7). 
The income tax charge in the first quarter of 2005 was 27%, compared with 38% in 2004. 
This decrease mainly relates to the low tax charge on the benefit from the Risperdal® settlement. 
As a consequence of IFRS tax accounting rules, the income tax charge in our accounts will be more
volatile. The longer-term tax rate would be an average percentage in the lower thirties range.
Earnings from nonconsolidated companies rose from EUR 6 million to EUR 13 million in 2005,
mainly attributable to improved earnings from Flexsys.
Outlook unchanged
We confirm our earlier expressed aspiration to achieve a full-year net income within the range of
2004, which was some EUR 800 million on an IFRS-basis. This outlook is based on our current
portfolio and it excludes restructuring and impairment charges, charges related to legal and 
antitrust cases, and results on divestments.

6
R E P O R T
F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5  
Organon – successful margin protection; boosted by Risperdal® deal
Millions of euros
1st quarter
2005
2004
∆%
Revenues
576
591 
(3)
Operating income (EBIT)
236
68
247
EBIT margin, in %
41.0
11.5 
S&D expenses as % of revenues
31.9
34.0 
R&D expenses as % of revenues
16.3
17.1 
EBITDA
266
99 
169
Capital expenditures
15
28 
Invested capital
1,742
1,628 1
Number of employees
14,140
14,090 1
1 At December 31.
• Revenues decline bottoming out
• Termination Risperdal® copromotion – EUR 149 million special benefit
• Cost savings contributing
• NuvaRing® – steadily expanding
• Remeron® – gradually declining outside United States
• Infertility products – renewed growth
• Livial® – remaining under pressure
• Pharmaceutical ingredients – still struggling with overcapacity
Note: Organon figures now also include the results of the former Diosynth business unit, producer of active
pharmaceutical and biotechnological ingredients.

7
R E P O R T
F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5  
As expected, revenues of Organon (human healthcare products) in the first quarter of EUR 0.6 billion
were only slightly down on last year. Volumes were down 2% and a 1% negative effect was exerted 
by weaker currencies.
Operating income rose from EUR 68 million to EUR 236 million. EBIT margin was 41.0% (2004:
11.5%). Included in the 2005 first-quarter figure is the special benefit of EUR 149 million from the
termination of the Risperdal® copromotion. In the first quarter of 2004, Organon received EUR 44
million for the Arixtra® transfer and the marketing license for Remeron® in Germany. In addition,
2004 operating income included charges of EUR 56 million (2005: EUR 2 million) for the closure of
the West Orange site and the settlement of part of the Remeron® cases. Excluding all these one-off
items, Organon's operating income improved on last year, with margins also being higher. Organon’s
R&D expenditures were somewhat lower at 16.3% of revenues but are expected to increase in the
quarters to come.
The main products developed as follows:
Millions of euros 
Sales
1st quarter
Autonomous growth, %
2005
on Q-1 2004
on Q-4 2004 
Contraceptives
132
6
–
– of which NuvaRing®
25
70
8
Puregon®/Follistim®
83
28
7
Remeron® outside U.S.
66
(24)
(8)
Livial®
35
(10)
(14)
Pharmaceutical ingredients
53
(1)
14
Sales of NuvaRing® (contraceptive ring) are steadily expanding. Remeron® and Remeron® SolTab®
sales outside the United States are gradually declining. Sales of Puregon®/Follistim® are recovering
from the drop in 2004. Follistim recently obtained regulatory approval in Japan. Livial® sales 
continue to be impacted by the ongoing discussions around the results of studies on hormone
therapies. Sales of muscle relaxants are under pressure from generic competition.
At the end of March, Organon and Johnson & Johnson mutually agreed to end their copromotion 
with regard to the antipsychotic drug Risperdal® and replaced it with a financial agreement. 
The need for this new agreement has arisen as a result of Organon’s development of its own
antipsychotic products, notably asenapine through an alliance with Pfizer. The new agreement has 
no material impact on Organon’s future royalty income. Upfront payments were concluded of 
EUR 125 million upon signing and EUR 25 million in January 2006. Including discounting effects, 
this resulted in the special benefit of EUR 149 million.
Capital expenditures were almost halved to EUR 15 million, which is 53% of depreciation.

8
R E P O R T
F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5  
Intervet – solid performance 
Millions of euros
1st quarter
2005
2004
∆%
Revenues
262
258 
2
Operating income (EBIT)
53
43
23
EBIT margin, in %
20.2
16.7 
S&D expenses as % of revenues
23.1
25.0 
R&D expenses as % of revenues
10.7
11.6 
EBITDA
66
55 
20
Capital expenditures
13
12 
Invested capital
878
798 1
Number of employees
5,270
5,270 1
1 At December 31.
• Revenues up – 3% autonomous growth
• EBIT margin of 20.2%
• Benefiting from cost savings
• Performance improvement in manufacturing
• Successful product launches in U.S. companion-animal market

9
R E P O R T
F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5  
Revenues of Intervet (animal healthcare products) were up 2% to EUR 262 million. 
Autonomous growth of 3% was partially offset by a negative currency translation effect of 1%.
Intervet further expanded its already strong market position in Europe, growing 4%. 
In the United States, the PrestigeTM line (equine vaccines) was successfully reintroduced and
regulatory approval was obtained for ContinuumTM DAP, a canine vaccine. These positive
developments in the companion animal market were instrumental in compensating the impact 
from the weaker U.S. dollar. Boosted by substantial growth in Brazil, sales in Latin America 
rose 7%. Lower sales in the Asian region due to avian influenza were offset by strong sales 
gains in Oceania.
Intervet’s operating income increased by 23% to EUR 53 million, attributable to the 
autonomous revenues growth and to cost savings throughout the business unit. The EBIT margin
improved from 16.7% to 20.2%. Intervet is actively pursuing cost savings and efficiency
improvements, as is also reflected in the lower S&D and R&D expenses in percent of revenues.
Significant performance improvement was realized in manufacturing. Consolidation efforts 
and yield improvement programs are paying off and resulted in 3% lower cost of goods when
compared to same period last year. Also, the new IT system (SAP) has been successfully
implemented in the United States. During 2005 and early 2006, the system will be rolled 
out to all six major European production sites. The aim is to optimize production planning 
and logistical performance by improved management information systems.
Capital expenditures rose from EUR 12 million to EUR 13 million, which is 127% of depreciation.

Coatings – impacted by raw material prices
Millions of euros
1st quarter
2005
2004
∆%
Revenues
Decorative Coatings
442 
432 
Industrial activities
387 
373 
Marine & Protective Coatings
226 
219 
Car Refinishes
209 
221 
Intragroup revenues/other
(23) 
(8)
Total
1,241
1,237 
–
Operating income (EBIT)
62 
84 
(26)
EBIT margin, in %
5.0
6.8 
EBITDA
94
115 
(18)
Capital expenditures
18
21
Invested capital
2,222
2,067 1
Number of employees
28,600
28,860 1
1 At December 31.
• Autonomous growth 1% – prices up 4%, volumes down 3%
• Steep increase of raw material prices
• Marine & Protective Coatings – continuous good performance
• Decorative Coatings – slow market conditions in Europe; rest of world doing better
• Industrial activities – margins under pressure
• Alpha® Tacto launched – the world’s first “magic touch” paint
Note: Nobilas, accident management services, has been transferred from Coatings to Other. The 2004 figures
have been adjusted accordingly.
10
R E P O R T
F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5

11
R E P O R T
F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5  
Coatings revenues of EUR 1.2 billion were virtually unchanged from the previous year. 
Autonomous revenues growth was 1%. Selling prices were up 4% to provide partial coverage 
for the increased raw material prices. However, volumes were down 3%, mainly affecting 
Decorative Coatings in Europe, Powder Coatings, and Car Refinishes. The negative currency 
impact was 1%. Acquisitions and divestments on balance had no effect.
Operating income fell 26% to EUR 62 million. The EBIT margin was 5.0% (2004: 6.8%). Earnings 
of all business units are under pressure from steeply increasing raw material prices. Although 
selling price increases are actively pursued–so far prices have been raised by 4%–this has not 
yet provided adequate coverage for the increased costs. Cost-saving programs resulted in a
workforce reduction of 220 in the first quarter of 2005.
The decorative coatings activities in Western Europe were under pressure from weak economic
circumstances, unfavorable weather conditions, and the early Easter holiday in March. 
In other areas, especially in Turkey, the business unit is doing better. Margins of the industrial
activities were under pressure from higher raw material prices and competition. Marine & Protective
Coatings continues its good performance.
Capital expenditures were reduced to EUR 18 million, which is 57% of depreciation.
In March 2005, the Company announced that it has developed a sensorial, textile-effect paint 
which can reproduce the look and feel of suede, leather, or woven fabric. Known as Alpha® Tacto, 
it is the world’s first decorative paint product capable of providing two distinct effects, 
depending on how it is applied to the wall. Marketed under the Sikkens® brand name, 
Alpha Tacto introduces a multisensory element into the whole concept of interior design, 
because the unique product is not just visually attractive–producing a cloudy, or leather 
effect finish–but touching or stroking it also gives the same tactile, soft touch sensation 
which is typical of fabric.

12
R E P O R T
F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5  
Chemicals – strong performance improvement continued
Millions of euros
1st quarter
2005
2004
∆%
Revenues
Pulp & Paper Chemicals
240
237 
Surface Chemistry
212
218 
Functional Chemicals
159
156 
Base Chemicals
154
135 
Polymer Chemicals
122
120 
Salt
85
73 
Energy
48
43 
Intragroup revenues/other
(63)
(69)
Total
957
913 
5
Operating income (EBIT)
97
85 
14
EBIT margin, in %
10.1
9.3 
EBITDA
157
145 
8
Capital expenditures
62
41
Invested capital
2,270
2,048 1
Number of employees
11,760
11,890 1
1 At December 31.
• Autonomous growth of 6%
• Cost saving programs clearly paying off
• Pressure from raw material and energy prices
• Base Chemicals and Salt – significantly up
• New organization in place as of April 1, 2005
• 2005 divestment program – on track
Note: all figures and comments concern the ongoing operations of Chemicals.

13
R E P O R T
F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5  
First-quarter revenues of Chemicals were EUR 1.0 billion, 5% up on last year. This was mainly
attributable to 6% autonomous growth, with volumes and prices 3% higher each. Currency
translation had a negative effect of 1%. 
Operating income rose 14% to EUR 97 million. EBIT margin was 10.1% (2004: 9.3%). 
The Chemicals activities benefited from the autonomous growth achieved and cost savings, 
which more than offset the impact from higher raw material and energy prices.
Base Chemicals did substantially better than last year, when it was affected by weak caustic 
prices and maintenance stops. Earnings of Salt were boosted by the deicing salt activities as a
result of the favorable winter weather. 
Continued restructuring programs resulted in a workforce reduction in the first quarter of 130.
Capital expenditures, including major projects in the Netherlands and Brazil, were significantly
higher at EUR 62 million, which is 107% of depreciation.
In February 2005, we announced that we would streamline the Chemicals portfolio in order to
competitively realign the business for growth, profitability, and leadership positions in selected
markets. These efforts will result in a smaller portfolio that is stronger, creates more value, 
and is better structured to meet our financial expectations. The Chemicals activities will be
concentrated in five business units: Pulp & Paper Chemicals, Polymer Chemicals, Surfactants,
Functional Chemicals, and Base Chemicals (the latter will comprise the Chlor-Alkali, 
Electrolysis Salt, and Energy businesses). This new structure has been in place as from 
April 1, 2005.
In addition, the Company announced that it intends to divest certain activities, which represent 
a total of around EUR 700 million in revenues. The processes to prepare for these divestments 
are on track.

14
R E P O R T
F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5  
C O N D E N S E D
C O N S O L I D A T E D
S T A T E M E N T
O F
C A S H
F L O W S
Millions of euros
1st quarter
2005
2004
Earnings before minority interest
295
141 
Depreciation and amortization
137
150 
Cash flow
432
291 
Changes in working capital
(345)
(219)
Impairments
2
24
Changes in provisions, deferred tax assets,
and nonconsolidated companies
(32)
(112) 
Other changes
(4)
9
Net cash provided by/(used for) operations
53
(7) 
Capital expenditures
(109)
(107)
Acquisitions
(20)
(16)
Other changes
4
5
Net cash used for investing activities
(125)
(118)
Dividends paid
(5)
(2)
Funds balance
(77)
(127) 
Net cash generated by/(used for) financing activities
58
(100)
Effect of exchange rate changes on cash 
and cash equivalents
10
8
Change in cash and cash equivalents
(9)
(219)

Operational cash flow and funds balance improved
The first-quarter funds balance was EUR 77 million negative (2004: EUR 127 million negative).
Cash flow from operations in 2005 was an inflow of EUR 53 million, compared with an outflow of
EUR 7 million in the first quarter of 2004. The proceeds from improved profitability and lower
payments from provisions were partially offset by the higher seasonal increase of working capital.
The latter also includes the impact from steeply increased raw material prices, taxes paid during
the first quarter, and the EUR 25 million receivable from Johnson & Johnson for the termination of
the Risperdal® copromotion.
Capital expenditures increased slightly to EUR 109 million (2004: EUR 107 million), which is 84%
of depreciation.
Net cash generated by financing activities predominantly was the effect of the termination of a
currency swap1.
15
R E P O R T
F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5  
Workforce – down 380 from restructurings
At the end of the first quarter of 2005, the Company had 61,080 employees, compared with
61,450 at year-end 2004 and 64,320 at March 31, 2004. Cost saving measures at Coatings and
Chemicals caused a decrease of 380 in the first quarter of 2005. Developments were as follows: 
March 31,
Other 
December 31,
2005
Restructurings
changes
2004
Organon
14,140
–
50
14,090
Intervet
5,270
–
–
5,270
Coatings
28,600
(220)
(40)
28,860
Chemicals
11,760
(130)
–
11,890
Other
1,310
(30)
–
1,340
Akzo Nobel
61,080
(380)
10
61,450
1 In January 2005, the Company terminated a currency swap contract whereby EUR 250 million floating-rate
EURIBOR-related liabilities were swapped into USD 223 million LIBOR-related liabilities, generating EUR 78
million in cash proceeds. This swap was part of an interest rate currency swap whereby euro denominated
fixed rate liabilities were swapped into floating rate U.S. dollar denominated liabilities.

16
R E P O R T
F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5  
C O N D E N S E D
C O N S O L I D A T E D
B A L A N C E
S H E E T
January 1
March 31,
2005; incl.
December 31,
Millions of euros
2005
IAS 32 and 39
2004
Intangible assets
467
448
448
Property, plant and equipment
3,578
3,535
3,535
Deferred tax assets
782
778
784
Other financial noncurrent assets
803
883
624
Inventories
2,057
1,978
1,978
Receivables
3,038
2,791
2,761
Cash and cash equivalents
1,802
1,812
1,811
Total
12,527
12,225
11,941
Akzo Nobel N.V. shareholders' equity
2,969
2,638
2,626
Minority interest
141
140
140
Equity
3,110
2,778
2,766
Provisions
3,617
3,613
3,608
Deferred income
49
56
56
Long-term borrowings
3,039
2,983
2,694
Short-term borrowings
252
258
258
Current liabilities
2,460
2,537
2,559
Total
12,527
12,225
11,941
Gearing
0.48
0.51
0.41
Invested capital
7,940
7,559
7,254
Shareholders' equity per share, in EUR
10.39
9.23
9.19
Number of shares outstanding, in millions
285.8
285.8
285.8

17
R E P O R T
F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5  
C H A N G E S
I N
E Q U I T Y
Shareholders’
Minority 
Millions of euros
equity
interest
Equity
Balance at December 31, 2004
2,626
140
2,766
Adoption of IAS 32 and 39 for financial instruments
12
12
Income
287
8
295
Dividends
(5)
(5)
Share-based payments
1
1
Changes in exchange rates 
43
5
48
Changes in minority interest in subsidiaries
(7)
(7)
Balance at March 31, 2005
2,969
141
3,110
Strong financial position
Invested capital at March 31, 2005, amounted to EUR 7.9 billion, EUR 0.4 billion higher than 
at January 1, 2005, mainly due to the seasonal increase of working capital and currency 
translation effects.
Equity rose EUR 0.3 billion, mainly as a result of first-quarter income.
Net interest-bearing borrowings rose EUR 0.1 billion, principally due to the negative funds balance. 
Gearing improved to 0.48 (January 1, 2005: 0.51).
Arnhem, April 19, 2005
The Board of Management

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Implementation of International Financial Reporting Standards
The figures in this report are based on International Accounting Standards (IAS), International
Financial Reporting Standards (IFRS), and Interpretations, hereafter all called IFRS. As a
consequence, the 2004 comparative figures have been restated accordingly. For the accounting
policies applied in this report see the document “Summary of Significant Accounting Policies”,
which can be found on the Company’s website.
In summary, the impact of IFRS on the Company’s accounts is a decline in shareholders’ equity, 
at December 31, 2004, of EUR 410 million. On balance, net income for the first quarter of 2004
remained unchanged. All this is mainly attributable to the differences in the method of accounting
under IFRS for pensions and other postretirement benefits, the recognition of deferred taxes on
intercompany profit, the recognition of the payment received from Pfizer for the asenapine
cooperation, and the recognition of goodwill. For the most part, the changed accounting is a
matter of timing of the recognition of assets, liabilities, and related results. 
The reconciliation of shareholders’ equity at December 31, 2004, and of net income for the first
quarter of 2004 is as follows:
Shareholders’
Net income for
equity at
the 1st quarter
Millions of euros
December 31, 2004
of 2004
Figure based on NL GAAP
3,036
133
Pensions and other postretirement benefits
(425)
14
Deferred taxes on intercompany profit
33
(14)
Termination of goodwill amortization
19
5
Pfizer payment
(45)
7
Discounting of provisions
20
(5)
Other long-term employee benefits
(8)
–
Share-based payments
(10)
–
Restructuring provisions
–
(6)
Other
6
(1)
Figure based on IFRS
2,626
133

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F O R  T H E  1 S T  Q U A R T E R  O F  2 0 0 5  
In addition, until 2004, the Company separately reported so-called nonrecurring items. These
related to income and expenses resulting from normal business operations, which, because of their
size or nature, are disclosed separately for a better understanding of the underlying result for the
period. IFRS does not allow this concept. Therefore, the Company will not report IFRS earnings
figures excluding nonrecurring items on the face of the statement of income. However, for better
insight into the Company’s earnings development, the most important elements of nonrecurring
items will now be reported on separate lines within operating income in the statement of income.
The Company used to report royalty income under “Other results” in the statement of income.
Under IFRS, royalty income is reclassified to “Revenues”. Also proceeds for certain services
rendered by the Company, which used to be deducted from cost lines in the statement of income,
have now been reclassified to “Revenues”.
IFRS as applied for the restated figures of 2004 do not include standards IAS 32 and 39 for
financial instruments. The Company has opted for the transition provision of IFRS 1 to apply these
standards as from January 1, 2005. The after-tax effect of the implementation of IAS 32 and 39
on January 1, 2005, on balance, is a credit to shareholders’ equity of EUR 12 million1. The balance
sheet per January 1, 2005 including IAS 32 and 39 on page 16 provides more information on the
effect of the adoptation of these standards.
For a detailed explanation of the impact of IFRS on the Company’s financial statements see the
report “IFRS-based reporting for 2004 & implementation of IAS 32 and 39”, which can be found
on the Company’s website. This is an updated version of the report “IFRS-based reporting for
2004” published on April 7, 2005. Besides a discussion on the implementation of IAS 32 and 39,
in this report some changes are included compared to the earlier published IFRS-based information
for 2004. This concerns the allocation of the former nonrecurring items to line items in the
statement of income and to the groups in the segment reporting. Total operating income and net
income did not change.
1 It should be noted that the impact of the adoption of IAS 32 and 39 has been determined to the best of our
present knowledge. The recognition of financial instruments is a very complex matter. As a consequence, our
views and position could be subject to change.

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Additional information
The explanatory sheets used by the CFO during the
press conference can be viewed on Akzo Nobel’s
Internet site at:
www.akzonobel.com/news/presentations.asp 
Akzo Nobel N.V.
Velperweg 76
P.O. Box 9300
6800 SB Arnhem
The Netherlands
Tel. 
+ 31 26 366 4433
Fax 
+ 31 26 366 3250
E-mail
ACC@akzonobel.com
Internet
www.akzonobel.com