Akzo Nobel N.V. 
 
Christian Neefestraat 2 
T +31 (0)88 969 7833 
1077 WW  Amsterdam 
E media.relations@akzonobel.com 
P.O. Box 75730 
www.akzonobel.com 
1070 AS  Amsterdam 
 
Netherlands 
 
March 17, 2022 
 
AkzoNobel updates financial reporting structure and 2021 comparative figures  
 
(AKZA; AKZOY)  
 
Effective January 1, 2022, AkzoNobel has updated its financial reporting structure and 2021 
comparative figures to reflect (1) a narrower definition of corporate activities and corporate costs in 
the Other segment and (2) recent changes in the organizational set up and related governance 
structure:  
 
1. The company implemented a narrower definition of corporate activities and corporate costs. 
As a result, the total costs reported in the Other segment decrease by €52 million for full-year 
2021, with an offsetting increase in the costs for the Decorative Paints and Performance 
Coatings segments of €18 million and €34 million respectively 
 
2. Following a full review of the Integrated Supply Chain (ISC) organization, the company 
implemented an optimized organization structure which amongst others includes a further 
split between Manufacturing and Supply Chain activities. This optimization of the ISC 
organization and related governance structure leads to reclassifications between cost of sales 
and SG&A costs of €49 million for full-year 2021 in the consolidated statement of income  
 
Both changes do not have a net effect on AkzoNobel’s reported consolidated operating income and 
net income. 
 
The updated financial reporting structure and 2021 comparative figures will become apparent in the 
Q1 2022 results report and onwards. 
 
Table 1 below reflects the updated consolidated statement of income for each of the quarters for the 
financial year 2021. 
 
Consolidated statement of income - updated 
in € millions 
Q1 
Q2 Q2 YTD 
Q3  Q3 YTD 
Q4 
2021 
Full-year  
Revenue 
 2,263   2,511   4,774   2,410   7,184   2,403   
9,587  
Cost of sales 
 (1,265)
 (1,466)
 (2,731)
 (1,471)
 (4,202)
 (1,481)
 
(5,683)
Gross profit 
 
998   1,045   2,043   
939   2,982   
922   
3,904  
SG&A costs 
 
(696)
 
(719)
 (1,415)
 
(713)
 (2,128)
 
(725)
 
(2,853)
Other results 
 
1   
58   
59   
—   
59   
8   
67  
Operating income 
 
303   
384   
687   
226   
913   
205   
1,118  
Net financing expenses 
 
(8)
 
(4)
 
(12)
 
(19)
 
(31)
 
(8)
 
(39)
Results from associates and joint ventures 
 
7   
8   
15   
6   
21   
5   
26  
Profit before tax 
 
302   
388   
690   
213   
903   
202   
1,105  
Income tax 
 
(73)
 
(123)
 
(196)
 
(48)
 
(244)
 
(2)
 
(246)
Profit from continuing operations 
 
229   
265   
494   
165   
659   
200   
859  
Profit from discontinued operations 
 
(2)
 
7   
5   
—   
5   
1   
6  
Profit for the period 
 
227   
272   
499   
165   
664   
201   
865  
Non-controlling interests 
 
(10)
 
(11)
 
(21)
 
(1)
 
(22)
 
(14)
 
(36)
Net income 
 
217   
261   
478   
164   
642   
187   
829  
Table 1 – Consolidated statement of income - updated

2 
Table 2 shows the updated key figures per segment for each of the quarters for the financial year 
2021. Some of the key figures stated below are Alternative Performance Measures (APM’s). 
AkzoNobel uses APM adjustments to the IFRS measures to provide supplementary information on 
the reporting of the underlying developments of the business. Reconciliations of the alternative 
performance measures to the most directly comparable IFRS measures can be found in our quarterly 
reports; the changes announced in this financial reporting update do not impact these reconciliations. 
 
Key figures per segment - updated 
in € millions / % 
Q1 
Q2 
Q2 
YTD 
Q3 
Q3 
YTD 
Q4 
2021 
Full-year 
Operating income 
Decorative Paints 
 
143   
234   
377   
143   
520   
102   
622  
Performance Coatings 
 
185   
178   
363   
125   
488   
128   
616  
Other activities 
 
(25)
 
(28)
 
(53)  
(42)
 
(95)
 
(25)  
(120)
Total 
 
303   
384   
687   
226   
913   
205   
1,118  
OPI margin (in % of revenues)1 
Decorative Paints 
15.4  
21.5  
18.7  
14.1  
17.2  
10.7  
15.6  
Performance Coatings 
13.9  
12.5  
13.2  
9.0  
11.8  
8.8  
11.0  
Total 
13.4  
15.3  
14.4  
9.4  
12.7  
8.5  
11.7  
Adjusted operating income2 
Decorative Paints 
 
144   
187   
331   
147   
478   
102   
580  
Performance Coatings 
 
188   
171   
359   
127   
486   
128   
614  
Other activities 
 
(25)
 
(23)
 
(48)  
(33)
 
(81)
 
(21)  
(102)
Total 
 
307   
335   
642   
241   
883   
209   
1,092  
ROS (in % of revenues)3 
Decorative Paints 
15.5  
17.2  
16.4  
14.5  
15.8  
10.7  
14.6  
Performance Coatings 
14.1  
12.0  
13.0  
9.1  
11.7  
8.8  
11.0  
Total 
13.6  
13.3  
13.4  
10.0  
12.3  
8.7  
11.4  
EBITDA4 
Decorative Paints 
 
179   
271   
450   
181   
631   
145   
776  
Performance Coatings 
 
223   
217   
440   
166   
606   
170   
776  
Other activities 
 
(14)
 
(19)
 
(33)  
(34)
 
(67)
 
(16)  
(83)
Total 
 
388   
469   
857   
313   1,170   
299   
1,469  
EBITDA margin (in % of revenues)4 
17.1  
18.7  
18.0  
13.0  
16.3  
12.4  
15.3  
Adjusted EBITDA5 
Decorative Paints 
 
179   
222   
401   
184   
585   
143   
728  
Performance Coatings 
 
225   
210   
435   
168   
603   
170   
773  
Other activities 
 
(13)
 
(13)
 
(26)  
(27)
 
(53)
 
(12)  
(65)
Total 
 
391   
419   
810   
325   1,135   
301   
1,436  
Adjusted EBITDA margin (in % of revenues)5 
17.3  
16.7  
17.0  
13.5  
15.8  
12.5  
15.0  
 
ROI (in % of average invested capital)6 
Q1 
Q2 
Q3 
Q4 
Decorative Paints 
23.5  
24.3  
21.8  
20.2  
Performance Coatings 
20.6  
22.5  
20.3  
17.4  
Total 
17.7  
19.3  
17.5  
16.0  
 
1 OPI margin is operating income as percentage of revenues. 
2 Adjusted operating income is operating income excluding identified items. 
3 ROS is adjusted operating income as percentage of revenue. 
4 EBITDA is operating income excluding depreciation and amortization; EBITDA margin is EBITDA as percentage of revenue. 
5 Adjusted EBITDA is operating income excluding depreciation, amortization and identified items; Adjusted EBITDA margin is adjusted EBITDA as percentage of revenue. 
6 ROI is adjusted operating income of the last 12 months as percentage of average invested capital. For the calculation of ROI, the 2020 reported figures and 2021 updated 
  figures were used. 
Table 2 – Key figures per segment - updated

3 
About AkzoNobel  
We supply the sustainable and innovative paints and coatings that our customers, communities – and the environment – are increasingly relying 
on. That’s why everything we do starts with People. Planet. Paint. Our world class portfolio of brands – including Dulux, International, Sikkens 
and Interpon – is trusted by customers around the globe. We’re active in more than 150 countries and have set our sights on becoming the global 
industry leader. It’s what you’d expect from a pioneering paints company that’s committed to science-based targets and is taking genuine action 
to address globally relevant challenges and protect future generations. 
 
All data in this document is unaudited. 
 
Not for publication - for more information  
  
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