1Report
18
Our Dulux Weathershield exterior paint features 
Smart Release Technology which protects homes 
and buildings against algae and fungus.

AkzoNobel  I  Report for the first quarter 2018  2
Our results at a glance: 
Progress on transformation into a focused Paints and Coatings company:
•	 Successfully completed the dual-track process for the separation of Specialty Chemicals; AkzoNobel to sell Specialty 
Chemicals to The Carlyle Group and GIC for €10.1 billion
•	 On track implementing our "Winning together: 15 by 20" strategy
•	 Transformation process gaining momentum: program office up and running
•	 Robust pricing initiatives ramping up: price increase successful in Q1 2018; second wave of increases to come in 2018	
	
   
Q1 2018 Paints and Coatings:
•	 Selling prices up 3% overall and for all businesses
•	 Revenue down 8% mainly due to adverse foreign currencies (1% lower excluding currency impact) with positive price/mix 
offset by lower volumes
•	 Volumes 3% lower, mainly due to continued adverse market conditions in the marine, and oil and gas industries
•	 Savings from continuous improvement were €30 million and creating a fit-for-purpose organization delivered €10 million
•	 Adjusted operating income at €149 million (2017: €208 million) due to adverse foreign currencies, higher raw material costs 
and lower volumes not yet fully offset by increased selling prices and cost discipline
•	 Operating income at €108 million (2017: €208 million), includes the adverse impact of identified items of €41 million, mainly 
related to the transformation of the organization 
•	 ROS at 6.8% (2017: 8.8%); ROI at 13.2% (2017: 14.8%) 
•	 Adjusted EPS from continuing operations at €0.35 (2017: €0.50)
•	 Net cash outflow from operating activities at €456 million (2017: €379 million)
•	 Net income from total operations up 5% to €253 million (2017: €240 million), including discontinued operations at 
€134 million (2017: €114 million)
Outlook:
Higher raw material costs and adverse effects from foreign currencies are projected to continue in 2018, especially during the 
start of the year.  We anticipate ongoing positive developments for Decorative Paints in all regions, particularly Asia. Trends for 
Performance Coatings are expected to be positive for most segments and regions, while still challenging for Marine and 
Protective Coatings. We continue to implement various measures to mitigate current market challenges, including increased 
selling prices and cost discipline. Our "Winning together: 15 by 20" strategy will create a focused Paints and Coatings 
company and deliver our 2020 guidance.
Terminology change
Adjusted operating income equals operating income excluding identified items, which was previously called "EBIT". Calculations of ROS and 
ROI remain unchanged. Adjusted earnings per share now only excludes identified items, while adjustments for post-tax amortization are not 
made anymore.
* Excluding unallocated 
corporate center costs and 
invested capital; assumes no 
significant market disruption
2020 
guidance*
ROS 15%
ROI >25%
Summary of financial outcomes
First quarter
in € millions
2017 1
2018
∆%
Revenue
 2,377 
 2,176 
 (8)
Adjusted EBITDA
 281 
 209 
 (26)
Adjusted operating income 
 208 
 149 
 (28)
Operating income
 208 
 108 
 (48)
ROS% 
8.8 
6.8 
OPI margin%
8.8 
5.0 
Average invested capital
6,500
6,401
ROI% 
14.8
13.2 
Capital expenditures
45 
 34 
Net debt
1,801 
2,596
Number of employees
36,200 
 35,400 
Net cash from operating activities - continuing 
(379)
(456)
Net cash from operating activities - discontinued
92
82
Net income from continuing operations
 126 
 119
 (6)
Net income from discontinued operations
 114 
 134 
Net income attributable to shareholders 
 240 
 253 
 5 
Earnings per share from total operations (in €)
 0.96 
1.00
Adjusted earnings per share from 
continuing operations (in €) 2
 0.50 
0.35
Adjusted earnings per share from 
total operations (in €) 2
 0.96 
 0.93
1  Represented to present the Specialty Chemicals business as discontinued operations
2  Represented for the new adjusted earnings per share definition, which no longer excludes post-tax 
amortization charges

AkzoNobel  I  Report for the first quarter 2018  3
Financial highlights 
Revenue
Selling prices were up 3% overall and for all businesses. Volumes were 
3% lower, mainly due to Marine and Protective Coatings. Revenue was 
impacted by adverse foreign currencies.  
•	 Decorative Paints revenue decreased 8%, mainly due to foreign 
currencies (down 1% excluding currency impact). Higher selling 
prices were offset by adverse mix effects
•	 Performance Coatings revenue was 9% lower, mainly due to 
adverse currencies (down 1% excluding currencies). Volumes were 
5% lower, mainly due to adverse conditions in the marine, and oil 
and gas industries
Raw material price development 
Raw material prices in 2018 continue to be higher compared with the 
previous year. We are increasing selling prices to deal with these higher 
raw material costs. The continued inflationary environment means these 
measures are still expected to take several quarters before the neces­
sary mitigating impact is fully realized.
Acquisitions
The impact of acquisitions on revenue was 1% for Performance 
Coatings, although limited for AkzoNobel overall. Acquistions impacting 
Q1 revenues were: 
•	 The business of V.Powdertech Co., Ltd., acquired in Q4 2017
•	 Flexcrete Technologies Ltd and Disa Technology (Disatech) 
acquired in Q3 2017
Revenue
First quarter
in € millions
2017 1
2018
∆%
∆% 
CC 2
Decorative Paints
 922 
 846 
 (8)
 (1)
Performance Coatings
 1,471 
 1,342 
 (9)
 (1)
Other activities/eliminations
 (16)
 (12)
Total
 2,377 
 2,176 
 (8)
 (1)
Volume development per quarter 
in % (year-on-year)
Q1 17
Q2 17
Q3 17
Q4 17
Q1 18
Decorative Paints
 9 
 3 
 5 
 12 
(1)
Performance Coatings
 – 
 (4)
 1 
 (2)
 (5)
Total
 4 
 (1)
 3 
 3 
 (3)
Price/mix development per quarter 
in % (year-on-year)
Q1 17
Q2 17
Q3 17
Q4 17
Q1 18
Decorative Paints
 (3)
 (3)
 (3)
 (5)
 – 
Performance Coatings
 (1)
 1 
 – 
 – 
 3 
Total
 (1)
 (1)
 (1)
 (1)
 2 
in % versus Q1 2017
Volume
Price/mix
Acquisitions/
divestments
Exchange 
rates
Total
Decorative Paints
 (1)
 – 
 – 
 (7)
 (8)
Performance Coatings
 (5)
 3 
 1 
 (8)
 (9)
Total
 (3)
 2 
 – 
 (7)
 (8)
2%
0%
Increase
Decrease
0
2
-3%
-8%
Revenue development Q1 2018
-7%
-2
-4
-6
-8
-10
Volume
Acquisitions/
divestments
Price/mix
Exchange 
rates
Total
A Mature Europe 
B Asia Paciﬁc
 North America 
 Latin America 
C 
D 
E
F
 Emerging Europe
  Other regions
 
%
33
  32
12
9
9
5
100
(Based on the full-year 2017)
AkzoNobel around the world
Revenue by destination
A
B
C
D
F
E
Exchange rates development per 
quarter in % (year-on-year)
Q1 17
Q2 17
Q3 17
Q4 17
Q1 18
Decorative Paints
 1 
 (1)
 (3)
 (4)
 (7)
Performance Coatings
 2 
– 
 (4)
 (5)
 (8)
Total
 2 
– 
 (4)
 (5)
 (7)
1 Represented to present the Specialty Chemicals business as discontinued operations
2  Change excluding currency impact

AkzoNobel  I  Report for the first quarter 2018  4
Adjusted operating income
Adjusted operating income at €149 million (2017: €208 million), was 
impacted by adverse currencies, higher raw material costs and lower 
volumes, partly compensated by increased selling prices. Savings from 
continuous improvement were €30 million and creating a fit-for-purpose 
organization delivered an initial €10 million of €110 million planned for 
2018.
•	 Decorative Paints was lower, mainly due to higher raw material 
costs and negative currency effects 
•	 Performance Coatings was lower, impacted by foreign currencies, 
higher raw material costs and lower volumes, mainly due to 
continued adverse conditions in the marine, and oil and 
gas industries 
•	 Other activities/eliminations increased by €15 million, mainly due to 
gains on disposals 
Operating income
Operating income was negatively impacted by identified items totaling 
€41 million, mainly related to restructuring costs for the transformation 
of the Paints and Coatings organization.  
Net financing income/(expenses)
Net financing expenses decreased by €36 million, mainly due to a 
one-off interest benefit on a tax settlement.
Tax
Regular income tax expenses were fully offset by re-recognition of 
certain deferred tax assets and a tax settlement.
Profit from discontinued operations
Profit from discontinued operations increased by €26 million. This 
was due to improved operational results and the ceasing of depre­
ciation and amortization (as required per IFRS 5), partly offset by 
restructuring costs related to manufacturing network optimization.
Adjusted operating income
First quarter
in € millions
2017 *
2018
∆%
Decorative Paints
 77 
 56 
 (27)
Performance Coatings
 187 
 134 
 (28)
Other activities/eliminations
 (56)
 (41)
Total
 208 
 149 
 (28)
Financial highlights
Operating income to net income
First quarter
in € millions
2017 *
2018
Operating income
 208 
 108 
Net financing income/(expenses)
 (17)
 19 
Results from associates and joint ventures
 6 
 4 
Profit before tax
 197 
 131 
Income tax
 (52)
 1 
Profit from continuing operations
 145 
 132 
Profit from discontinued operations
 116 
 142 
Profit for the period
 261 
 274 
Non-controlling interests
 (21)
 (21)
Net income
 240 
 253 
In the Specialty Chemicals business, revenue was down 3% (up 4% 
excluding currency impact) with higher selling prices more than offset 
by adverse currencies. Adjusted operating income was lower, mainly 
due to restructuring costs of €32 million related to manufacturing 
network optimization.
Operating income was negatively impacted by identified items of 
€14 million related to the separation.               
Net income
Net income attributable to shareholders in Q1 2018 was €253 million, 
of which €119 million was attributable to continuing operations and 
€134 million to discontinued operations.
Operating income
First quarter
in € millions
2017 *
2018
∆%
Decorative Paints
77 
 48 
 (38)
Performance Coatings
187 
 121 
 (35)
Other activities/eliminations
(56)
 (61)
Total
208 
 108 
 (48)
* Represented to present the Specialty Chemicals business as discontinued operations
Stunning colors help revive McLaren F1 team’s racing heritage
The most eye-catching car of the new Formula 1 season – McLaren’s MCL33 – features 
striking racing livery created with superior coatings technology supplied by our Sikkens 
brand. As official supplier to the McLaren F1 team, we provide color, protection and 
performance, with the new Papaya Spark livery being specifically designed to celebrate 
McLaren’s racing heritage. The innovative coating systems supplied by the company 
have enabled McLaren to significantly reduce the total weight of paint and decrease paint 
processing time by more than 50%.

AkzoNobel  I  Report for the first quarter 2018  5
Decorative Paints
•	 Selling prices up 4% overall and in all regions
•	 Revenue decreased 8% mainly due to adverse currencies (1% lower, excluding currency impact)  
•	 Volumes were 1% lower despite growth in Europe; higher selling prices were offset by mix 
•	 Adjusted operating income at €56 million (2017: €77 million) was impacted by foreign currencies and higher raw 
material costs
•	 ROS at 6.6% (2017: 8.4%); ROI at 11.7% (2017: 13.8%)
Revenue was 8% lower, mainly due to adverse currencies. Price real­
ization is gaining momentum and selling prices were up 4% overall. 
Additional measures are being implemented. 
Volumes were up in EMEA, while volumes were lower in Latin America 
and Asia, compared to an exceptionally strong first quarter last year. 
Adjusted operating income was lower, mainly due to currency effects 
and higher raw material costs, offset by continuous improvement and 
cost control. 
Operating income was impacted by €8 million identified items relating 
to the transformation of the organization.
Europe, Middle East and Africa
Volumes grew. Price increases are taking effect, but overall revenue 
excluding currency impact was 1% lower due to negative mix effects. 
Overall growth was stronger in Eastern Europe and Africa. Adverse 
currency impacts were driven by the pound sterling. Demand trends 
differed by country and uncertainty continued in some markets. Cost 
control measures and productivity programs remain a focus in the region.
Latin America
Volumes were slightly lower. Revenue was down 12% (excluding cur­
rency impact up 11%). Currency impact was driven by the Brazilian real 
and the significant devaluation of the Argentinian peso. Higher selling 
prices  offset increased raw material costs. Cost control remains strong.
Key financial figures
First quarter
in € millions
2017 
2018
∆%
Adjusted operating income
 77 
 56 
 (27)
Operating income
 77 
 48 
 (38)
ROS% 
8.4 
6.6 
Average invested capital
2,775 
 2,816 
ROI% 
13.8 
 11.7 
-1%
0%
0%
-7%
Revenue development Q1 2018
Increase
Decrease
2
0
Volume
Acquisitions/
divestments
Price/mix
Exchange 
rates
Total
-2
-4
-6
-8%
-8
-10
Asia
Volumes in China were lower versus an exceptionally strong quarter 
last year, while growth continued in India, Malaysia and Vietnam. 
Revenue was impacted by adverse currency effects from the major­
ity of the Asian currencies. Revenue was 7% lower excluding the 
impact of currencies. Price increases have been introduced in all 
major markets in the region.
Dulux Promise
Consumers in Pakistan now have access to Dulux Promise, the first time AkzoNobel 
has launched a decorative paints product onto the country’s mass market segment. 
It’s the latest launch in the Asia region, following the introduction of a series of 
innovative paint products with smart functionality.
Revenue
First quarter
in € millions
2017 
2018
∆%
∆% 
CC *
Decorative Paints Europe, Middle East 
and Africa
 507 
 491 
 (3)
 (1)
Decorative Paints Latin America
 119 
 105 
 (12)
 11
Decorative Paints Asia
 297 
 251 
 (15)
 (7)
Other/intragroup eliminations
(1)
(1)
Total
 922 
 846 
 (8)
 (1)
* Change excluding currency impact

AkzoNobel  I  Report for the first quarter 2018  6
Performance Coatings
•	 Revenue growth, excluding currency impact, for all businesses except for Marine and Protective Coatings
•	 Revenue decreased 9% mainly due to adverse currencies (1% lower excluding currency impact);  selling prices up 2% 
overall and for all businesses 
•	 Volumes 5% lower, mainly due to adverse conditions in the marine, and oil and gas industries, despite growth in other areas
•	 Adjusted operating income at €134 million (2017: €187 million) decreased due to adverse currencies, higher raw material 
costs and lower volumes, partly compensated by improved pricing, continuous improvement and cost control
•	 ROS at 10.0% (2017: 12.7% ) ROI at 21.3% (2017: 28.6%)
Revenue was 9% lower mainly due to adverse currencies (1% lower 
excluding currencies). Pricing initiatives have continued to gain trac­
tion, with 2% price increases in the first quarter and further increases 
expected in the following quarters.
Volumes increased for Powder Coatings, as well as Automotive and 
Specialty Coatings. Adverse conditions persisted in the marine, and 
oil and gas industries. 
Adjusted operating income was impacted by adverse currencies, higher 
raw material costs and lower volumes, partly compensated by higher 
selling prices, continuous improvement and cost control. Productivity 
and cost control measures remain a key focus. 
Operating income was negatively impacted by €13 million identified 
items relating to the transformation of the organization.
Powder Coatings
Revenue was up 1% (up 8% excluding currency impact) due to volume 
growth and positive price/mix effects, offset by adverse currencies. The 
acquisition of the V.Powdertech business helped to fuel growth.   
Marine and Protective Coatings
Revenue was 21% lower (14% lower excluding currency impact) due 
to lower volumes and adverse currencies. Volumes in Marine Coatings 
continued to be affected by the slowdown of new build activity, despite 
some recovery in other segments. Protective Coatings volumes 
decreased due to fewer oil and gas projects. We continue to implement 
measures focused on restructuring and right sizing.
Key financial figures
First quarter
in € millions
2017 
2018
∆%
Adjusted operating income
 187 
 134 
 (28)
Operating income
 187 
 121 
 (35)
ROS% 
 12.7 
 10.0 
Average invested capital
2,659 
2,890
ROI%
28.6 
21.3
-5%
3%
1%
-8%
-9%
Revenue development Q1 2018
Increase
Decrease
2
0
rates
Volume
Acquisitions/
divestments
Price/mix
Exchange 
Total
-2
-4
-6
-8
-10
Automotive and Specialty Coatings
Revenue was 4% lower (up 4% excluding currency impact) despite 
favorable price/mix, higher volumes and the acquisition of Disa 
Technology (Disatech).
Industrial Coatings
Revenue was 7% lower (1% higher excluding currency impact). Positive 
price/mix more than offset volume decline. Demand differed per region 
and segment.
New powder coatings plant opened in India
Our commitment to customers in India has been strengthened following the inauguration of 
a new €9 million facility for the production of powder coatings. Located in Thane, Mumbai, 
the plant is the company’s sixth production site in India. The new facility will complement 
AkzoNobel’s existing plant in Bangalore, adding new product lines in bonded metallic and 
functional powder coatings.
Revenue
First quarter
in € millions
2017 1
2018
∆%
∆% 
CC 2
Powder Coatings
 288 
 292 
 1 
8
Marine and Protective Coatings
 380 
 300 
 (21)
(14)
Automotive and Specialty Coatings
 360 
 346 
 (4)
4
Industrial Coatings
 454 
 423 
 (7)
1
Other/intragroup eliminations
 (11)
 (19)
Total
 1,471 
 1,342 
 (9)
 (1)
1 2017 figures have been represented for the new business unit structure
2 Change excluding currency impact

AkzoNobel  I  Report for the first quarter 2018  7
Successfully completed the dual-track process for the separation of Specialty Chemicals; 
AkzoNobel to sell Specialty Chemicals to the Carlyle Group and GIC for €10.1 billion
Discontinued operations and held for sale
The results and cash flows from discontinued operations in 2018, as well 
as 2017, and the assets and liabilities held for sale at March 31, 2018, 
and December 31, 2017, almost completely relate to the Specialty 
Chemicals business. 
The Specialty Chemicals business consists of the Specialty Chemicals 
Business Area and certain other assets and liabilities and income and 
expenses which are directly attributed to the Specialty Chemicals 
business from the Other activities. As from December 22, 2017, 
the Specialty Chemicals business is classified as held for sale and 
discontinued operations, therefore the consolidated statement of 
Summary of financial outcomes discontinued operations
First quarter
in € millions
2017 1 
2018
∆%
Revenue
 1,284 
 1,246 
 (3)
Adjusted operating income
 168 
 208 
 24 
Operating income
 168 
 194 
 15 
ROS% 
 13.1 
 16.7 
OPI margin%
 13.1 
 15.6 
Average invested capital
3,663 
3,587
ROI%
15.8 
18.4
Capital expenditures
75
63
Net cash from operating activities
92
82
Profit for the period
116 
142 
Number of employees
9,900
9,500 
Operating income of discontinued operations
First quarter
in € millions
2017 1
2018
∆%
Specialty Chemicals 2
 166 
 150 
 (10)
Held for sale effects/other
2 
44 
Total
 168 
 194 
 15 
Profit and loss discontinued operations
First quarter
in € millions
2017 1
2018
Revenues
1,284 
1,246 
Expenses
(1,119)
(1,057)
Profit before tax
165
189 
Income tax
(49)
(47)
Profit for the period
116 
142 
Assets and liabilities held for sale 
in € millions
December 31, 
2017
March 31, 
2018
Intangible assets 
787
 771 
Property, plant and equipment 
2,266
 2,285 
Financial non-current assets 
205
 214 
Inventories
503
 501 
Receivables
840
 952 
Assets held for sale
4,601
 4,723 
Non-current liabilities
765
 779 
Short-term borrowings
341
 325 
Current payables
1,090
 1,093 
Liabilities held for sale
2,196
 2,197 
Cash flows from discontinued operations 
First quarter 
in € millions
2017
2018
Net cash from operating activities
92
82
Net cash from investing activities
(79)
(60)
Net cash from financing activities
(3)
(22)
Cash flows from discontinued operations
10
– 
income for 2017 has been represented to show the results of the 
Specialty Chemicals business as discontinued operations.
Revenue
Revenue of discontinued operations consists of revenue of Specialty 
Chemicals and eliminations of intercompany revenue. 
Adjusted operating income
In Q1 2018, adjusted operating income was up 24% at €208 million 
(2017: €168 million).
•	 In Specialty Chemicals, adjusted operating income was lower, 
mainly due to the impact of adverse currencies, restructuring 
costs of €32 million related to manufacturing network optimization 
projects, partly offset by stronger price/mix effects and productivity 
improvement 
•	 Held for sale effects/other mainly relates to the impact of ceasing 
depreciation and amortization, partly offset by the related 
impact on inventory valuation following IFRS 5 assets held for 
sale accounting 
Operating income
In Q1 2018, operating income was negatively impacted by identified 
items totaling €14 million relating to separation costs.
1  Represented to present the Specialty Chemicals business as discontinued operations 
2    2017 figures include allocations from Other activities
Adjusted operating income of discontinued operations
First quarter
in € millions
2017 1
2018
∆%
Specialty Chemicals 2
 166 
 150 
 (10)
Held for sale effects/other
 2 
 58 
Total
 168 
 208 
 24 
Discontinued operations (including Specialty Chemicals)

AkzoNobel  I  Report for the first quarter 2018  8
Specialty Chemicals (reported as discontinued operations)
•	 Revenue down 3% (up 4% excluding currency impact) due to positive price/mix effects more than offset by adverse 
currencies and lower volumes
•	 Volumes down 1%, with lower volumes in some segments being partly offset by volume growth in Pulp and 
Performance Chemicals
•	 Adjusted operating income at €150 million (2017: €166 million); restructuring costs related to manufacturing network 
optimization projects and adverse currencies, partly offset by stronger price/mix effects and productivity improvements 
•	 ROS at 12.0% (2017: 12.9%): ROI at 16.5% (2017: 15.6%)
Revenue was 3% lower (up 4% excluding currency impact) with pos­
itive pricing impact more than offset by adverse currencies and lower 
volumes. Industrial Chemicals benefited from strong pricing.
Adjusted operating income was lower, mainly due to the impact of restruc­
turing costs of €32 million related to manufacturing network optimization 
projects and adverse currencies, partly offset by stronger price/mix 
effects and productivity improvements.
Functional Chemicals
Revenue was 5% higher excluding adverse currency effects. Lower 
volumes were more than offset by strong price/mix. Volumes were down 
1% with strong volumes in Polymer Chemistry not fully compensating 
the lower volumes in Ethylene and Sulfur Derivatives. 
Industrial Chemicals 
Revenue was 12% higher excluding adverse currency effects due to 
strong price/mix effects, driven by the tight global demand and supply 
balance in the caustic soda market. Volumes were down 1% due to 
some smaller supply chain disruptions in the chlor-alkali plants.
Surface Chemistry
Revenue was lower mainly due to adverse currencies and lower volumes, 
partly offset by stronger price/mix.
Key financial figures
First quarter
in € millions
2017 1
2018
∆%
Adjusted operating income 2
 166 
 150 
(10)
Operating income 2
 166 
 150 
(10)
ROS% 
 12.9 
 12.0 
Average invested capital
3,663 
 3,583
ROI%
15.6
 16.5 
1 Represented to present Specialty Chemicals business as discontinued operations 
2  2017 figures include allocations from Other activities
6%
-1%
-7%
Increase
Decrease
0
2
rates
-1%
-3%
Revenue development Q1 2018
Volume
Acquisitions/
divestments
Price/mix
Exchange 
Total
4
6
8
-2
-4
Partnering for a sustainable future 
AkzoNobel Specialty Chemicals has received its first electricity from the Bouwdokken wind 
park in the Netherlands. The milestone achievement is the result of a unique green energy 
purchasing consortium which also includes DSM, Google and Philips. By working together, 
the four companies are making a significant contribution to delivering on the Netherlands’ 
renewable energy target of 14% by 2020.
Pulp and Performance Chemicals
Revenue was lower mainly due to adverse currencies. Volumes were up 
5% due to continued strong demand for bleaching chemicals in Brazil 
and performance products. 
Revenue
First quarter
in € millions
2017 1
2018
∆%
∆% 
CC 2 
Functional Chemicals
 473 
 459 
(3)
5
Industrial Chemicals
 317 
 351 
11 
12
Surface Chemistry
 284 
 250 
(12)
(2)
Pulp and Performance Chemicals
 240 
 217 
 (10)
(1)
Other/intragroup eliminations
 (25)
 (25)
Total
 1,289 
 1,252 
(3)
4
1 Represented to present Specialty Chemicals business as discontinued operations
2  Change excluding currency impact

AkzoNobel  I  Report for the first quarter 2018  9
Condensed financial statements
Condensed consolidated statement of income
First quarter
in € millions
2017 *
2018
Revenue 
2,377 
 2,176 
Cost of sales 
 (1,303)
 (1,256)
Gross profit 
 1,074 
 920 
SG&A costs 
 (866)
 (812)
Other results
 – 
 – 
Operating income
 208 
 108 
Net financing income/(expenses) 
 (17)
 19 
Results from associates and joint ventures
 6 
 4 
Profit before tax 
 197 
 131 
Income tax 
 (52)
 1 
Profit for the period from continuing operations
 145 
 132 
Profit for the period from discontinued operations
 116 
 142 
Profit for the period
 261 
 274 
Shareholders of the company 
 240 
 253 
Non-controlling interests
 21 
 21 
Profit for the period
 261 
 274 
Consolidated statement of comprehensive income
First quarter
in € millions
2017
2018
Profit for the period
 261 
 274 
Other comprehensive income
Exchange differences arising on translation of 
foreign operations
 11 
 (86)
Cash flow hedges
 (14)
(1)
Post-retirement benefits
 16 
 (45)
Tax relating to components of other 
comprehensive income
 (13)
 7 
Other comprehensive income for the period 
(net of tax)
 – 
 (125)
Comprehensive income for the period
 261 
 149 
Comprehensive income for the period attributable to
Shareholders of the company
 240 
 134 
Non-controlling interests
 21 
 15
Comprehensive income for the period
 261 
 149 
Condensed consolidated balance sheet 
in € millions
December 
31, 2017
March 31, 
2018
Assets
Non-current assets
Intangible assets
 3,409 
 3,380 
Property, plant and equipment
 1,832 
 1,734 
Other financial non-current assets
 1,894 
 2,104 
Total non-current assets
 7,135 
 7,218 
Current assets 
Inventories
 1,094 
 1,165 
Trade and other receivables
 1,964 
 2,228 
Cash and cash equivalents
 1,322 
 1,146 
Other current assets
 62 
 103 
Assets held for sale
 4,601 
 4,723 
Total current assets
 9,043 
 9,365 
Total assets
 16,178 
 16,583 
Equity and liabilities 
Group equity
 6,307 
 6,411 
Non-current liabilities 
Provisions and deferred tax liabilities
 1,249 
 1,229 
Long-term borrowings
 2,300 
 2,298 
Total non-current liabilities
 3,549 
 3,527 
Current liabilities  
Short-term borrowings
 973 
 1,444 
Trade and other payables
 2,794 
 2,632 
Liabilities held for sale
 2,196 
 2,197 
Other short-term liabilities 
 359 
 372 
Total current liabilities
 6,322 
 6,645 
Total equity and liabilities
 16,178 
 16,583 
* Represented to present the Specialty Chemicals business as discontinued operations
Consolidated statement of income
The Specialty Chemicals business is reported as discontinued opera­
tions. Therefore, the results of the Specialty Chemicals business are 
included on the line "Profit for the period from discontinued operations" 
in the consolidated statement of income for 2018, as well as 2017. 
Consolidated statement of comprehensive income
The consolidated statement of comprehensive income includes both 
continuing and discontinued operations. 
Condensed consolidated balance sheet
The assets and liabilities of the Specialty Chemicals business are classi­
fied as held for sale. As a result, the assets and liabilities of the Specialty 
Chemicals business are reported on the line "Assets held for sale" and 
"Liabilities held for sale" in the balance sheet of March 31, 2018, as well 
as of December 31, 2017.

AkzoNobel  I  Report for the first quarter 2018  10
Changes in equity 
in € millions
Subscribed 
share capital
Additional paid-in 
capital
Cashflow 
hedge reserve
Cumulative 
translation reserves
Other (legal) 
reserves and 
undistributed 
profit
Shareholders' 
equity
Non-controlling 
interests
Group equity
Balance at January 1, 2017
 504 
 745 
 3 
 (47)
 5,348 
6,553 
 481 
7,034 
Profit for the period
 – 
 – 
 – 
 – 
 240 
 240 
 21 
 261 
Other comprehensive income
 – 
 – 
 (11)
 9 
 2 
 – 
 – 
 – 
Comprehensive income for the period
 – 
 – 
 (11)
 9 
 242 
 240 
 21 
 261 
Dividend
 – 
 – 
 – 
 – 
 – 
 – 
 (8)
 (8)
Equity-settled transactions
 – 
 – 
 – 
 – 
 7 
 7 
 – 
 7 
Issue of common shares
 1 
 (1)
 – 
 – 
 – 
 – 
 – 
 – 
Share repurchase
 – 
 – 
 – 
 – 
 (144)
 (144)
 – 
 (144)
Balance at March 31, 2017
 505 
 744 
 (8)
 (38)
 5,453 
 6,656 
 494 
 7,150 
Balance at December 31, 2017
 505 
 769 
 15 
 (549)
 5,125 
 5,865 
 442 
 6,307 
Impact adoption IFRS 9 and IFRS 15 
 – 
 – 
 – 
 – 
 (46)
 (46)
 (5)
 (51)
Balance at January 1, 2018 *
 505 
 769 
 15 
 (549)
 5,079 
 5,819 
 437 
 6,256 
Profit for the period
 – 
 – 
 – 
 – 
 253 
 253 
 21 
 274 
Other comprehensive income
 – 
 – 
 (1)
 (72)
 (46)
 (119)
 (6)
 (125)
Comprehensive income for the period
 – 
 – 
 (1)
 (72)
 207 
 134 
 15 
 149 
Dividend
 – 
 – 
 – 
 – 
 – 
 – 
 (2)
 (2)
Equity-settled transactions
 – 
 – 
 – 
 – 
 8 
 8 
– 
 8 
Issue of common shares
 1 
 (1)
 – 
 – 
 – 
 – 
– 
 – 
Balance at March 31, 2018
 506 
 768 
 14 
 (621)
 5,294 
 5,961 
 450 
 6,411 
Shareholders' equity
Shareholders' equity increased from €5.9 billion at year-end 2017 to 
€6.0 billion at the end of March 31, 2018, mainly due to the net effect of:
•	 Profit for the period of €253 million
•	 Adverse currency effects of €72 million (including taxes)
•	 Actuarial losses of €46 million (including taxes)
•	 Opening balance adjustment for IFRS 9 and IFRS 15 of 
€46 million negative
Dividend
Our dividend policy is to pay a stable to rising dividend. A final 2017 
dividend of €1.94 per share is proposed for approval at the AGM, which 
would make a total 2017 dividend of €2.50 (2016: €1.65) per share, 
up 52%. 
There will be a stock dividend option, up to a maximum of 40% of the 
total dividend amount, with cash dividend as default. Please refer to 
the final page of this report for dividend payment dates.
In addition, a €1 billion special cash dividend, as advance proceeds 
for the  separation of the Specialty Chemicals business, was paid on 
December 7, 2017.
* Opening balance is adjusted for the effects of the implementation of IFRS 9 (€3 million negative on other reserves), and IFRS 15 (€43 million negative on other reserves and €5 million negative on non-controlling interests)

AkzoNobel  I  Report for the first quarter 2018  11
Invested capital
Invested capital of continuing operations at the end of March 31, 2018, 
totaled €6.5 billion, up €0.5 billion from year-end 2017, mainly due to 
seasonality of operating working capital. Operating working capital as 
% of revenue increased to 14.3% in Q1 2018 compared to 12.2% in 
Q1 2017, mainly due to higher trade receivables. 
Pension
The net balance sheet position (IAS19) of the pension plans at the 
end of Q1 2018 was a surplus of €0.5 billion (year-end 2017: a 
surplus of €0.4 billion). The development in the first quarter of 2018 
was the result of the net effect of: 
•	 	Top-up payments of €174 million, predominantly into certain UK 
pension plans 
•	 	Higher discount rates and lower inflation in key countries
Offset by:
•	 Lower asset returns in key countries
Workforce
At March 31, 2018, the number of people employed in the continuing 
operations was 35,400 (year-end 2017: 35,700). 
Invested capital (continuing operations)
in € millions
December 31, 2017
March 31, 2018
Trade receivables
 1,699 
 1,913 
Inventories
 1,094 
 1,165 
Trade payables
 (1,866)
 (1,836)
Operating working capital
 927 
 1,242 
Other working capital items
 (719)
 (498)
Non-current assets
 7,135 
 7,218 
Less investments in associates and 
joint ventures
 (118)
 (123)
Less pension assets
 (895)
 (1,056)
Deferred tax liabilities
 (285)
 (279)
Invested capital
 6,045 
 6,504 
14.3
Operating working capital (continuing operations) 
In % of revenue
Q1 17
Q2 17
Q3 17
Q4 17
10.2
12.2
11.5
12.0
Q1 18
10

AkzoNobel  I  Report for the first quarter 2018  12
Condensed consolidated statements of cash flows 
First quarter
in € millions
2017
2018
Net cash and cash equivalents at beginning of period
 1,441 
 1,278 
Profit for the period
 145 
 132 
Amortization and depreciation
 73 
 60 
Changes in working capital
 (333)
 (360)
Changes in provisions
 (247)
 (185)
Other changes
 (17)
 (103)
Net cash from operating activities
 (379)
 (456)
Capital expenditures
 (45)
 (34)
Acquisitions and divestments net of cash acquired
 6 
 23 
Other changes
 1 
 – 
Net cash from investing activities
 (38)
 (11)
Changes from borrowings
 153 
 393 
Dividend paid
 (1)
 (173)
Share repurchase
 (142)
– 
Other changes
 – 
– 
Net cash from financing activities
 10 
 220 
Net cash used for continuing operations
 (407)
 (247)
Cash flows from discontinued operations
 10 
 – 
Net change in cash and cash equivalents of continued and 
discontinued operations
 (397)
 (247)
Effect of exchange rate changes on cash and cash equivalents
 6 
 (4)
Net cash and cash equivalents at March 31
 1,050 
 1,027 
Cash flows and net debt
Operating activities in Q1 2018 resulted in an outflow of €456 million 
(2017: €379 million). Profit for the period in Q1 2018 included several 
non-cash gains due to a tax settlement and re-recognition of deferred 
tax assets, which are reversed in Other changes. 
In Q1 2018, changes from borrowings of €393 million are mainly related 
to drawings from our commercial paper program. 
Dividend paid of €173 million mainly relates to withholding taxes paid 
in Q1 2018, that are related to the December 2017 €1 billion special 
cash dividend.
At March 31, 2018, net debt was €2,596 million versus €1,951 million 
at year-end 2017. The increase is mainly due to seasonality of the 
operating working capital. 
Outlook
Headwinds experienced during 2017, including higher raw material 
costs and adverse effects from foreign currencies, are projected to 
continue in 2018, especially during the start of the year.
We anticipate ongoing positive developments for Decorative Paints 
in all regions, particularly Asia. Trends for Performance Coatings are 
expected to be positive for most segments and regions, while still 
challenging for Marine and Protective Coatings.
We continue implementing various measures to mitigate current market 
challenges, including increased selling prices and cost discipline. Our 
“Winning Together: 15 by 20” strategy will create a focused Paints and 
Coatings company and deliver our 2020 guidance.
Please refer to our website for more information on our ambitions and 
the strategic focus areas.
Amsterdam, April 24, 2018
The Board of Management

AkzoNobel  I  Report for the first quarter 2018  13
Quarterly statistics
2017 *
2018
Q1
Q2
Q3
Q4
year in € millions
Q1
Revenue
 922 
 1,046 
 1,007 
 923 
 3,898  Decorative Paints 
 846 
 1,471 
 1,504 
 1,428 
 1,372 
 5,775  Performance Coatings 
 1,342 
 (16)
 (17)
 (16)
 (12)
 (61)  Other activities/eliminations 
 (12)
 2,377 
 2,533 
 2,419 
 2,283 
 9,612  Total 
 2,176 
Adjusted EBITDA (excluding identified items) 
 109 
 152 
 124 
 87 
 472  Decorative Paints 
 79 
 225 
 242 
 185 
 165 
 817  Performance Coatings 
 169 
 (53)
 (28)
 (15)
 (12)
 (108)  Other activities/eliminations 
 (39)
 281 
 366 
 294 
 240 
 1,181  Total 
 209 
11.8 
14.4 
12.2 
10.5 
12.3 Adjusted EBITDA margin (in %)
9.6 
Depreciation
 (23)
 (23)
 (23)
 (22)
 (91)  Decorative Paints 
 (18)
 (25)
 (27)
 (26)
 (27)
 (105)  Performance Coatings 
 (26)
 (3)
 (1)
 (1)
 (1)
 (6)  Other activities/eliminations 
 (2)
 (51)
 (51)
 (50)
 (50)
 (202)
 Total 
 (46)
Amortization
 (9)
 (8)
 (6)
 (7)
 (30)  Decorative Paints 
 (5)
 (13)
 (13)
 (12)
 (5)
 (43)  Performance Coatings 
 (9)
 – 
 – 
 (1)
 – 
 (1)  Other activities/eliminations 
 – 
 (22)
 (21)
 (19)
 (12)
 (74)
 Total 
 (14)
Adjusted operating income (excluding identified items)
 77 
 121 
 95 
 58 
 351  Decorative Paints 
 56 
 187 
 202 
 147 
 133 
 669  Performance Coatings 
 134 
 (56)
 (29)
 (17)
 (13)
 (115)  Other activities/eliminations 
 (41)
 208 
 294 
 225 
 178 
 905  Total 
 149 
8.8 
11.6 
9.3 
7.8 
9.4 ROS%
6.8 
* Represented to present the Specialty Chemicals business as discontinued operations
Paints and Coatings (continuing operations)

AkzoNobel  I  Report for the first quarter 2018  14
Quarterly statistics
2017 *
2018
Q1
Q2
Q3
Q4
year in € millions
Q1
Operating income
 77 
 121 
 95 
 41 
 334 Decorative Paints 
 48 
 187 
 202 
 147 
 132 
 668 
Performance Coatings 
 121 
 (56)
 (60)
 (27)
 (34)
 (177)
Other activities/eliminations 
 (61)
 208 
 263 
 215 
 139 
 825  Total 
 108 
Identified items per Business Area
 – 
 – 
 – 
 (17)
 (17)
Decorative Paints 
 (8)
 – 
 – 
 – 
(1)
(1)
Performance Coatings 
 (13)
 – 
 (31)
 (10)
 (21)
 (62)
Other activities/eliminations 
 (20)
 – 
 (31)
 (10)
 (39)
 (80)
 Total 
 (41)
Reconciliation net financing income/(expenses)
 6 
 6 
 3 
 8 
 23 
Financing income 
 37 
 (22)
 (22)
 (23)
 (23)
 (90)
Financing expenses 
 (22)
 (16)
 (16)
 (20)
 (15)
 (67)
Net interest on net debt 
 15 
Other interest movements
 (1)
 (2)
 (1)
 (3)
 (7) Financing expenses related to 
post-retirement benefits
 2 
 (2)
 (2)
 (14)
 2 
 (16)
Interest on provisions 
 –
 2 
 5 
 4 
 1 
 12 Other items 
 2 
 (1)
 1 
 (11)
 – 
 (11)
Net other financing charges 
 4 
 (17)
 (15)
 (31)
 (15)
 (78)
 Net financing expenses 
 19 
Quarterly net income analysis
 6 
 6 
 3 
 2 
 17 Results from associates and joint ventures
 4 
 197 
 254 
 187 
 126 
 764 Profit before tax
 131 
 (52)
 (63)
 (57)
 (81)
 (253) Income tax
 1 
 145 
 191 
 130 
 45 
 511 Profit for the period from continuing operations
 132 
 26 
 25 
 30 
 64 
 33 Effective tax rate (in %)
 (1)
* Represented to present the Specialty Chemicals business as discontinued operations
Paints and Coatings (continuing operations)

AkzoNobel  I  Report for the first quarter 2018  15
Quarterly statistics
2017 1
2018
Q1
Q2
Q3
Q4
year 
Q1
Earnings per share from continuing operations (in €)
0.50 
0.67 
0.48 
0.11 
1.76 Basic
0.47
0.50 
0.67 
0.48 
0.11 
1.75 Diluted
0.47
Earnings per share from discontinued operations (in €)
0.46
0.53
0.38
0.18
1.55 Basic
0.53
0.45
0.53
0.37
0.18
1.54 Diluted
0.53
Earnings per share from total operations (in €)
0.96 
1.20 
0.86 
0.29 
3.31 Basic
1.00
0.95 
1.20 
0.85 
0.29 
3.29 Diluted
1.00
Number of shares (in millions)
251.3 
251.1 
251.9 
252.3 
251.6 Weighted average number of shares
252.9 
252.6 
254.3 
251.9 
252.6 
252.6 Number of shares at end of quarter
253.2 
Adjusted earnings from continuing operations (in € millions) 2
 197 
 254 
 187 
 126 
 764 Profit before tax from continuing operations
 131
 – 
 31 
 10 
 39 
 80 Identified items reported in operating income
41
–
–
–
–
– Interest on tax settlement
(31)
 (52)
 (68)
 (53)
 (12)
 (185) Adjusted income tax
(39)
 (19)
 (23)
 (9)
 (17)
 (68) Non-controlling interests
(13)
 126
 194 
 135 
 136 
 591 Adjusted net income from continuing operations
89
0.50 
0.78 
0.53 
0.54 
2.35 Adjusted earnings per share from 
continuing operations (in €)
0.35
Adjusted earnings from total operations (in € millions) 2
 362 
 430 
 307 
 225 
 1,324 Profit before tax from total operations
320 
 – 
 20 
 45 
 64 
 129 Identified items reported in operating income
55 
–
–
–
–
– Interest on tax settlement
 (31)
 (101)
 (110)
 (93)
 (55)
 (359) Adjusted income tax
(87)
 (21)
 (24)
 (10)
 (17)
 (72) Non-controlling interests
(21)
 240 
 316 
 249 
 217 
 1,022 Adjusted net income from total operations
 236 
0.96 
1.26 
0.99 
0.86 
4.06 Adjusted earnings per share from 
total operations (in €)
0.93 
1  Represented to present the Specialty Chemicals business as discontinued operations
2  Represented for the new adjusted earnings per share definition, which no longer excludes post-tax 
amortization charges
AkzoNobel (continuing and discontinued operations)

AkzoNobel  I  Report for the first quarter 2018  16
Quarterly statistics discontinued operations
2017 1
2018
Q1
Q2
Q3
Q4
year in € millions
year-to-date
Revenue
 1,289 
 1,259 
 1,209 
 1,228 
 4,985  Specialty Chemicals  
 1,252 
 (5)
 (7)
 (4)
 (6)
 (22)  Held for sale effects /other
 (6)
 1,284 
 1,252 
 1,205 
 1,222 
 4,963  Total  
 1,246 
Adjusted EBITDA (excluding identified items)
 251 
 252 
 239
 205 
 947  Specialty Chemicals 2 
 233 
 2 
 2 
 2 
 (2) 
 4  Held for sale effects/other 
 (25)
 253 
 254 
 241 
 203 
 951 Total  
 208 
 19.7 
 20.3 
 20.0 
 16.6 
 19.2 Adjusted EBITDA margin (in %) 
 16.7 
Depreciation
 (73)
 (74)
 (72)
 (74)
 (293)  Specialty Chemicals 2  
 (72)
 – 
–
–
8
8
 Held for sale effects/other
 72 
 (73)
 (74)
 (72)
 (66)
 (285)
 Total  
 – 
Amortization
 (12)
 (12)
 (11)
 (12)
 (47)  Specialty Chemicals 2
 (11)
 – 
 – 
 – 
 1
 1  Held for sale effects/other
 11 
 (12)
 (12)
 (11)
 (11)
 (46) Total  
– 
Adjusted operating income (excluding identified items)
 166 
166 
 156 
 119 
 607  Specialty Chemicals 2 
 150 
 2 
 2 
 2 
 7 
 13  Held for sale effects/other 
 58 
 168 
 168 
 158 
 126 
 620  Total  
 208 
 13.1 
 13.4 
 13.1 
 10.3 
 12.5 
ROS%
 16.7 
Operating income
 166 
 184 
 156 
 119
 625  Specialty Chemicals 2  
 150 
 2 
 (6) 
   (33) 
 (27) 
 (54)  Held for sale effects/other
 44
 168 
 178 
 123 
 102 
 571  Total  
 194 
Identified items
 – 
 18 
 –
–
 18
 Specialty Chemicals 2
–
 – 
 (8) 
(35) 
(24)
(67)  Held for sale effects/other
 (14)
 – 
 10 
 (35)
 (24)
 (49)
 Total  
 (14)
1  Represented to present the Specialty Chemicals business as discontinued operations
2    2017 figures include allocations from Other activities
 
Discontinued operations (including Specialty Chemicals)

AkzoNobel  I  Report for the first quarter 2018  17
Notes to the condensed financial statements
General information
AkzoNobel N.V. is a public limited liability company headquartered in 
Amsterdam, the Netherlands. The interim condensed consolidated 
financial statements include the financial statements of AkzoNobel N.V. 
and its consolidated subsidiaries (hereafter referred to as "AkzoNobel", 
"Group" or "the company"). 
The company was incorporated under the laws of the Netherlands and 
is listed on Euronext Amsterdam. 
Basis of preparation  
All quarterly figures are unaudited. The interim condensed financial 
statements have been prepared in accordance with IAS 34 "Interim 
financial reporting".
The interim condensed consolidated financial statements were discussed 
and approved by the Board of Management and Supervisory Board. 
The interim condensed consolidated financial statements should be 
read in conjunction with AkzoNobel’s consolidated financial statements 
in the 2017 annual report as published on March 15, 2018. The financial 
statements still have to be adopted by the Annual General Meeting of 
shareholders on April 26. 2018. In accordance with Article 393 of Book 2 
of the Dutch Civil Code, PricewaterhouseCoopers Accountants N.V. has 
issued an unqualified auditor's opinion on these financial statements.  
Accounting policies and restatements 
The significant accounting policies applied in the condensed 
consolidated interim financial statements are consistent with those 
applied in AkzoNobel’s consolidated financial statements for the 
year ended December 31, 2017, except for the following changes in 
accounting policies and disclosures:
IFRS 15, "Revenue from contracts with customers", replaces existing 
revenue recognition guidance in IFRS. It introduces a five-step model to 
determine when to recognize revenue and at what amount, based on 
transfer of control over goods or services to the customer.  AkzoNobel 
has adopted IFRS 15 as per January 1, 2018, and has not restated 
its 2017 comparative figures. The transition effect on group equity as 
per January 1, 2018, is €48 million after tax. The impact on the interim 
condensed consolidated financial statements is not significant. 
	
IFRS 9, "Financial Instruments" introduces new requirements for 
classifying and measuring financial assets and liabilities. This standard 
encompasses an overall change of accounting principles for financial 
instruments and replaces IAS 39 – the current standard on financial 
instruments. The standard contains new requirements for impairment 
of financial assets and for hedge accounting. AkzoNobel has adopted 
IFRS 9 as per January 1, 2018, and has not restated its 2017 comparative 
figures. The transition effect on group equity as per January 1, 2018, is 
€3 million after tax. The impact on the interim condensed consolidated 
financial statements is not significant. 
The impact of the adoption of IFRS 9 and IFRS 15, has been reflected 
before and after in the schedule "Changes in equity" as included in 
this report.
Impact of adoption of IFRS 9 and IFRS 15
in € millions
As reported at 
December 31, 2017
Adjustments due to the 
adoption of IFRS 9
Adjustments due to the 
adoption of IFRS 15
Adjusted opening balance 
at January 1, 2018
Other reserves
5,865
(3)
(43)
5,819
Non-controlling interests
442
–
(5)
437
Total impact on group equity
6,307
(3)
(48)
6,256
Furthermore, IFRS 16 "Leases" is an important upcoming change, and 
will be implemented as of January 1, 2019. Based on the results of our 
assessment so far with respect to IFRS 16, we expect total assets to 
increase less than 10%. It should be noted that the actual impact will 
depend on the number, size and remaining duration of lease contracts 
and any expected renewals at the moment of implementation. We do 
not expect the impact on operating income to be significant.
Related parties
We purchased and sold goods and services to various related parties
in which we hold a 50% or less equity interest (associates and joint
ventures). Such transactions were conducted at arm’s length with terms
comparable with transactions with third parties. We consider the 
members of the Executive Committee and the Supervisory Board to be 
the key management personnel as defined in IAS 24 “Related parties”. 
In the ordinary course of business, we have transactions with various 
organizations with which certain of the members of the Supervisory 
Board and Executive Committee are associated. All related party 
transactions were conducted at arm's length.
Seasonality
Revenue and results in Decorative Paints are impacted by seasonal 
influences. Revenue and profitability tend to be higher in the second 
and third quarter of the year as weather conditions determine whether 
paints and coatings can be applied. In Performance Coatings, revenue 
and profitability vary with building patterns from original equipment 
manufacturers. In Specialty Chemicals, the Functional Chemicals and 
the Surface Chemistry businesses experience seasonal influences. 
Revenue and profitability are affected by developments in the agricultural 
season and tend to be higher in the first half of the year. 
Other activities
In Other activities, we report activities which are not allocated to a 
particular segment.

AkzoNobel  I  Report for the first quarter 2018  18
Adjusted earnings per share are the basic earnings per share from 
operations, excluding identified items and taxes thereon.
Adjusted EBIT is equal to adjusted operating income.
Adjusted EBITDA is operating income excluding depreciation, 
amortization and identified items.
Adjusted operating income is operating income excluding identified 
items. 
Comprehensive income is the change in equity during a period 
resulting from transactions and other events other than those changes 
resulting from transactions with shareholders in their capacity as 
shareholders. 
EBIT is equal to operating income.
EBITDA is operating income excluding depreciation and amortization.
EBITDA margin is EBITDA as percentage of revenue.
Emerging Europe: Central and Eastern Europe (excluding Austria), 
Baltic States and Turkey.
Identified items are special charges and benefits, results on acquisitions 
and divestments, major impairment charges, and charges and benefits 
related to major legal, anti-trust, environmental and tax cases. 
Invested capital is total assets (excluding cash and cash equivalents, 
investments in ­associates, the receivable from pension funds in an asset 
position, assets held for sale) less current ­income tax payable, deferred 
tax liabilities and trade and other payables.
Mature markets comprise of Western Europe, the US, Canada, Japan 
and Oceania.
Net debt is defined as long-term borrowings plus short-term borrowings 
less cash and cash equivalents.
Operating income is defined in accordance with IFRS and includes the 
identified items to the extent these relate to lines included in operating 
income.
Operating working capital is defined as the sum of inventories, trade 
receivables and trade payables of the total company. When expressed 
as a ratio, operating working capital is measured against four times 
last quarter revenue.
OPI margin% is operating income as percentage of revenue.
ROI% is adjusted operating income of the last 12 months as percentage 
of average invested capital.
ROS% is adjusted operating income as percentage of revenue.
SG&A costs includes selling and distribution expenses, general and 
administrative expenses and research, development and innovation 
expenses.
Safe Harbor Statement
This report contains statements which address such key issues as 
AkzoNobel’s growth ­strat­egy, future financial results, market positions, 
product development, products in the pipe­line and product approvals. 
Such statements should be carefully considered, and it should be 
understood that many factors could cause forecast 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 
as well as the separation of Specialty Chemicals. Stated competitive 
positions are based on management estimates supported by information 
provided by specialized external agencies. For a more comprehensive 
discussion of the risk factors affecting our business, please see our 
latest annual Report.
Brand and trademarks
In this report, reference is made to brands and trademarks owned by, or 
licensed to, AkzoNobel. Unauthorized use of these is strictly prohibited.
Glossary

AN_204029_200418
www.akzonobel.com
About AkzoNobel
AkzoNobel has a passion for paint. We’re 
experts in the proud craft of making paints 
and coatings, setting the standard in color and 
protection since 1792. Our world class portfolio 
of brands – including Dulux, International, 
Sikkens and Interpon – is trusted by customers 
around the globe. Headquartered in the 
Netherlands, we operate in over 80 countries 
and employ around 35,000 talented people 
who are passionate about delivering the 
high performance products and services our 
customers expect. The sale of our Specialty 
Chemicals business is expected to be 
completed by the end of 2018. 
© 2018 Akzo Nobel N.V. All rights reserved. 
About AkzoNobel Specialty Chemicals
Industries worldwide rely on our essential 
chemistry in the manufacture of everyday 
products such as paper, plastics, building 
materials, and personal care items. Building 
on the dedication of our 9,500 employees and 
our shared commitment to safety, sustainability, 
and open innovation, we have established 
a world-class business and built strong 
partnerships with our customers. We operate 
in over 80 countries around the world and our 
portfolio of industry leading brands includes 
Eka, Dissolvine, Trigonox, and Berol.
Akzo Nobel N.V.
Christiaan Neefestraat 2
P.O. Box 75730
1070 AS Amsterdam, the Netherlands
T +31 88 969 7555
www.akzonobel.com
For more information:
The explanatory sheets used during the 
press conference can be viewed on AkzoNobel’s 
corporate website www.akzonobel.com/quarterlyresults
Financial calendar
Annual General Meeting of shareholders	
April 26, 2018
Ex-dividend date of 2017 final dividend	
April 30, 2018
Record date of 2017 final dividend	
May 2, 2018
Election period cash or stock dividend	
May 3, 2018 - 
	
May 17, 2018
Determination of exchange ratio	
May 18, 2018
Payment date of cash dividend 	
May 25, 2018
and delivery of new shares	
Report for the second quarter 2018	
July 18, 2018
Report for the third quarter 2018	
October 17, 2018
Report for the full-year and 	
February 13, 2019
the fourth quarter 2018
AkzoNobel Global Communications
T +31 88 969 7833
E info@akzonobel.com
AkzoNobel Investor Relations
T +31 88 969 7856
E investor.relations@akzonobel.com