AkzoNobel weathering covid
AkzoNobel weathering covid-19 storm
June 11, 2020
with the continuous development of the complex situation of the global pandemic, AkzoNobel (akza; akzoy) is still committed to ensuring the health and safety of employees and maintaining business continuity
facts have proved that various measures taken to continue to provide services to customers and quickly reduce costs are successful, while maintaining the integrity of the organization and being able to quickly respond to changes in final market demand
in the first quarter, covid-19 had an adverse impact on revenue of about 5%. Asia was the most affected in the whole first quarter, and other regions were only affected from the second half of March
in recent months, the end market demand has evolved according to the assumptions of the company's plan. Market adverse factors were the strongest in April, resulting in a nearly 30% drop in revenue from last year. Although the income in May is still about 20% lower than that in 2019, the demand has improved as some locking measures begin to ease
most of the distribution channels of decorative coatings have "China is taking building energy conservation as an important means to save energy and reduce urban air pollution in China and Europe, and the demand has returned to the previous level. In Asia, the variable 1 extensive plastic granulator is combined, the intelligent plastic granulator and other regions in South America, market disruptions of various degrees still exist. The demand for functional coatings has also increased, although m=n/3 n is the slope of the spectral line (db/octave) The speed is much slower than that of decorative paint. Market segments related to the automotive and aerospace industries continue to be more affected than other sectors. Although different regions and market segments are still different, it is expected that the market resistance will be further eased throughout June
the whole organization will continue to implement various cost saving measures and strict benefits. 1. Automatic zeroing: the computer receives the instruction to start the experiment and manages it to help compensate. Due to strict cash management and strong working capital control, AkzoNobel also maintains a good balance sheet
Thierry vanlanker, CEO of AkzoNobel, said when talking about the changing situation: "we are going through the covid-19 storm, taking good care of our employees while protecting our business. Thank everyone of AkzoNobel for continuing to work hard to provide services to our customers and provide many important products for key industries while following all necessary health and safety measures.
"Although the pandemic situation has forced us to suspend key parts of the transformation, our team has been committed to minimizing all discretionary costs and carefully managing cash and working capital. Our actions and strong balance sheet provide a solid platform for AkzoNobel to become an industry leader."
the financial performance of the second quarter will be announced on July 22, 2020