Good Year For Pharma At Akzo Nobel

Although Dutch chemical and pharmaceutical group Akzo Nobel posted results for 1995 that were the best in its history, they did not meet targets set for the year. This was due to a slowdown in growth in Europe and the strong appreciation of the Dutch guilder and the Deutschemark.

Sales for the year were 21.5 billion guilders ($13.2 billion), down 3%, with volumes rising 2%. Selling prices were, on average, 3% higher. Akzo Nobel said that volume and price rises were offset by a 5% negative impact due to translation of sales of foreign subsidiaries and a 3% net decrease from divestments and acquisitions. Net income was 1.3 billion guilders, up 8.3%, and earnings per share were 18.49 guilders, an increase of 11.5%.

Operating income was just under 2 billion guilders, up 2.1% despite negative curr-ency effects of some 150 million guilders.