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"entity": "scheme:724500XYIJUGXAA5QD70", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-331": { "value": "-579000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-332": { "value": "5068000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-333": { "value": "4574000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-334": { "value": "242000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-335": { "value": "4816000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-336": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-337": { "value": "
Reporting entity and its operations
Akzo Nobel N.V. is a public limited liability company headquartered in the Netherlands. The address of our
registered office is Christian Neefestraat 2, Amsterdam ; the Chamber of Commerce number is 09007809.
We have attached a list of subsidiaries and associated companies, drawn up in conformity with Articles
379 and 414 of Book 2 of the Dutch Civil Code, as an appendix to our annual report. The principal activity
of AkzoNobel is the production and selling of paints and coatings.
Basis of preparation
We have prepared the Consolidated financial statements of Akzo Nobel N.V. in accordance with IFRS
Accounting Standards as issued by the International Accounting Standards Board and as adopted by the
European Union. The Consolidated financial statements also comply with the financial reporting
requirements included in Title 9 of Book 2 of the Dutch Civil Code.
The management report within the meaning of Article 391 of Book 2 of the Dutch Civil Code consists of the
following parts of the annual report:
\u2022 2024 results at a glance
\u2022 CEO statement
\u2022 How we created value
\u2022 Strategy and operations
\u2022 Sustainability statements
\u2022 Leadership and governance: Our Board of Management and Executive Committee
\u2022 Leadership and governance: Statement of the Board of Management
\u2022 Leadership and governance: Corporate governance statement
\u2022 Leadership and governance: Risk management
\u2022 Leadership and governance: Integrity and compliance management
\u2022 Leadership and governance: Remuneration report
\u2022 Financial statements: Note 5 Operating income
\u2022 Financial statements: Note 26 Financial risk management
On February 24, 2025, the Board of Management authorized the financial statements for issue. The
financial statements as presented in this report are subject to adoption by the Annual General Meeting of
shareholders on April 25, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-338": { "value": "Akzo Nobel N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-339": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-340": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-341": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-342": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-343": { "value": "Christian Neefestraat 2, Amsterdam", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-344": { "value": "The principal activity of AkzoNobel is the production and selling of paints and coatings", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-345": { "value": "
Basis of preparation
We have prepared the Consolidated financial statements of Akzo Nobel N.V. in accordance with IFRS
Accounting Standards as issued by the International Accounting Standards Board and as adopted by the
European Union. The Consolidated financial statements also comply with the financial reporting
requirements included in Title 9 of Book 2 of the Dutch Civil Code.
Going concern
The Consolidated financial statements have been prepared on the going concern basis of accounting. To
determine the appropriateness of the going concern assumption, management has assessed the ability of
AkzoNobel to continue as a going concern for at least 12 months from the date of preparation of this
report (the going concern period) based on an evaluation of, among others, the financial position, expected
future cash flows and market developments.
At December 31, 2024, cash and cash equivalents were \u20ac1.3 billion. We also assessed the ability of the
company to obtain financing, taking into account the company's external credit rating, which we are
committed to retain at strong investment grade.
Expected future cash flows are based on the latest forecasts. These forecasts take into account internal
and external developments relevant in the assessment of the ability of AkzoNobel to continue as a going
concern, including but not limited to market developments, developments in the macro-economic
environment (e.g. inflation, see disclosure on impact of inflation in this Note) and climate-related
developments (see disclosure on impact of climate change in this Note).
Management's assessment did not lead to uncertainties in relation to AkzoNobel's ability to continue as a
going concern during the going concern period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-346": { "value": "
We have prepared the Consolidated financial statements of Akzo Nobel N.V. in accordance with IFRS
Accounting Standards as issued by the International Accounting Standards Board and as adopted by the
European Union.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-347": { "value": "
On February 24, 2025, the Board of Management authorized the financial statements for issue. The
financial statements as presented in this report are subject to adoption by the Annual General Meeting of
shareholders on April 25, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-348": { "value": "
Going concern
The Consolidated financial statements have been prepared on the going concern basis of accounting. To
determine the appropriateness of the going concern assumption, management has assessed the ability of
AkzoNobel to continue as a going concern for at least 12 months from the date of preparation of this
report (the going concern period) based on an evaluation of, among others, the financial position, expected
future cash flows and market developments.
At December 31, 2024, cash and cash equivalents were \u20ac1.3 billion. We also assessed the ability of the
company to obtain financing, taking into account the company's external credit rating, which we are
committed to retain at strong investment grade.
Expected future cash flows are based on the latest forecasts. These forecasts take into account internal
and external developments relevant in the assessment of the ability of AkzoNobel to continue as a going
concern, including but not limited to market developments, developments in the macro-economic
environment (e.g. inflation, see disclosure on impact of inflation in this Note) and climate-related
developments (see disclosure on impact of climate change in this Note).
Management's assessment did not lead to uncertainties in relation to AkzoNobel's ability to continue as a
going concern during the going concern period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-349": { "value": "
Material accounting policies
The material accounting policies as applied throughout the financial statements are described below.
Material accounting policies relating to specific financial statement items are included in the respective
notes to the financial statements.
Consolidation
The Consolidated financial statements include the accounts of Akzo Nobel N.V. and its subsidiaries.
Subsidiaries are companies over which Akzo Nobel N.V. has control, because it is exposed, or has rights,
to variable returns from its involvement with the subsidiary and it has the ability to affect returns through its
power over the subsidiary. Non-controlling interests in equity and in results are presented separately.
Changes in accounting policies and first-time application
Accounting pronouncements with potential relevance for AkzoNobel, which became effective for 2024,
include amendments to IAS 1 \u201cClassification of Liabilities as Current or Non-current and Non-current
Liabilities with Covenants\u201d, amendments to IFRS 16 \u201cLease Liability in a Sale and Leaseback\u201d and
\"\"
amendments to IAS 7 and IFRS 7 \u201cDisclosures: Supplier Finance Arrangements\u201d. These changes in
accounting policies did not have a material impact on our Consolidated financial statements.
Further, in 2024, Pillar Two regulations came into force. The implementation did not have a material impact
on the effective tax rate.
Discontinued operations/Held for sale
A discontinued operation is a component of our business that represents a separate major line of business
or geographical area of operations that has been disposed of, or is held for sale, or is a subsidiary acquired
exclusively with a view to resale. Assets and liabilities are classified as held for sale if it is highly probable
that the carrying value will be recovered through a sale transaction within one year, rather than through
continuing use.
Foreign currencies
Transactions in foreign currencies are translated into the functional currency using the foreign exchange
rate at transaction date. Monetary assets and liabilities denominated in foreign currencies are translated
into the functional currency using the exchange rates at the balance sheet date. The resulting foreign
currency differences are included in the statement of income in financing income and expenses. Non-
monetary assets and liabilities denominated in foreign currencies are translated into the functional currency
at the exchange rate at acquisition date.
The assets and liabilities of entities with functional currencies other than euro, are translated into euros (the
functional currency of the parent entity) using the exchange rates at the balance sheet date. The income
and expenses of entities with functional currencies other than euro, are translated into the functional
currency using the exchange rates at transaction date.
Foreign exchange rate differences resulting from translation into the functional currency of investments in
subsidiaries and of intercompany loans of a permanent nature with functional currencies other than euro
are recorded as a separate component (cumulative translation reserve) within other comprehensive
income. These cumulative translation adjustments are reclassified (either fully or partly) to the statement of
income upon disposal (either fully or partly) or liquidation of the foreign subsidiary to which the investment
or the intercompany loan with a permanent nature relates. Foreign currency differences arising on the
translation of a financial liability designated as an effective hedge of a net investment in a foreign operation
are recognized in the cumulative translation reserve (in Other comprehensive income).
Exchange rates of key currencies
The principal exchange rates against the euro used in preparing the balance sheet and the statement of
income are:
Currency*
Balance sheet
Statement of income
2023
2024
%
2023
2024
%
US dollar
1.11
1.04
(6.1)
1.08
1.08
\u2014
Pound sterling
0.87
0.83
(4.5)
0.87
0.85
(2.3)
Chinese yuan
7.86
7.62
(3.1)
7.67
7.80
1.7
* Foreign currency equivalent of \u20ac1.
Hyperinflation economies
When a subsidiary is operating in a hyperinflationary country, the financial statements of this entity are
restated into the current purchasing power at the end of the reporting period. In addition, exchange rates
at this balance sheet date are used to translate both the balance sheet and the statement of income into
euros. Hyperinflation accounting is applied for Argentina and T\u00fcrkiye based on the historical cost approach
and using the Consumer Price Index (CPI). CPI developments for Argentina and T\u00fcrkiye are included in the
table below. For reference, the balance sheet exchange rates for both countries have also been included.
CPI at December 31
Country
2022
2023
2024
Argentina
1,135
3,533
7,694
T\u00fcrkiye
1,128
1,859
2,685
Balance sheet exchange rates* at December 31
Currency
2022
2023
2024
Argentinian peso
188.62
894.91
1,072.96
Turkish lira
19.97
32.73
36.80
* Foreign currency equivalent of \u20ac1.
For a consolidated overview of financial impacts from hyperinflation accounting, refer to Note 7 Financing
income and expenses.
\"\"
Government grants
Government grants related to costs are deducted from the relevant costs in the same period. Government
grants to compensate for the cost of an asset are deducted from the cost of the related asset.
New IFRS accounting standards
IFRS accounting standards and interpretations thereof not yet in force, which may apply to our
Consolidated financial statements for 2025 and beyond, have been assessed for their potential impact.
These include, among others, amendments to IAS 21 \"Lack of exchangeability\", amendments to IFRS\u00a09
and IFRS 7 \"Classification and Measurement of Financial Instruments\", amendments to IFRS\u00a010 and
IAS\u00a028 \"Sale or Contribution of Assets between an Investor and its Associate or Joint Venture and
amendments to IFRS\u00a09 and IFRS\u00a07 \"Contracts Referencing Nature-dependent Electricity\". These changes
are not expected to have a material effect on AkzoNobel\u2019s Consolidated financial statements.
Further, in 2024, the IASB published IFRS 18 \"Presentation and Disclosure in Financial Statements\".
IFRS\u00a018 introduces, among others, a defined structure of the statement of profit or loss with required
subtotals, required disclosures in the financial statements for certain management defined performance
measures and enhanced principles on aggregation and disaggregation which apply to the primary financial
statements. The implementation date of IFRS 18 is January 1, 2027, with earlier application permitted. We
will start with our impact assessment in 2025.
Use of estimates
The preparation of the financial statements in compliance with IFRS accounting standards requires
management to make judgments, estimates and assumptions that affect amounts reported in the financial
statements. The estimates and assumptions are based on experience and various other factors that are
believed to be reasonable under the circumstances and are used to judge the carrying values of assets
and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions
are reviewed on an ongoing basis.
The most critical accounting policies involving a higher degree of judgment and complexity in applying
principles of valuation and for which changes in the assumptions and estimates could result in significantly
different results than those recorded in the financial statements, are the following:
\u2022 Scope of consolidation, including purchase price allocations for business combinations (Note 2)
\u2022 Income tax and deferred tax assets, including recoverability of deferred tax assets and uncertain tax
positions (Note 8)
\u2022 Impairment of intangible assets (Note 10)
\u2022 Post-retirement benefit provisions (Note 18)
\u2022 Provisions and contingent liabilities (Note 19)
More details related to the estimates and judgments for these financial statement items are, where relevant,
described in the respective notes.
Accounting policies
In business combinations, identifiable assets and liabilities, and contingent liabilities, are recognized at
their fair values at the acquisition date.
Goodwill in a business combination represents the excess of the consideration paid over the net fair
value of the acquired identifiable assets, liabilities and contingent liabilities. If the cost of an acquisition
is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized
directly in the statement of income.
Accounting policies
We determine and present operating segments based on the information that is provided to the
Executive Committee, our chief operating decision-maker during 2024, to make decisions about
resources to be allocated to the segments and assess their performance. Segment results reported
to the Executive Committee include items directly attributable to a segment, as well as those items
that can be allocated on a reasonable basis.
Accounting policies
Sale of goods
AkzoNobel's main business consists of straightforward selling of goods (paints and coatings) to
customers at contractually determined prices and conditions without any additional services. Although
the transfer of risks and rewards is not the only criterion to be considered to determine whether
control over the goods has transferred, it is in most situations considered to be the main indicator of
the customer's ability to direct the use of, and obtain the benefits from the asset, and largely also
coincides with the physical transfer of the goods and the obligation of the customer to pay.
Variable considerations, including among others rebates, bonuses, discounts and payments to
customers, are accrued for as performance obligations are satisfied and revenue is recognized.
Variable considerations are only recognized when it is highly probable that these are not subject to
significant reversal.
In case of expected returns, revenue is not recognized for such products. Instead, we record a liability
for the refund and an asset for the products that will be returned. A provision for warranties is
recognized when the underlying products or services are sold, generally based on historical warranty
data. Revenue is recognized net of rebates, discounts and similar allowances, and net of sales tax.
Equipment provided to customers
AkzoNobel regularly provides mixing machines, store interior and other assets to its customers at the
start of a paints or coatings delivery contract. The delivery of such assets qualifies as a separate
performance obligation. Revenue can only be recognized at the moment of transfer of such assets,
when there is an agreed sales price or when there is a binding take-or-pay commitment for a minimum
quantity of paints or coatings to be purchased by the customer.
Services
AkzoNobel provides certain training, technical and/or support services to customers, as well as
shipping and handling activities for its customers. Service revenue is recognized over time when the
related services are being provided. When not separately invoiced, part of the sales price of paints or
coatings is allocated to such services.
Accounting policies
Operating income is the income generated from our core business activities, before financing
income and expenses, results from associates and income tax. Operating income includes identified
items.
Cost of sales
Cost of sales comprises the costs of purchase, conversion and other costs incurred to bring the
products sold into the condition and location to be ready for sale. This includes the cost of raw
materials, labor, warehousing of raw materials, production overhead and changes in inventory
provisions for raw materials and semi-finished goods.
Selling and distribution expenses \u00a0 \u00a0 \u00a0 \u00a0
Selling and distribution expenses comprise the costs associated with promoting and selling
products or services, as well as delivering them to customers. These costs include sales, marketing,
distribution, warehousing of finished goods, supply chain management costs and changes in
inventory provisions related to finished goods.
General and administrative expenses
General and administrative expenses include costs for support functions and other general and
administrative expenses.
Research and development expenses
Research and development expenses include costs incurred in the process of developing new
products, or improving existing products. Development costs are capitalized as an internally
generated intangible asset, if it is probable that sufficient future economic benefits will be generated
by the development.
Other results
Other results include items not considered to be normal operational items (from ordinary activities); it
includes gains and losses that cannot be reported in any of the categories above, amongst others
impairment of goodwill and results on certain divestments.
Accounting policies
Salaries and wages are recognized in the statement of profit and loss in the period when an
employee has rendered services to AkzoNobel.
The accounting policies for post-retirement costs are described in Note 18 Post-retirement benefit
provisions.
AkzoNobel has a performance-related and a restricted share plan, as well as a share-matching plan,
under which equity-settled shares are granted to certain employees. The fair value is measured at
grant date and amortized over the three-year period during which the employees normally become
unconditionally entitled to the shares with a corresponding increase in shareholders' equity.
Amortization is accelerated in the event of earlier vesting or settlement.
Accounting policies
Net interest on net debt is measured using the effective interest method.
Financing income related to post-retirement benefits includes the interest on the net defined benefit
liability/asset. Interest on provisions contains the movement of provisions as a result of the passage
of time, as well as the impact from changes in discount rates.
Exchange rate results contain the FX results on derivatives, loans, receivables, payables and other
financial liabilities.
The gain or loss on net monetary position is a hyperinflation accounting metric and reflects the gain
or loss of purchase power by either having a net monetary liability or net monetary asset position. It
includes the restatement of non-monetary assets and liabilities, equity and items in the statement of
profit and loss.
Accounting policies
Income tax expenses comprise both current and deferred tax, including the effects of changes in
tax rates. In determining the amount of current and deferred tax, we also take into account the
impact of uncertain tax positions and whether additional taxes may be due. Income tax is
recognized in the statement of income, unless it relates to items recognized in other comprehensive
income or equity.
Current tax includes the expected tax payable and receivable on the taxable income for the year,
using tax rates enacted or substantively enacted at reporting date, as well as (any adjustments to)
tax payables and receivables with respect to previous years.
Deferred tax is recognized using the liability method on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the Consolidated financial
statements. We do not recognize deferred tax for the initial recognition of goodwill, the initial
recognition of assets or liabilities that affect neither accounting nor taxable profit, and differences
related to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future and we can control the timing of the reversal of the temporary difference.
Deferred tax assets are recognized for unused tax losses, tax credits and deductible temporary
differences, to the extent that it is probable that future taxable profits will be available against which
they can be utilized.
AkzoNobel has applied the exemption for recognizing and disclosing information about deferred tax
assets and liabilities related to Pillar Two income taxes.
Measurement of deferred tax assets and liabilities is based upon the enacted or substantively
enacted tax rates expected to apply to taxable income in the years in which temporary differences
are expected to be reversed. Deferred tax positions are not discounted.
Accounting policies
Basic earnings per share is calculated by dividing the profit for the period attributable to
shareholders of the company by the weighted average number of common shares outstanding
during the year, adjusted for any repurchased shares.
Diluted earnings per share is calculated by adjusting the weighted average number of common
shares outstanding during the year for the diluting effect of the shares of the performance-related
share plan, the restricted share plan and the share-matching plan.
Adjusted earnings per share represents the basic earnings per share from continuing operations
excluding identified items, after taxes.
Accounting policies
Intangible assets are valued at cost less accumulated amortization and impairment charges.
Intangible assets with an indefinite useful life, such as goodwill and certain brands, are not
amortized, but tested for impairment annually.
Intangible assets with a finite useful life, such as licenses, know-how, certain brands, customer
relationships, intellectual property rights, software expenditures (in as far as AkzoNobel controls the
software configured or customized) and capitalized development costs, are capitalized at historical
cost and amortized on a straight-line basis over the estimated useful life of the assets, which
generally ranges from 5 to 40 years for brands with finite useful lives, 5 to 25 years for customer
relationships, and 3 to 15 years for other intangibles. Amortization methods, useful lives and residual
values are reassessed annually.
Research expenditures are expensed as incurred.
Impairment
We assess the carrying value of intangible assets, property, plant and equipment and right-of-use
assets whenever events or changes in circumstances indicate that the carrying value of an asset
may not be recoverable as a result of e.g. changes in cash flow forecasts, damages, market
developments or environmental and climate change risks. In addition, for goodwill and other
intangible assets with an indefinite useful life, the carrying value is reviewed at least annually or when
circumstances indicate the carrying amount may be impaired. If the carrying value of an asset or its
cash-generating unit exceeds its estimated recoverable amount, an impairment loss is recognized in
the statement of income on the functional level of the asset impaired.
Except for goodwill, we reverse impairment losses in the statement of income if and to the extent we
have identified a change in estimates used to determine the recoverable amount.
Accounting policies
Property, plant and equipment are valued at cost less accumulated depreciation and impairment
charges. Costs include expenditures that are directly attributable to the acquisition of the asset,
including borrowing cost of capital investment projects under construction.
Depreciation is calculated using the straight-line method, based on the estimated useful life of the
asset components. The useful life of plant equipment and machinery generally ranges from 10 to 25
years, and for buildings ranges from 20 to 50 years. Land is not depreciated. Other equipment
contains assets with a useful life ranging from 3 to 20 years. In the majority of cases, residual value
is assumed to be not material. Depreciation methods, useful lives and residual values are
reassessed annually.
Costs of major maintenance activities are capitalized and depreciated over the estimated useful life.
Maintenance costs which cannot be separately defined as a component of property, plant and
equipment are expensed in the period in which they occur. Asset retirement obligations are
recognized in the periods in which sufficient information becomes available to reasonably estimate
the cash outflow.
Refer to Note 10 Intangible assets, for a description of the accounting policies for asset impairment,
which equally apply to property, plant and equipment.
Accounting policies
As a lessee, we assess whether a contract is, or contains, a lease at inception. A contract is, or
contains, a lease if the contract conveys the right to control the use of an identified asset for a
period of time in exchange for a consideration. Right-of-use assets are measured at costs less
accumulated depreciation and impairment losses, adjusted for any remeasurements.
For contracts that contain a lease component, we allocate consideration based on relative stand-
alone price, with the exception of lease cars where non-lease components are not separated.
Short-term leases and low value leases are expensed on a straight-line basis over the lease term.
Refer to Note 10 Intangible assets, for a description of the accounting policies for asset impairment,
which equally apply to right-of-use assets.
Accounting policies
Associates are accounted for using the equity method and are initially recognized at cost. The
Consolidated financial statements include our share of the income and expenses of the associates,
whereby the result is determined using our accounting principles. When the share of losses exceeds
the interest in the investee, the carrying amount is reduced to nil and recognition of further losses is
discontinued, unless we have further legal or constructive obligations.
Accounting policies
Pension assets are accounted for in accordance with IAS 19; for more details on the accounting
policies refer to Note 18 Post-retirement benefits.
Loans and receivables are initially measured at fair value plus transaction costs. Subsequent
measurement is at amortized cost, using the effective interest method, less any impairment losses.
Other financial non-current assets contain different types of financial instruments, for which
treatment is dependent on the specific facts and circumstances of these assets. For more details on
the accounting policy with regards to classification, measurement and impairment of financial
assets, refer to Note 26 Financial risk management.
Accounting policies
Inventories are measured at the lower of cost and net realizable value. Costs of inventories comprise
all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to the
present location and condition. The costs of inventories are determined using weighted average
cost.
Accounting policies
Trade receivables are initially measured at fair value plus transaction costs. Subsequent
measurement is at amortized cost, using the effective interest method, less any impairment losses.
Positions are netted if there is an intention to set off and when netting is legally enforceable.
FX contracts are measured at fair value through profit and loss, unless hedge accounting is applied.
Other receivables contain various types of (financial) assets, for which treatment is dependent on the
specific facts and circumstances of these assets.
For more details on the accounting policy with regards to classification, measurement and
impairment of financial assets, refer to Note 26 Financial risk management.
Accounting policies
Shares are classified as equity and recorded at the value of the proceeds received. Own equity
instruments that are bought back (treasury shares) are deducted from equity. Incremental costs that
are directly attributable to issuing or buying back own equity instruments are recognized directly in
equity, net of the related tax.
Dividends are recognized as liability when they are declared.
Accounting policies
Defined contribution plans
Contributions to defined contribution plans are recognized in the statement of income as incurred.
Defined benefit plans
Most of our defined benefit pension plans are funded with plan assets that have been segregated in
a trust or foundation. We also provide post-retirement benefits other than pensions, including
healthcare and welfare plans, to certain employees, which are generally not funded.
Valuations of both funded and unfunded plans are carried out by independent actuaries, based on
the projected unit credit method. Post-retirement costs primarily represent the increase in the
actuarial present value of the obligation for projected benefits, based on employee service during the
year and interest on the net defined benefit liability/asset.
When the calculation results in a benefit to AkzoNobel, the recognized asset is limited to the present
value of economic benefits available in the form of any future refunds from the plan or reductions in
future contributions to the plan. An economic benefit is available if it is realizable during the life of the
plan, or on the settlement of the plan liabilities. The effect of these so-called asset ceiling restrictions
and any changes therein are recognized in Other comprehensive income.\u00a0
Remeasurement gains and losses, which arise in calculating our obligations, are recognized in Other
comprehensive income. When the benefits of a plan improve, the portion of the increased benefits
related to past service by employees is recognized as an expense in the statement of income
immediately. We recognize gains and losses on the curtailment or settlement of a defined benefit
plan when the curtailment or settlement occurs.
Interest on the net defined benefit liability/asset is included in financing expenses related to post-
retirement benefits. Other charges and benefits recognized are reported in operating income, unless
recorded in other comprehensive income.
Accounting policies
We recognize provisions when a present legal or constructive obligation as a result of a past event
exists, it is probable that an outflow of economic benefits is required to settle the obligation and the
amount can be reliably estimated. Provisions are measured at net present value. The increase of
provisions as a result of the passage of time is recognized in the statement of income under
financing income and expenses.
Provisions for restructuring of activities are recognized when a detailed and formal restructuring plan
has been approved, and the restructuring has either commenced or has been announced publicly.
We do not provide for future operating costs.
Provisions for liabilities to (former) employees are measured at present value, using actuarial
assumptions and other methods. Any actuarial gains and losses are recognized in the statement of
income in the period in which they arise.
Leased sites, offices or stores may have to be restored to their original condition or sometimes
decontaminated before being handed back at the end of the contractual period. If such legal
obligations exist, and a reliable estimate of future expenses can be made, a provision is formed.
Accounting policies
Cash and cash equivalents and short-term investments are measured at fair value through profit and loss. Cash and cash equivalents include all cash balances and other investments that are directly convertible into
known amounts of cash. Changes in fair values are included in financing income and expenses. For more details on the accounting policy with regards to classification, valuation and impairment of financial assets,
refer to Note 26 Financial risk management.
Long-term and short-term borrowings are initially measured at fair value net of directly attributable transaction costs. Subsequent measurement is at amortized cost, using the effective interest rate method. The
interest expense on borrowings is included in financing income and expenses.
The fair value of borrowings, used for disclosure purposes, is determined based on listed market prices, if available. If a listed market price is not available, the fair value is calculated based on the present value of
principal and interest cash flows, discounted at the interest rate at the reporting date, considering AkzoNobel\u2019s credit risk.
Accounting policies
Trade and other payables are measured at amortized cost, using the effective interest rate method.
Accounting policies
AkzoNobel uses the indirect cash flow model. Interest paid is classified as an operating cash flow
and interest received as an investing cash flow. Dividends received are classified as investing cash
flow and dividends paid are classified as financing cash flow. Acquisitions or divestments of
subsidiaries are presented net of cash and cash equivalents acquired or disposed of,
respectively. Cash flows from derivatives are recognized in the statement of cash flows in
the same category as those of the hedged items.
Accounting policies
Classification and measurement
On initial recognition, financial assets are measured at fair value (plus transaction costs, in the case
of assets not subsequently measured at fair value through profit or loss (FVTPL)).
For the purpose of subsequent measurement, financial assets are classified as measured at
amortized cost, fair value through profit or loss or fair value through other comprehensive income
(FVOCI). The classification of a financial asset is determined at initial recognition, but if certain
conditions are met, an asset may be subject to reclassification.
A financial asset is measured at amortized cost if it meets both of the following conditions:
1. It is held within a business model, the objective of which is to hold assets to collect contractual
cash flows; and
2. Its contractual terms give rise, on specified dates, to cash flows that are solely payments of
principal and interest (SPPI) on the principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not
designated as FVTPL:
1. It is held within a business model, the objective of which is achieved by both collecting
contractual cash flows and selling financial assets; and
2. Its contractual terms give rise, on specified dates, to cash flows that are SPPI on the principal
amount outstanding.
All financial assets not classified as measured at amortized cost or measured at FVOCI, as
described above, (e.g. financial assets held for trading and those that are managed and whose
performance is evaluated on a fair value basis) are measured at FVTPL.
Derivatives
Derivative financial instruments are recognized at fair value on the balance sheet. Fair values are
derived from market prices and quotes from dealers and brokers, or are estimated using observable
market inputs. When determining fair values, credit risk for our counter party, as well as for
AkzoNobel, is taken into account.
Changes in fair value are recognized in the statement of income, unless cash flow hedge accounting
or net investment hedge accounting is applied. In those cases, the effective part of the fair value
changes is deferred in other comprehensive income and released to the related specific lines in the
statement of income or balance sheet at the same time as the hedged item.
Impairment
Financial assets are assessed for impairment either according to the general approach or a
simplified approach.
The calculation of impairment under the general approach uses the following stages:
\u2022 12-months expected credit losses, taking into account possible default events within one year
\u2022 Lifetime expected credit losses in case of an increase in credit risk, through recognition of
expected credit losses over the remaining life of the exposure
\u2022 Lifetime expected credit losses, where interest is calculated on the net amount of the receivables
less impairment loss.
In all above stages, the impairment calculation used is based on external credit ratings of involved
parties or default rates published by well-known credit risk agencies.
The financial assets included in the general impairment approach are long-term loans and other
long-term receivables.
The calculation of impairment under the simplified approach requires recognition of lifetime expected
credit loss (no tracking of changes in credit risk). The financial assets included in the simplified
impairment approach are trade receivables and the remaining financial assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-350": { "value": "
Consolidation
The Consolidated financial statements include the accounts of Akzo Nobel N.V. and its subsidiaries.
Subsidiaries are companies over which Akzo Nobel N.V. has control, because it is exposed, or has rights,
to variable returns from its involvement with the subsidiary and it has the ability to affect returns through its
power over the subsidiary. Non-controlling interests in equity and in results are presented separately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-351": { "value": "
Changes in accounting policies and first-time application
Accounting pronouncements with potential relevance for AkzoNobel, which became effective for 2024,
include amendments to IAS 1 \u201cClassification of Liabilities as Current or Non-current and Non-current
Liabilities with Covenants\u201d, amendments to IFRS 16 \u201cLease Liability in a Sale and Leaseback\u201d and
\"\"
amendments to IAS 7 and IFRS 7 \u201cDisclosures: Supplier Finance Arrangements\u201d. These changes in
accounting policies did not have a material impact on our Consolidated financial statements.
Further, in 2024, Pillar Two regulations came into force. The implementation did not have a material impact
on the effective tax rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-352": { "value": "
Discontinued operations/Held for sale
A discontinued operation is a component of our business that represents a separate major line of business
or geographical area of operations that has been disposed of, or is held for sale, or is a subsidiary acquired
exclusively with a view to resale. Assets and liabilities are classified as held for sale if it is highly probable
that the carrying value will be recovered through a sale transaction within one year, rather than through
continuing use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-354": { "value": "
Foreign currencies
Transactions in foreign currencies are translated into the functional currency using the foreign exchange
rate at transaction date. Monetary assets and liabilities denominated in foreign currencies are translated
into the functional currency using the exchange rates at the balance sheet date. The resulting foreign
currency differences are included in the statement of income in financing income and expenses. Non-
monetary assets and liabilities denominated in foreign currencies are translated into the functional currency
at the exchange rate at acquisition date.
The assets and liabilities of entities with functional currencies other than euro, are translated into euros (the
functional currency of the parent entity) using the exchange rates at the balance sheet date. The income
and expenses of entities with functional currencies other than euro, are translated into the functional
currency using the exchange rates at transaction date.
Foreign exchange rate differences resulting from translation into the functional currency of investments in
subsidiaries and of intercompany loans of a permanent nature with functional currencies other than euro
are recorded as a separate component (cumulative translation reserve) within other comprehensive
income. These cumulative translation adjustments are reclassified (either fully or partly) to the statement of
income upon disposal (either fully or partly) or liquidation of the foreign subsidiary to which the investment
or the intercompany loan with a permanent nature relates. Foreign currency differences arising on the
translation of a financial liability designated as an effective hedge of a net investment in a foreign operation
are recognized in the cumulative translation reserve (in Other comprehensive income).
Exchange rates of key currencies
The principal exchange rates against the euro used in preparing the balance sheet and the statement of
income are:
Currency*
Balance sheet
Statement of income
2023
2024
%
2023
2024
%
US dollar
1.11
1.04
(6.1)
1.08
1.08
\u2014
Pound sterling
0.87
0.83
(4.5)
0.87
0.85
(2.3)
Chinese yuan
7.86
7.62
(3.1)
7.67
7.80
1.7
* Foreign currency equivalent of \u20ac1.
Hyperinflation economies
When a subsidiary is operating in a hyperinflationary country, the financial statements of this entity are
restated into the current purchasing power at the end of the reporting period. In addition, exchange rates
at this balance sheet date are used to translate both the balance sheet and the statement of income into
euros. Hyperinflation accounting is applied for Argentina and T\u00fcrkiye based on the historical cost approach
and using the Consumer Price Index (CPI). CPI developments for Argentina and T\u00fcrkiye are included in the
table below. For reference, the balance sheet exchange rates for both countries have also been included.
CPI at December 31
Country
2022
2023
2024
Argentina
1,135
3,533
7,694
T\u00fcrkiye
1,128
1,859
2,685
Balance sheet exchange rates* at December 31
Currency
2022
2023
2024
Argentinian peso
188.62
894.91
1,072.96
Turkish lira
19.97
32.73
36.80
* Foreign currency equivalent of \u20ac1.
For a consolidated overview of financial impacts from hyperinflation accounting, refer to Note 7 Financing
income and expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-353": { "value": "
Foreign currencies
Transactions in foreign currencies are translated into the functional currency using the foreign exchange
rate at transaction date. Monetary assets and liabilities denominated in foreign currencies are translated
into the functional currency using the exchange rates at the balance sheet date. The resulting foreign
currency differences are included in the statement of income in financing income and expenses. Non-
monetary assets and liabilities denominated in foreign currencies are translated into the functional currency
at the exchange rate at acquisition date.
The assets and liabilities of entities with functional currencies other than euro, are translated into euros (the
functional currency of the parent entity) using the exchange rates at the balance sheet date. The income
and expenses of entities with functional currencies other than euro, are translated into the functional
currency using the exchange rates at transaction date.
Foreign exchange rate differences resulting from translation into the functional currency of investments in
subsidiaries and of intercompany loans of a permanent nature with functional currencies other than euro
are recorded as a separate component (cumulative translation reserve) within other comprehensive
income. These cumulative translation adjustments are reclassified (either fully or partly) to the statement of
income upon disposal (either fully or partly) or liquidation of the foreign subsidiary to which the investment
or the intercompany loan with a permanent nature relates. Foreign currency differences arising on the
translation of a financial liability designated as an effective hedge of a net investment in a foreign operation
are recognized in the cumulative translation reserve (in Other comprehensive income).
Exchange rates of key currencies
The principal exchange rates against the euro used in preparing the balance sheet and the statement of
income are:
Currency*
Balance sheet
Statement of income
2023
2024
%
2023
2024
%
US dollar
1.11
1.04
(6.1)
1.08
1.08
\u2014
Pound sterling
0.87
0.83
(4.5)
0.87
0.85
(2.3)
Chinese yuan
7.86
7.62
(3.1)
7.67
7.80
1.7
* Foreign currency equivalent of \u20ac1.
Hyperinflation economies
When a subsidiary is operating in a hyperinflationary country, the financial statements of this entity are
restated into the current purchasing power at the end of the reporting period. In addition, exchange rates
at this balance sheet date are used to translate both the balance sheet and the statement of income into
euros. Hyperinflation accounting is applied for Argentina and T\u00fcrkiye based on the historical cost approach
and using the Consumer Price Index (CPI). CPI developments for Argentina and T\u00fcrkiye are included in the
table below. For reference, the balance sheet exchange rates for both countries have also been included.
CPI at December 31
Country
2022
2023
2024
Argentina
1,135
3,533
7,694
T\u00fcrkiye
1,128
1,859
2,685
Balance sheet exchange rates* at December 31
Currency
2022
2023
2024
Argentinian peso
188.62
894.91
1,072.96
Turkish lira
19.97
32.73
36.80
* Foreign currency equivalent of \u20ac1.
For a consolidated overview of financial impacts from hyperinflation accounting, refer to Note 7 Financing
income and expenses.
Exchange rate results contain the FX results on derivatives, loans, receivables, payables and other
financial liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-355": { "value": "
Hyperinflation economies
When a subsidiary is operating in a hyperinflationary country, the financial statements of this entity are
restated into the current purchasing power at the end of the reporting period. In addition, exchange rates
at this balance sheet date are used to translate both the balance sheet and the statement of income into
euros. Hyperinflation accounting is applied for Argentina and T\u00fcrkiye based on the historical cost approach
and using the Consumer Price Index (CPI). CPI developments for Argentina and T\u00fcrkiye are included in the
table below. For reference, the balance sheet exchange rates for both countries have also been included.
CPI at December 31
Country
2022
2023
2024
Argentina
1,135
3,533
7,694
T\u00fcrkiye
1,128
1,859
2,685
Balance sheet exchange rates* at December 31
Currency
2022
2023
2024
Argentinian peso
188.62
894.91
1,072.96
Turkish lira
19.97
32.73
36.80
* Foreign currency equivalent of \u20ac1.
For a consolidated overview of financial impacts from hyperinflation accounting, refer to Note 7 Financing
income and expenses.
Note 7: Financing income and expenses
Accounting policies
Net interest on net debt is measured using the effective interest method.
Financing income related to post-retirement benefits includes the interest on the net defined benefit
liability/asset. Interest on provisions contains the movement of provisions as a result of the passage
of time, as well as the impact from changes in discount rates.
Exchange rate results contain the FX results on derivatives, loans, receivables, payables and other
financial liabilities.
The gain or loss on net monetary position is a hyperinflation accounting metric and reflects the gain
or loss of purchase power by either having a net monetary liability or net monetary asset position. It
includes the restatement of non-monetary assets and liabilities, equity and items in the statement of
profit and loss.
\"\"
Financing income and expenses
Financing income and expenses
in \u20ac millions
2023
2024
Net interest on net debt
Financing income
69
61
Financing expenses
(192)
(187)
Net interest on net debt
(123)
(126)
Other financing income and expenses
Financing income related to post-retirement benefits
33
27
Interest on provisions
(1)
(3)
Exchange rate results
(128)
(47)
Hyperinflation: gain/(loss) on net monetary position
(46)
15
Other items
(7)
32
Net other financing income and expenses
(149)
24
Total financing income and expenses
(272)
(102)
Net financing expenses for the year were \u20ac102 million (2023: \u20ac272 million). Significant variances include:
\u2022 Exchange rate results were negative \u20ac47 million (2023: negative \u20ac128 million). In 2023, these contained\u00a0
\u20ac36 million negative result on cash flow hedging contracts, related to the previously anticipated
acquisition of Kansai Paints Africa (refer to Note 26 Financial risk management for more details); the
remainder of the decrease in exchange rate results is largely related to the Argentinian peso
\u2022 Hyperinflation: the net gain on monetary position was \u20ac15 million (2023: negative \u20ac46 million). The
change compared to prior year is the result of the company moving from a net monetary asset to a net
monetary liability position in hyperinflation economies
\u2022 Other items increased by \u20ac39 million, mainly due to the interest impact related to the release of
provisions for uncertain tax positions (refer to Note 8 Income tax for more details)
Interest income from financial assets measured at amortized cost (including the loan to Pension Fund APF
in the Netherlands) amounted to approximately \u20ac10 million in 2024 (2023: \u20ac5 million). The remainder was
generated by financial assets measured at fair value through profit and loss.
The average interest rate used for capitalized interest was 2.3% (2023: 2.1%). Capitalized interest was
negligible in both 2024 and 2023. The average interest rate on total debt was 3.4% (2023: 3.2%).
Impact hyperinflation accounting
The impact of the application of hyperinflation accounting and the use of end of period rates to translate
the statement of the income statement, is shown in the table below.
Hyperinflation accounting
in \u20ac millions
2023
2024
Revenue
(64)
67
Operating income
(54)
(47)
Net interest on net debt
17
\u2014
Exchange rate results
54
(3)
Hyperinflation: gain/(loss) on net monetary position
(46)
15
Financing income and expenses
25
12
Profit before tax
(29)
(35)
Income tax
(48)
(18)
Profit for the period
(77)
(53)
Attributable to
Shareholders of the company
(65)
(43)
Non-controlling interests
(12)
(10)
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-356": { "value": "
Government grants
Government grants related to costs are deducted from the relevant costs in the same period. Government
grants to compensate for the cost of an asset are deducted from the cost of the related asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-359": { "value": "
Use of estimates
The preparation of the financial statements in compliance with IFRS accounting standards requires
management to make judgments, estimates and assumptions that affect amounts reported in the financial
statements. The estimates and assumptions are based on experience and various other factors that are
believed to be reasonable under the circumstances and are used to judge the carrying values of assets
and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions
are reviewed on an ongoing basis.
The most critical accounting policies involving a higher degree of judgment and complexity in applying
principles of valuation and for which changes in the assumptions and estimates could result in significantly
different results than those recorded in the financial statements, are the following:
\u2022 Scope of consolidation, including purchase price allocations for business combinations (Note 2)
\u2022 Income tax and deferred tax assets, including recoverability of deferred tax assets and uncertain tax
positions (Note 8)
\u2022 Impairment of intangible assets (Note 10)
\u2022 Post-retirement benefit provisions (Note 18)
\u2022 Provisions and contingent liabilities (Note 19)
More details related to the estimates and judgments for these financial statement items are, where relevant,
described in the respective notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-357": { "value": "
Use of estimates
The preparation of the financial statements in compliance with IFRS accounting standards requires
management to make judgments, estimates and assumptions that affect amounts reported in the financial
statements. The estimates and assumptions are based on experience and various other factors that are
believed to be reasonable under the circumstances and are used to judge the carrying values of assets
and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions
are reviewed on an ongoing basis.
The most critical accounting policies involving a higher degree of judgment and complexity in applying
principles of valuation and for which changes in the assumptions and estimates could result in significantly
different results than those recorded in the financial statements, are the following:
\u2022 Scope of consolidation, including purchase price allocations for business combinations (Note 2)
\u2022 Income tax and deferred tax assets, including recoverability of deferred tax assets and uncertain tax
positions (Note 8)
\u2022 Impairment of intangible assets (Note 10)
\u2022 Post-retirement benefit provisions (Note 18)
\u2022 Provisions and contingent liabilities (Note 19)
More details related to the estimates and judgments for these financial statement items are, where relevant,
described in the respective notes.
Accounting estimates and judgments
Determining the fair value of acquisitions and individual assets and liabilities included therein, requires
significant judgment of amongst others future cash flows expected to be generated.
The fair value of brands, customer relationships and know-how acquired in a business combination is
estimated using generally accepted valuation methods. These include the relief-from-royalty method,
the incremental cash flow method and the multi-period excess earnings method.
The fair value of property, plant and equipment acquired in a business combination is based on
estimated market values.
The fair value of inventories acquired in a business combination is determined based on estimated
selling prices in the ordinary course of business, less the estimated costs of completion and sale and a
reasonable profit margin, based on the effort required to complete and sell the inventories.
Accounting estimates and judgments
Recoverability of deferred tax assets
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable
income against which the deductible temporary differences, unused tax losses and unused tax
credits can be utilized. Significant judgment is involved in determining this future taxable income.
When assessing the recognition of deferred tax assets, management considers whether it is
probable that some portion or all of the deferred tax assets will be realized. Management considers
the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning
strategies in making this assessment.
More details on the estimates and judgments related to the recoverability of deferred tax assets can
be found in the respective section of this Note.
Uncertain tax positions
Liabilities for uncertain tax positions are recognized if and to the extent it is probable that additional
taxes will become due, and the amount can be measured reliably.
Significant judgment is involved in the determination of such liabilities. Probability is assessed by
applying interpretation of legislation and relevant case law.
More details on the estimates and judgments related to uncertain tax positions can be found in the
respective section of this Note.
Accounting estimates and judgments
The cash flow projections used in the value in use calculations for the annual impairment test for
goodwill and other intangibles assets with indefinite life, require significant judgment. The various
judgments and estimations are described in the Annual impairment testing section in this Note.
The assessment for impairment is performed at the lowest level of assets generating largely
independent cash inflows. For goodwill and other intangible assets with an indefinite life, we have
determined this to be at business unit level (one level below operating segment).
For intangible assets excluding goodwill and other intangible assets with indefinite useful life,
estimates are required to determine the (remaining) useful lives.
Accounting estimates and judgments
In order to perform the necessary actuarial calculations for assessing defined benefit obligations,
certain assumptions must be made regarding interest rates, projected pension increases, life
expectancy and healthcare cost inflation. These calculations are conducted by external actuaries
using market information such as corporate bond returns and yield curves, to determine appropriate
discount rates, as well as mortality tables and inflation rates to establish assumptions for future salary
and pension growth.
Accounting estimates and judgments
Determining the likelihood, timing and amount of cash outflow requires estimates and significant
judgment. The main estimates and judgments per class of provisions are described below.
Provisions for environmental liabilities
Estimating the impact of environmental liabilities is complex and requires the assessment of many
(often interconnected) elements, which contain varying levels of uncertainty. Environmental liabilities
can change substantially, among others due to the emergence of additional information on the
nature or extent of the contamination, the geological circumstances, changes in (the interpretation
and/or enforcement of) environmental regulations, new and evolving analytical and remediation
techniques, success or lack of success of currently anticipated clean-up methods, actions by
governmental agencies or private parties, success or lack of success in allocating liability to other
potentially responsible parties, the financial viability of other potentially responsible parties and third-
party indemnitors, and/or other factors.
Liabilities to (former) employees
Liabilities to (former) employees consist of employer liability plans, jubilee plans and other long-term
compensation plans. In order to perform the necessary actuarial calculations for assessing the
provision, certain assumptions must be made regarding interest rates, life expectancy, the
development of costs related to employer liability plans, and employee turnover rates. These
calculations are conducted by external actuaries using market information such as corporate bond
returns and yield curves to determine appropriate discount rates, as well as claim patterns, cost
levels, mortality tables and inflation rates to establish assumptions for future expected outflow.
Sundry provisions
Sundry provisions relate to a variety of provisions, including provisions for (customer) claims, sales
returns, guarantees and other operational provisions. (Customer) claims provisions reflect the best
estimate of the expected outflow, if applicable supported by case law and internal or external legal
counsel opinions.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-358": { "value": "Use of estimatesThe preparation of the financial statements in compliance with IFRS accounting standards requires management to make judgments, estimates and assumptions that affect amounts reported in the financial statements. The estimates and assumptions are based on experience and various other factors that are believed to be reasonable under the circumstances and are used to judge the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are reviewed on an ongoing basis. The most critical accounting policies involving a higher degree of judgment and complexity in applying principles of valuation and for which changes in the assumptions and estimates could result in significantly different results than those recorded in the financial statements, are the following:\u2022 Scope of consolidation, including purchase price allocations for business combinations (Note 2)\u2022 Income tax and deferred tax assets, including recoverability of deferred tax assets and uncertain tax positions (Note 8)\u2022 Impairment of intangible assets (Note 10)\u2022 Post-retirement benefit provisions (Note 18)\u2022 Provisions and contingent liabilities (Note 19)More details related to the estimates and judgments for these financial statement items are, where relevant, described in the respective notes.Accounting estimates and judgments Determining the fair value of acquisitions and individual assets and liabilities included therein, requires significant judgment of amongst others future cash flows expected to be generated. The fair value of brands, customer relationships and know-how acquired in a business combination is estimated using generally accepted valuation methods. These include the relief-from-royalty method, the incremental cash flow method and the multi-period excess earnings method. The fair value of property, plant and equipment acquired in a business combination is based on estimated market values. The fair value of inventories acquired in a business combination is determined based on estimated selling prices in the ordinary course of business, less the estimated costs of completion and sale and a reasonable profit margin, based on the effort required to complete and sell the inventories.Accounting estimates and judgments Recoverability of deferred tax assetsThe ultimate realization of deferred tax assets is dependent upon the generation of future taxable income against which the deductible temporary differences, unused tax losses and unused tax credits can be utilized. Significant judgment is involved in determining this future taxable income.When assessing the recognition of deferred tax assets, management considers whether it is probable that some portion or all of the deferred tax assets will be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.More details on the estimates and judgments related to the recoverability of deferred tax assets can be found in the respective section of this Note. Uncertain tax positionsLiabilities for uncertain tax positions are recognized if and to the extent it is probable that additional taxes will become due, and the amount can be measured reliably.Significant judgment is involved in the determination of such liabilities. Probability is assessed by applying interpretation of legislation and relevant case law.More details on the estimates and judgments related to uncertain tax positions can be found in the respective section of this Note.Accounting estimates and judgments The cash flow projections used in the value in use calculations for the annual impairment test for goodwill and other intangibles assets with indefinite life, require significant judgment. The various judgments and estimations are described in the Annual impairment testing section in this Note.The assessment for impairment is performed at the lowest level of assets generating largely independent cash inflows. For goodwill and other intangible assets with an indefinite life, we have determined this to be at business unit level (one level below operating segment).For intangible assets excluding goodwill and other intangible assets with indefinite useful life, estimates are required to determine the (remaining) useful lives.In order to perform the necessary actuarial calculations for assessing defined benefit obligations, certain assumptions must be made regarding interest rates, projected pension increases, life expectancy and healthcare cost inflation. These calculations are conducted by external actuaries using market information such as corporate bond returns and yield curves, to determine appropriate discount rates, as well as mortality tables and inflation rates to establish assumptions for future salary and pension growth.Accounting estimates and judgments Determining the likelihood, timing and amount of cash outflow requires estimates and significant judgment. The main estimates and judgments per class of provisions are described below. Provisions for environmental liabilitiesEstimating the impact of environmental liabilities is complex and requires the assessment of many (often interconnected) elements, which contain varying levels of uncertainty. Environmental liabilities can change substantially, among others due to the emergence of additional information on the nature or extent of the contamination, the geological circumstances, changes in (the interpretation and/or enforcement of) environmental regulations, new and evolving analytical and remediation techniques, success or lack of success of currently anticipated clean-up methods, actions by governmental agencies or private parties, success or lack of success in allocating liability to other potentially responsible parties, the financial viability of other potentially responsible parties and third-party indemnitors, and/or other factors.Liabilities to (former) employeesLiabilities to (former) employees consist of employer liability plans, jubilee plans and other long-term compensation plans. In order to perform the necessary actuarial calculations for assessing the provision, certain assumptions must be made regarding interest rates, life expectancy, the development of costs related to employer liability plans, and employee turnover rates. These calculations are conducted by external actuaries using market information such as corporate bond returns and yield curves to determine appropriate discount rates, as well as claim patterns, cost levels, mortality tables and inflation rates to establish assumptions for future expected outflow.Sundry provisionsSundry provisions relate to a variety of provisions, including provisions for (customer) claims, sales returns, guarantees and other operational provisions. (Customer) claims provisions reflect the best estimate of the expected outflow, if applicable supported by case law and internal or external legal counsel opinions.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-360": { "value": "
Note 2: Scope of consolidation
Accounting policies
In business combinations, identifiable assets and liabilities, and contingent liabilities, are recognized at
their fair values at the acquisition date.
Goodwill in a business combination represents the excess of the consideration paid over the net fair
value of the acquired identifiable assets, liabilities and contingent liabilities. If the cost of an acquisition
is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized
directly in the statement of income.
Accounting estimates and judgments
Determining the fair value of acquisitions and individual assets and liabilities included therein, requires
significant judgment of amongst others future cash flows expected to be generated.
The fair value of brands, customer relationships and know-how acquired in a business combination is
estimated using generally accepted valuation methods. These include the relief-from-royalty method,
the incremental cash flow method and the multi-period excess earnings method.
The fair value of property, plant and equipment acquired in a business combination is based on
estimated market values.
The fair value of inventories acquired in a business combination is determined based on estimated
selling prices in the ordinary course of business, less the estimated costs of completion and sale and a
reasonable profit margin, based on the effort required to complete and sell the inventories.
Material subsidiaries
The Consolidated financial statements comprise the assets, liabilities, income and expenses of 227 legal
entities. We consider legal entities material when they represent, for at least two subsequent years, more
than 5% of either revenue, operating income or total assets. Material subsidiaries included in the table
below are fully owned at year-end 2024, except for Akzo Nobel India Limited (74.76% owned by
AkzoNobel). Refer to Note 17 Group equity for an overview of non-controlling interests.
Material subsidiaries related to continuing operations
Legal entity
Principal place of business
Akzo Nobel Coatings Inc.
US
Akzo Nobel India Limited
India
Imperial Chemical Industries Limited
UK
Akzo Nobel Decorative Coatings B.V.
The Netherlands
Akzo Nobel Coatings S.p.A.
Italy
Akzo Nobel Ltda
Brazil
Akzo Nobel Paints (Shanghai) Limited
China
Acquisitions
On August 1, 2023, AkzoNobel acquired 100% of the shares of Valspar Coatings Holding Co. Ltd., Hong
Kong (hereafter: \"the Huarun business\") for a final purchase price of \u20ac70 million (2023: \u20ac72 million). The
acquisition strengthens our position in China. It will allow us further market segmentation and reinforce our
position outside of the premium segment.
The final purchase price allocation as determined in 2024 resulted in \u20ac32 million of goodwill (2023: \u20ac32
million), non-deductible for tax purposes, \u20ac27 million of other intangible assets (2023: \u20ac28 million) and \u20ac42
million other fixed and current assets (2023: \u20ac42 million), excluding deferred taxes. Of the intangible assets,
\u20ac13 million relates to brands which have finite useful lives (2023: \u20ac13 million).
The goodwill is mainly attributable to synergies expected to be achieved from integrating the acquired
business into the group. The Huarun business has been integrated in business unit Decorative Paints
China and North Asia.
\"\"
Divestments
In 2024, no material divestments occurred. In 2023, no material divestments occurred either, other than
property divestments. Please refer to Note 3 Segment information for more details on the property
divestments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-362": { "value": "
In business combinations, identifiable assets and liabilities, and contingent liabilities, are recognized at
their fair values at the acquisition date.
Goodwill in a business combination represents the excess of the consideration paid over the net fair
value of the acquired identifiable assets, liabilities and contingent liabilities. If the cost of an acquisition
is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized
directly in the statement of income.
Determining the fair value of acquisitions and individual assets and liabilities included therein, requires
significant judgment of amongst others future cash flows expected to be generated.
The fair value of brands, customer relationships and know-how acquired in a business combination is
estimated using generally accepted valuation methods. These include the relief-from-royalty method,
the incremental cash flow method and the multi-period excess earnings method.
The fair value of property, plant and equipment acquired in a business combination is based on
estimated market values.
The fair value of inventories acquired in a business combination is determined based on estimated
selling prices in the ordinary course of business, less the estimated costs of completion and sale and a
reasonable profit margin, based on the effort required to complete and sell the inventories.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-361": { "value": "
In business combinations, identifiable assets and liabilities, and contingent liabilities, are recognized at
their fair values at the acquisition date.
Goodwill in a business combination represents the excess of the consideration paid over the net fair
value of the acquired identifiable assets, liabilities and contingent liabilities. If the cost of an acquisition
is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized
directly in the statement of income.
Determining the fair value of acquisitions and individual assets and liabilities included therein, requires
significant judgment of amongst others future cash flows expected to be generated.
The fair value of brands, customer relationships and know-how acquired in a business combination is
estimated using generally accepted valuation methods. These include the relief-from-royalty method,
the incremental cash flow method and the multi-period excess earnings method.
The fair value of property, plant and equipment acquired in a business combination is based on
estimated market values.
The fair value of inventories acquired in a business combination is determined based on estimated
selling prices in the ordinary course of business, less the estimated costs of completion and sale and a
reasonable profit margin, based on the effort required to complete and sell the inventories.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-363": { "value": "
Material subsidiaries
The Consolidated financial statements comprise the assets, liabilities, income and expenses of 227 legal
entities. We consider legal entities material when they represent, for at least two subsequent years, more
than 5% of either revenue, operating income or total assets. Material subsidiaries included in the table
below are fully owned at year-end 2024, except for Akzo Nobel India Limited (74.76% owned by
AkzoNobel). Refer to Note 17 Group equity for an overview of non-controlling interests.
Material subsidiaries related to continuing operations
Legal entity
Principal place of business
Akzo Nobel Coatings Inc.
US
Akzo Nobel India Limited
India
Imperial Chemical Industries Limited
UK
Akzo Nobel Decorative Coatings B.V.
The Netherlands
Akzo Nobel Coatings S.p.A.
Italy
Akzo Nobel Ltda
Brazil
Akzo Nobel Paints (Shanghai) Limited
China
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-364": { "value": "
Acquisitions
On August 1, 2023, AkzoNobel acquired 100% of the shares of Valspar Coatings Holding Co. Ltd., Hong
Kong (hereafter: \"the Huarun business\") for a final purchase price of \u20ac70 million (2023: \u20ac72 million). The
acquisition strengthens our position in China. It will allow us further market segmentation and reinforce our
position outside of the premium segment.
The final purchase price allocation as determined in 2024 resulted in \u20ac32 million of goodwill (2023: \u20ac32
million), non-deductible for tax purposes, \u20ac27 million of other intangible assets (2023: \u20ac28 million) and \u20ac42
million other fixed and current assets (2023: \u20ac42 million), excluding deferred taxes. Of the intangible assets,
\u20ac13 million relates to brands which have finite useful lives (2023: \u20ac13 million).
The goodwill is mainly attributable to synergies expected to be achieved from integrating the acquired
business into the group. The Huarun business has been integrated in business unit Decorative Paints
China and North Asia.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-365": { "value": "
Divestments
In 2024, no material divestments occurred. In 2023, no material divestments occurred either, other than
property divestments. Please refer to Note 3 Segment information for more details on the property
divestments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-366": { "value": "
Note 3: Segment information
Accounting policies
We determine and present operating segments based on the information that is provided to the
Executive Committee, our chief operating decision-maker during 2024, to make decisions about
resources to be allocated to the segments and assess their performance. Segment results reported
to the Executive Committee include items directly attributable to a segment, as well as those items
that can be allocated on a reasonable basis.
General
In presenting and discussing segmental operating results AkzoNobel uses two operational segments,
Decorative Paints and Performance Coatings. Items which are not allocated to either one of these
segments, mainly comprise of corporate assets and corporate costs and are reported in \u201cCorporate and
other\u201d.
Decorative Paints
We provide decorative paints to both the professional and the do-it-yourself markets. We supply a variety
of quality products for every situation and surface, including paints, lacquers and varnishes. We also offer a
range of mixing machines and color concepts for the building and renovation industry.
The business units in the operating segment Decorative Paints are set up regionally, as the paints business
is managed per region. Refer to Note 4 Revenue for a disaggregation of revenues per region.
Performance Coatings
We are a supplier of performance coatings that protect and enhance ships, cars, aircraft, yachts and
architectural components (structural steel, building products, flooring), consumer goods (mobile devices,
appliances, beverage cans, furniture) and oil and gas facilities. The business units in the operating segment
Performance Coatings are set up per product/end market as the segment is managed based on product/
end market combinations. Refer to Note 4 Revenue for a disaggregation of revenues per product/end
market.
The tables in this Note include Alternative Performance Measures (APMs). For further information, refer to
the section Alternative Performance Measures in this Note.
\"\"
Information per reportable segment
Revenue (third parties)
Organic sales growth*
Amortization and
depreciation
Operating income
Identified items
Adjusted operating
income
in \u20ac millions
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
Decorative Paints
4,300
4,301
2%
1%
(145)
(151)
500
405
\u2014
(80)
500
485
Performance Coatings
6,368
6,410
2%
2%
(170)
(183)
698
679
13
(56)
685
735
Corporate and other
\u2014
\u2014
(42)
(37)
(169)
(167)
(58)
(60)
(111)
(107)
Total
10,668
10,711
2%
2%
(357)
(371)
1,029
917
(45)
(196)
1,074
1,113
Information per reportable segment
Adjusted EBITDA
Adjusted EBITDA
margin %*
Invested capital
Total assets
Total liabilities
Capital expenditures
ROI%*
in \u20ac millions
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
Decorative Paints
645
635
15.0
14.8
3,650
3,850
5,835
5,770
1,604
1,302
99
87
13.3
12.4
Performance Coatings
854
913
13.4
14.2
3,641
3,679
6,294
6,224
2,213
2,156
165
197
18.4
19.5
Corporate and other
(70)
(70)
555
745
2,429
2,255
6,195
5,975
22
22
Total
1,429
1,478
13.4
13.8
7,846
8,274
14,558
14,249
10,012
9,433
286
306
13.0
13.3
* Organic sales growth, Adjusted EBITDA margin and ROI% for Corporate and other is not shown, as this is not meaningful.
Regional information
Revenue by region of destination
Intangible assets and property, plant and
equipment
Invested capital
Capital expenditures
in \u20ac millions
2023
2024
2023
2024
2023
2024
2023
2024
The Netherlands
315
329
1,210
1,201
1,984
1,783
34
39
Other EMEA countries
4,672
4,727
1,730
1,770
2,474
2,764
102
121
North Asia
1,720
1,668
1,165
1,184
993
1,030
36
34
South Asia Pacific
1,304
1,311
523
554
597
720
63
37
North America
1,379
1,363
631
687
775
962
29
55
Latin America
1,278
1,313
816
775
1,023
1,015
22
20
Total
10,668
10,711
6,075
6,171
7,846
8,274
286
306
\"\"
Alternative Performance Measures
In presenting and discussing AkzoNobel\u2019s (segmental) operating results, management uses certain
Alternative Performance Measures not defined by IFRS accounting standards, which exclude the so-called
identified items. ldentified items are special charges and benefits, results on acquisitions and divestments,
major restructuring and impairment charges, charges and benefits related to major legal, environmental
and tax cases, and hyperinflation accounting adjustments for inventory positions that exceed normal
operational levels.
As of 2024, identified items include hyperinflation accounting adjustments for inventory positions that
exceed normal operational levels. Excluding these removes the excessive shifts between financing income
and operating income and as such provides a clearer view of business performance in hyperinflationary
environments. Prior period figures have not been restated, as the impact was immaterial.
These Alternative Performance Measures should not be viewed in isolation as alternatives to the equivalent
IFRS measures and should be used as supplementary information in conjunction with the most directly
comparable IFRS measures. Alternative Performance Measures do not have a standardized meaning under
IFRS accounting standards and therefore may not be comparable to similar measures presented by other
companies. Where a non-financial measure is used to calculate an operational or statistical ratio, this ratio
is also considered an Alternative Performance Measure.
A reconciliation of the Alternative Performance Measures to the most directly comparable IFRS measures
can be found in the tables in the remainder of this Note, for those Alternative Performance Measures which
are used to assess segment performance.
Alternative Performance Measures related to overall AkzoNobel performance have been included in the
respective notes to the most directly comparable IFRS measures:
\u2022 Adjusted earnings per share, Note 9 Earnings per share
\u2022 Free cash flow, Note 22 Cash flow
\u2022 Leverage ratio and net debt, Note 26 Financial risk management
Adjusted EBITDA and Adjusted operating income
Adjusted EBITDA is operating income excluding depreciation, amortization and identified items. Adjusted
operating income is operating income excluding identified items. The measures are used to evaluate the
performance of the company and its segments. By excluding identified items, the comparability of the
operational results increases and financial performance can be evaluated more effectively. Management
sees adjusted EBITDA and adjusted operating income as appropriate measures for (segment)
performance.
2023
2024
Decorative
Paints
Perf.
Coatings
Other
activities
Total
in \u20ac millions
Decorative
Paints
Perf.
Coatings
Other
activities
Total
500
698
(169)
1,029
Operating income
405
679
(167)
917
(20)
(30)
(30)
(80)
Restructuring-related costs
(51)
(48)
(45)
(144)
21
49
(27)
43
Acquisition/divestment-related
results
(12)
(2)
(9)
(23)
\u2014
\u2014
\u2014
\u2014
Hyperinflation
(15)
(4)
\u2014
(19)
(1)
(6)
(1)
(8)
Other
(2)
(2)
(6)
(10)
\u2014
13
(58)
(45)
Total identified items
(80)
(56)
(60)
(196)
500
685
(111)
1,074
Adjusted operating income
485
735
(107)
1,113
(145)
(169)
(41)
(355)
Depreciation and amortization*
(150)
(178)
(37)
(365)
645
854
(70)
1,429
Adjusted EBITDA
635
913
(70)
1,478
* Excluding identified items.
Restructuring-related costs
Restructuring-related costs primarily relate to costs for accruals for certain employee benefits and for other
costs which are directly associated with plans to exit or cease specific activities, closing down of facilities
and right-sizing the organization.
In 2024, the restructuring-related costs primarily included costs for the industrial excellence and profitable
growth plan programs, whereas in 2023, the costs included various restructuring programs.
Acquisition/divestment-related results
Acquisition/divestment-related results include all results on acquisitions and divestments of businesses,
costs directly related to such acquisitions and divestments, and post-merger integration costs. It also
includes results of divestments not being part of a business divestment when certain materiality thresholds
are met.
\"\"
In 2024, these costs mainly relate to post-merger integration costs for Huarun and Grupo Orbis, whereas
in 2023 they primarily related to the gains on the divestment of the Offenbach site in Germany and the
Bangkok site in Thailand.
Hyperinflation
Hyperinflation relates to the hyperinflation accounting impact of inventory positions that exceed normal
operational levels. This adjustment is included as from 2024. Prior period figures have not been restated,
as the impact for prior periods was immaterial.
Adjusted EBITDA margin
Adjusted EBITDA margin is an operational profit margin. Adjusted EBITDA margin is adjusted EBITDA as a
percentage of revenue. The measure provides a clear picture of (the development of) profitability.
Adjusted EBITDA margin
in \u20ac millions
2023
2024
Revenue from third parties
Decorative Paints
4,300
4,301
Performance Coatings
6,368
6,410
Corporate and other
\u2014
\u2014
Total
10,668
10,711
Adjusted EBITDA
Decorative Paints
645
635
Performance Coatings
854
913
Corporate and other
(70)
(70)
Total
1,429
1,478
Adjusted EBITDA margin%
Decorative Paints
15.0
14.8
Performance Coatings
13.4
14.2
Corporate and other*
Total
13.4
13.8
* Adjusted EBITDA margin for Corporate and other is not shown, as this is not meaningful.
(Average) invested capital and Return on Investment (ROI)
Average invested capital is the average of the quarter-end invested capital balances for the last four
quarters. Invested capital is total assets (excluding cash and cash equivalents, short-term investments,
investments in associates, pension assets, and assets held for sale) less current tax liabilities, deferred tax
liabilities, and trade and other payables.
ROI is adjusted operating income of the last 12 months as a percentage of average invested capital.
Management uses ROI to assess the efficiency of investments and make informed decisions on how to
allocate capital to maximize returns and drive long-term growth.
ROI%
in \u20ac millions
2023
2024
Average invested capital
Decorative Paints
3,755
3,921
Performance Coatings
3,725
3,773
Corporate and other
753
656
Total
8,233
8,350
Adjusted operating income
Decorative Paints
500
485
Performance Coatings
685
735
Corporate and other
(111)
(107)
Total
1,074
1,113
ROI%
Decorative Paints
13.3
12.4
Performance Coatings
18.4
19.5
Corporate and other*
Total
13.0
13.3
* ROI% for Corporate and other is not shown, as this is not meaningful.
\"\"
Invested capital
2023
2024
in \u20ac millions
Note
Decorative Paints
Performance
Coatings
Corporate and
Other
Total
Decorative Paints
Performance
Coatings
Corporate and
Other
Total
Intangible assets
2,465
1,511
105
4,081
2,445
1,514
90
4,049
Property, plant and equipment
828
1,133
33
1,994
819
1,270
33
2,122
Right-of-use assets
159
85
58
302
169
87
62
318
Deferred tax assets
96
115
301
512
71
98
253
422
Financial non-current assets (excluding pension assets)
34
174
184
392
43
141
161
345
Working capital*
314
672
136
1,122
544
616
349
1,509
Deferred tax liabilities
(246)
(49)
(262)
(557)
(241)
(47)
(203)
(491)
Invested capital
3,650
3,641
555
7,846
3,850
3,679
745
8,274
* (Working capital contains inventories, trade and other receivables, trade and other payables, current tax assets and current tax liabilities.
Organic sales development
Organic sales development excludes the impact of changes in consolidation, the impact of changes in
foreign exchange rates and the impact of hyperinflation accounting. The impact of changes in foreign
exchange rates is calculated by retranslating the prior year local currency amounts into euros at the current
year\u2019s foreign exchange rates. Organic sales development provides a better understanding of underlying
revenue growth factors. The table below provides a reconciliation between organic sales development and
revenue development.
Organic sales development 2024
in % versus 2023
Volume
Price/mix
Organic
sales
Acq./div
FX
Other
Revenue
Decorative Paints
\u2014%
1%
1%
1%
(1)%
(1)%
\u2014%
Performance Coatings
2%
\u2014%
2%
\u2014%
(1)%
\u2014%
1%
Total
1%
1%
2%
\u2014%
(1)%
(1)%
\u2014%
Organic sales development 2023
in % versus 2022
Volume
Price/mix
Organic
sales
Acq./div
FX
Other
Revenue
Decorative Paints
\u2014%
4%
4%
2%
(7)%
\u2014%
(1)%
Performance Coatings
\u2014%
4%
4%
1%
(6)%
(1)%
(2)%
Total
\u2014%
4%
4%
2%
(7)%
(1)%
(2)%
Capital expenditures
Capital expenditures is the total of investments in property, plant and equipment and investments in
intangible assets. Reporting on capital expenditures gives insight into the investment in long-term assets.
Capital expenditures
2023
2024
in \u20ac millions
Investments
in PP&E
Investments
in Intangible
assets
Capital
expenditures
Investments
in PP&E
Investments
in Intangible
assets
Capital
expenditures
Decorative Paints
97
\u2014
97
87
\u2014
87
Performance Coatings
163
3
166
190
7
197
Corporate and other
5
18
23
5
17
22
Total
265
21
286
282
24
306
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-367": { "value": "
We determine and present operating segments based on the information that is provided to the
Executive Committee, our chief operating decision-maker during 2024, to make decisions about
resources to be allocated to the segments and assess their performance. Segment results reported
to the Executive Committee include items directly attributable to a segment, as well as those items
that can be allocated on a reasonable basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-369": { "value": "
Note 4: Revenue
Accounting policies
Sale of goods
AkzoNobel's main business consists of straightforward selling of goods (paints and coatings) to
customers at contractually determined prices and conditions without any additional services. Although
the transfer of risks and rewards is not the only criterion to be considered to determine whether
control over the goods has transferred, it is in most situations considered to be the main indicator of
the customer's ability to direct the use of, and obtain the benefits from the asset, and largely also
coincides with the physical transfer of the goods and the obligation of the customer to pay.
Variable considerations, including among others rebates, bonuses, discounts and payments to
customers, are accrued for as performance obligations are satisfied and revenue is recognized.
Variable considerations are only recognized when it is highly probable that these are not subject to
significant reversal.
In case of expected returns, revenue is not recognized for such products. Instead, we record a liability
for the refund and an asset for the products that will be returned. A provision for warranties is
recognized when the underlying products or services are sold, generally based on historical warranty
data. Revenue is recognized net of rebates, discounts and similar allowances, and net of sales tax.
Equipment provided to customers
AkzoNobel regularly provides mixing machines, store interior and other assets to its customers at the
start of a paints or coatings delivery contract. The delivery of such assets qualifies as a separate
performance obligation. Revenue can only be recognized at the moment of transfer of such assets,
when there is an agreed sales price or when there is a binding take-or-pay commitment for a minimum
quantity of paints or coatings to be purchased by the customer.
Services
AkzoNobel provides certain training, technical and/or support services to customers, as well as
shipping and handling activities for its customers. Service revenue is recognized over time when the
related services are being provided. When not separately invoiced, part of the sales price of paints or
coatings is allocated to such services.
General
The major product lines and geographical regions are as disclosed in the table in this Note.
For the receivables, which are included in Trade and other receivables, reference is made to Note 16 Trade
and other receivables.
As at December 31, 2024, and at December 31, 2023, no significant contract assets were recognized.
As at December 31, 2024, the amount of contract liabilities deferred to be recognized over time in 2025
was \u20ac4 million (2023: \u20ac4 million). These contract liabilities primarily relate to shipping, training and certain
technical services, for which revenue is recognized over time. The amount of \u20ac4 million included in contract
liabilities at the beginning of the period has been recognized as revenue during the year 2024 (2023: \u20ac4
million).
\"\"
Revenue disaggregation
Decorative Paints
Performance Coatings
Total
in \u20ac millions
2023
2024
2023
2024
2023
2024
Primary geographical markets - revenue from third parties
The Netherlands
214
222
101
107
315
329
Other EMEA countries
2,199
2,240
2,473
2,487
4,672
4,727
North Asia
543
459
1,177
1,209
1,720
1,668
South Asia Pacific
564
555
740
756
1,304
1,311
North America
\u2014
\u2014
1,379
1,363
1,379
1,363
Latin America
780
825
498
488
1,278
1,313
Total
4,300
4,301
6,368
6,410
10,668
10,711
Major goods/service lines - revenue from third parties
Decorative Paints Europe, Middle East and Africa
2,413
2,462
\u2014
\u2014
2,413
2,462
Decorative Paints Latin America
780
825
\u2014
\u2014
780
825
Decorative Paints China and North Asia
543
459
\u2014
\u2014
543
459
Decorative Paints South East and South Asia
564
555
\u2014
\u2014
564
555
Powder Coatings
\u2014
\u2014
1,377
1,365
1,377
1,365
Marine and Protective Coatings
\u2014
\u2014
1,482
1,575
1,482
1,575
Automotive and Specialty Coatings
\u2014
\u2014
1,422
1,434
1,422
1,434
Industrial Coatings
\u2014
\u2014
2,087
2,036
2,087
2,036
Corporate and other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
4,300
4,301
6,368
6,410
10,668
10,711
Timing of revenue recognition - revenue from third parties
Goods transferred at a point in time
4,220
4,237
6,169
6,196
10,389
10,433
Services transferred over time
80
64
199
214
279
278
Total
4,300
4,301
6,368
6,410
10,668
10,711
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-368": { "value": "
Note 4: Revenue
Accounting policies
Sale of goods
AkzoNobel's main business consists of straightforward selling of goods (paints and coatings) to
customers at contractually determined prices and conditions without any additional services. Although
the transfer of risks and rewards is not the only criterion to be considered to determine whether
control over the goods has transferred, it is in most situations considered to be the main indicator of
the customer's ability to direct the use of, and obtain the benefits from the asset, and largely also
coincides with the physical transfer of the goods and the obligation of the customer to pay.
Variable considerations, including among others rebates, bonuses, discounts and payments to
customers, are accrued for as performance obligations are satisfied and revenue is recognized.
Variable considerations are only recognized when it is highly probable that these are not subject to
significant reversal.
In case of expected returns, revenue is not recognized for such products. Instead, we record a liability
for the refund and an asset for the products that will be returned. A provision for warranties is
recognized when the underlying products or services are sold, generally based on historical warranty
data. Revenue is recognized net of rebates, discounts and similar allowances, and net of sales tax.
Equipment provided to customers
AkzoNobel regularly provides mixing machines, store interior and other assets to its customers at the
start of a paints or coatings delivery contract. The delivery of such assets qualifies as a separate
performance obligation. Revenue can only be recognized at the moment of transfer of such assets,
when there is an agreed sales price or when there is a binding take-or-pay commitment for a minimum
quantity of paints or coatings to be purchased by the customer.
Services
AkzoNobel provides certain training, technical and/or support services to customers, as well as
shipping and handling activities for its customers. Service revenue is recognized over time when the
related services are being provided. When not separately invoiced, part of the sales price of paints or
coatings is allocated to such services.
General
The major product lines and geographical regions are as disclosed in the table in this Note.
For the receivables, which are included in Trade and other receivables, reference is made to Note 16 Trade
and other receivables.
As at December 31, 2024, and at December 31, 2023, no significant contract assets were recognized.
As at December 31, 2024, the amount of contract liabilities deferred to be recognized over time in 2025
was \u20ac4 million (2023: \u20ac4 million). These contract liabilities primarily relate to shipping, training and certain
technical services, for which revenue is recognized over time. The amount of \u20ac4 million included in contract
liabilities at the beginning of the period has been recognized as revenue during the year 2024 (2023: \u20ac4
million).
\"\"
Revenue disaggregation
Decorative Paints
Performance Coatings
Total
in \u20ac millions
2023
2024
2023
2024
2023
2024
Primary geographical markets - revenue from third parties
The Netherlands
214
222
101
107
315
329
Other EMEA countries
2,199
2,240
2,473
2,487
4,672
4,727
North Asia
543
459
1,177
1,209
1,720
1,668
South Asia Pacific
564
555
740
756
1,304
1,311
North America
\u2014
\u2014
1,379
1,363
1,379
1,363
Latin America
780
825
498
488
1,278
1,313
Total
4,300
4,301
6,368
6,410
10,668
10,711
Major goods/service lines - revenue from third parties
Decorative Paints Europe, Middle East and Africa
2,413
2,462
\u2014
\u2014
2,413
2,462
Decorative Paints Latin America
780
825
\u2014
\u2014
780
825
Decorative Paints China and North Asia
543
459
\u2014
\u2014
543
459
Decorative Paints South East and South Asia
564
555
\u2014
\u2014
564
555
Powder Coatings
\u2014
\u2014
1,377
1,365
1,377
1,365
Marine and Protective Coatings
\u2014
\u2014
1,482
1,575
1,482
1,575
Automotive and Specialty Coatings
\u2014
\u2014
1,422
1,434
1,422
1,434
Industrial Coatings
\u2014
\u2014
2,087
2,036
2,087
2,036
Corporate and other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
4,300
4,301
6,368
6,410
10,668
10,711
Timing of revenue recognition - revenue from third parties
Goods transferred at a point in time
4,220
4,237
6,169
6,196
10,389
10,433
Services transferred over time
80
64
199
214
279
278
Total
4,300
4,301
6,368
6,410
10,668
10,711
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-370": { "value": "
Sale of goods
AkzoNobel's main business consists of straightforward selling of goods (paints and coatings) to
customers at contractually determined prices and conditions without any additional services. Although
the transfer of risks and rewards is not the only criterion to be considered to determine whether
control over the goods has transferred, it is in most situations considered to be the main indicator of
the customer's ability to direct the use of, and obtain the benefits from the asset, and largely also
coincides with the physical transfer of the goods and the obligation of the customer to pay.
Variable considerations, including among others rebates, bonuses, discounts and payments to
customers, are accrued for as performance obligations are satisfied and revenue is recognized.
Variable considerations are only recognized when it is highly probable that these are not subject to
significant reversal.
In case of expected returns, revenue is not recognized for such products. Instead, we record a liability
for the refund and an asset for the products that will be returned. A provision for warranties is
recognized when the underlying products or services are sold, generally based on historical warranty
data. Revenue is recognized net of rebates, discounts and similar allowances, and net of sales tax.
Equipment provided to customers
AkzoNobel regularly provides mixing machines, store interior and other assets to its customers at the
start of a paints or coatings delivery contract. The delivery of such assets qualifies as a separate
performance obligation. Revenue can only be recognized at the moment of transfer of such assets,
when there is an agreed sales price or when there is a binding take-or-pay commitment for a minimum
quantity of paints or coatings to be purchased by the customer.
Services
AkzoNobel provides certain training, technical and/or support services to customers, as well as
shipping and handling activities for its customers. Service revenue is recognized over time when the
related services are being provided. When not separately invoiced, part of the sales price of paints or
coatings is allocated to such services.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-371": { "value": "
Variable considerations, including among others rebates, bonuses, discounts and payments to
customers, are accrued for as performance obligations are satisfied and revenue is recognized.
Variable considerations are only recognized when it is highly probable that these are not subject to
significant reversal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-372": { "value": "
Note 5: Operating income
Accounting policies
Operating income is the income generated from our core business activities, before financing
income and expenses, results from associates and income tax. Operating income includes identified
items.
Cost of sales
Cost of sales comprises the costs of purchase, conversion and other costs incurred to bring the
products sold into the condition and location to be ready for sale. This includes the cost of raw
materials, labor, warehousing of raw materials, production overhead and changes in inventory
provisions for raw materials and semi-finished goods.
Selling and distribution expenses \u00a0 \u00a0 \u00a0 \u00a0
Selling and distribution expenses comprise the costs associated with promoting and selling
products or services, as well as delivering them to customers. These costs include sales, marketing,
distribution, warehousing of finished goods, supply chain management costs and changes in
inventory provisions related to finished goods.
General and administrative expenses
General and administrative expenses include costs for support functions and other general and
administrative expenses.
Research and development expenses
Research and development expenses include costs incurred in the process of developing new
products, or improving existing products. Development costs are capitalized as an internally
generated intangible asset, if it is probable that sufficient future economic benefits will be generated
by the development.
Other results
Other results include items not considered to be normal operational items (from ordinary activities); it
includes gains and losses that cannot be reported in any of the categories above, amongst others
impairment of goodwill and results on certain divestments.
Development of operating income
Operating income at \u20ac917 million (2023: \u20ac1,029 million) was impacted by \u20ac196 million negative identified
items, mainly related to restructuring related costs (2023: \u20ac45 million negative, which also included gains
from property divestments). Excluding these items, gross margin expansion more than offset operating
cost inflation.
Refer to Note 3, section Alternative Performance Measures, for more details on restructuring related costs
and acquisitions/divestments.
Costs by nature 2024
in \u20ac millions
Employee
benefits
Amortization
Depreciation
Purchases
and
other costs
Total
Cost of sales
(583)
(1)
(166)
(5,624)
(6,374)
Selling and distribution expenses
(1,078)
(51)
(94)
(1,240)
(2,463)
General and administrative expenses
(293)
(21)
(18)
(323)
(655)
Research and development expenses
(209)
(5)
(15)
(67)
(296)
Other results
\u2014
\u2014
\u2014
(6)
(6)
Total
(2,163)
(78)
(293)
(7,260)
(9,794)
Costs by nature 2023
in \u20ac millions
Employee
benefits
Amortization
Depreciation
Purchases
and
other costs
Total
Cost of sales
(550)
(1)
(150)
(5,733)
(6,434)
Selling and distribution expenses
(991)
(52)
(94)
(1,210)
(2,347)
General and administrative expenses
(279)
(22)
(19)
(328)
(648)
Research and development expenses
(186)
(5)
(14)
(65)
(270)
Other results
(2)
\u2014
\u2014
62
60
Total
(2,008)
(80)
(277)
(7,274)
(9,639)
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-373": { "value": "
Cost of sales
Cost of sales comprises the costs of purchase, conversion and other costs incurred to bring the
products sold into the condition and location to be ready for sale. This includes the cost of raw
materials, labor, warehousing of raw materials, production overhead and changes in inventory
provisions for raw materials and semi-finished goods.
Selling and distribution expenses \u00a0 \u00a0 \u00a0 \u00a0
Selling and distribution expenses comprise the costs associated with promoting and selling
products or services, as well as delivering them to customers. These costs include sales, marketing,
distribution, warehousing of finished goods, supply chain management costs and changes in
inventory provisions related to finished goods.
General and administrative expenses
General and administrative expenses include costs for support functions and other general and
administrative expenses.
Research and development expenses
Research and development expenses include costs incurred in the process of developing new
products, or improving existing products. Development costs are capitalized as an internally
generated intangible asset, if it is probable that sufficient future economic benefits will be generated
by the development.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-374": { "value": "
General and administrative expenses
General and administrative expenses include costs for support functions and other general and
administrative expenses.
Costs by nature 2024
in \u20ac millions
Employee
benefits
Amortization
Depreciation
Purchases
and
other costs
Total
Cost of sales
(583)
(1)
(166)
(5,624)
(6,374)
Selling and distribution expenses
(1,078)
(51)
(94)
(1,240)
(2,463)
General and administrative expenses
(293)
(21)
(18)
(323)
(655)
Research and development expenses
(209)
(5)
(15)
(67)
(296)
Other results
\u2014
\u2014
\u2014
(6)
(6)
Total
(2,163)
(78)
(293)
(7,260)
(9,794)
Costs by nature 2023
in \u20ac millions
Employee
benefits
Amortization
Depreciation
Purchases
and
other costs
Total
Cost of sales
(550)
(1)
(150)
(5,733)
(6,434)
Selling and distribution expenses
(991)
(52)
(94)
(1,210)
(2,347)
General and administrative expenses
(279)
(22)
(19)
(328)
(648)
Research and development expenses
(186)
(5)
(14)
(65)
(270)
Other results
(2)
\u2014
\u2014
62
60
Total
(2,008)
(80)
(277)
(7,274)
(9,639)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-375": { "value": "
Research and development expenses
Research and development expenses include costs incurred in the process of developing new
products, or improving existing products. Development costs are capitalized as an internally
generated intangible asset, if it is probable that sufficient future economic benefits will be generated
by the development.
Costs by nature 2024
in \u20ac millions
Employee
benefits
Amortization
Depreciation
Purchases
and
other costs
Total
Cost of sales
(583)
(1)
(166)
(5,624)
(6,374)
Selling and distribution expenses
(1,078)
(51)
(94)
(1,240)
(2,463)
General and administrative expenses
(293)
(21)
(18)
(323)
(655)
Research and development expenses
(209)
(5)
(15)
(67)
(296)
Other results
\u2014
\u2014
\u2014
(6)
(6)
Total
(2,163)
(78)
(293)
(7,260)
(9,794)
Costs by nature 2023
in \u20ac millions
Employee
benefits
Amortization
Depreciation
Purchases
and
other costs
Total
Cost of sales
(550)
(1)
(150)
(5,733)
(6,434)
Selling and distribution expenses
(991)
(52)
(94)
(1,210)
(2,347)
General and administrative expenses
(279)
(22)
(19)
(328)
(648)
Research and development expenses
(186)
(5)
(14)
(65)
(270)
Other results
(2)
\u2014
\u2014
62
60
Total
(2,008)
(80)
(277)
(7,274)
(9,639)
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-379": { "value": "
Costs by nature 2024
in \u20ac millions
Employee
benefits
Amortization
Depreciation
Purchases
and
other costs
Total
Cost of sales
(583)
(1)
(166)
(5,624)
(6,374)
Selling and distribution expenses
(1,078)
(51)
(94)
(1,240)
(2,463)
General and administrative expenses
(293)
(21)
(18)
(323)
(655)
Research and development expenses
(209)
(5)
(15)
(67)
(296)
Other results
\u2014
\u2014
\u2014
(6)
(6)
Total
(2,163)
(78)
(293)
(7,260)
(9,794)
Costs by nature 2023
in \u20ac millions
Employee
benefits
Amortization
Depreciation
Purchases
and
other costs
Total
Cost of sales
(550)
(1)
(150)
(5,733)
(6,434)
Selling and distribution expenses
(991)
(52)
(94)
(1,210)
(2,347)
General and administrative expenses
(279)
(22)
(19)
(328)
(648)
Research and development expenses
(186)
(5)
(14)
(65)
(270)
Other results
(2)
\u2014
\u2014
62
60
Total
(2,008)
(80)
(277)
(7,274)
(9,639)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-378": { "value": "
Costs by nature 2024
in \u20ac millions
Employee
benefits
Amortization
Depreciation
Purchases
and
other costs
Total
Cost of sales
(583)
(1)
(166)
(5,624)
(6,374)
Selling and distribution expenses
(1,078)
(51)
(94)
(1,240)
(2,463)
General and administrative expenses
(293)
(21)
(18)
(323)
(655)
Research and development expenses
(209)
(5)
(15)
(67)
(296)
Other results
\u2014
\u2014
\u2014
(6)
(6)
Total
(2,163)
(78)
(293)
(7,260)
(9,794)
Costs by nature 2023
in \u20ac millions
Employee
benefits
Amortization
Depreciation
Purchases
and
other costs
Total
Cost of sales
(550)
(1)
(150)
(5,733)
(6,434)
Selling and distribution expenses
(991)
(52)
(94)
(1,210)
(2,347)
General and administrative expenses
(279)
(22)
(19)
(328)
(648)
Research and development expenses
(186)
(5)
(14)
(65)
(270)
Other results
(2)
\u2014
\u2014
62
60
Total
(2,008)
(80)
(277)
(7,274)
(9,639)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-377": { "value": "
Costs by nature 2024
in \u20ac millions
Employee
benefits
Amortization
Depreciation
Purchases
and
other costs
Total
Cost of sales
(583)
(1)
(166)
(5,624)
(6,374)
Selling and distribution expenses
(1,078)
(51)
(94)
(1,240)
(2,463)
General and administrative expenses
(293)
(21)
(18)
(323)
(655)
Research and development expenses
(209)
(5)
(15)
(67)
(296)
Other results
\u2014
\u2014
\u2014
(6)
(6)
Total
(2,163)
(78)
(293)
(7,260)
(9,794)
Costs by nature 2023
in \u20ac millions
Employee
benefits
Amortization
Depreciation
Purchases
and
other costs
Total
Cost of sales
(550)
(1)
(150)
(5,733)
(6,434)
Selling and distribution expenses
(991)
(52)
(94)
(1,210)
(2,347)
General and administrative expenses
(279)
(22)
(19)
(328)
(648)
Research and development expenses
(186)
(5)
(14)
(65)
(270)
Other results
(2)
\u2014
\u2014
62
60
Total
(2,008)
(80)
(277)
(7,274)
(9,639)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-376": { "value": "
Costs by nature 2024
in \u20ac millions
Employee
benefits
Amortization
Depreciation
Purchases
and
other costs
Total
Cost of sales
(583)
(1)
(166)
(5,624)
(6,374)
Selling and distribution expenses
(1,078)
(51)
(94)
(1,240)
(2,463)
General and administrative expenses
(293)
(21)
(18)
(323)
(655)
Research and development expenses
(209)
(5)
(15)
(67)
(296)
Other results
\u2014
\u2014
\u2014
(6)
(6)
Total
(2,163)
(78)
(293)
(7,260)
(9,794)
Costs by nature 2023
in \u20ac millions
Employee
benefits
Amortization
Depreciation
Purchases
and
other costs
Total
Cost of sales
(550)
(1)
(150)
(5,733)
(6,434)
Selling and distribution expenses
(991)
(52)
(94)
(1,210)
(2,347)
General and administrative expenses
(279)
(22)
(19)
(328)
(648)
Research and development expenses
(186)
(5)
(14)
(65)
(270)
Other results
(2)
\u2014
\u2014
62
60
Total
(2,008)
(80)
(277)
(7,274)
(9,639)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-380": { "value": "
Note 6: Employee benefits
Accounting policies
Salaries and wages are recognized in the statement of profit and loss in the period when an
employee has rendered services to AkzoNobel.
The accounting policies for post-retirement costs are described in Note 18 Post-retirement benefit
provisions.
AkzoNobel has a performance-related and a restricted share plan, as well as a share-matching plan,
under which equity-settled shares are granted to certain employees. The fair value is measured at
grant date and amortized over the three-year period during which the employees normally become
unconditionally entitled to the shares with a corresponding increase in shareholders' equity.
Amortization is accelerated in the event of earlier vesting or settlement.
Salaries, wages and other employee benefits
Salaries and wages increased in 2024, mainly due to wage bill inflation and an increase in severance costs.
Salaries, wages and other employee benefits in operating income
in \u20ac millions
2023
2024
Salaries and wages
(1,573)
(1,702)
Post-retirement cost
(138)
(145)
Other social charges
(297)
(316)
Total
(2,008)
(2,163)
Share-based compensation
Share-based compensation relates to the equity-settled performance-related share plan and the restricted
share plans, as well as the share-matching plan. Charges recognized in the 2024 statement of income for
share-based compensation amounted to \u20ac23 million and are included in salaries and wages (2023: \u20ac18
million).
Performance-related and restricted share plans
Under the performance-related share plan and the restricted share plans, a number of conditional shares
are granted to the members of the Board of Management, members of the Executive Committee,
executives and certain other employee categories each year. The number of participants of the
performance-related share plan and the restricted share plans at year-end 2024 was 694 (2023: 666). The
shares of the performance-related and restricted share plan series 2021-2023 have vested and were
delivered to the participants in 2024.
The performance targets for the conditional grant of performance-related shares of the Board of
Management and the Executive Committee (series 2022-2024 and 2023-2025) are linked to revenue
growth (20%), adjusted EBITDA (40%), ROI ( 20%), and Environmental, Social and Governance (ESG) KPIs
(20%). The performance targets for the conditional grant of performance-related shares of the Board of
Management, the Executive Committee, and the executives (series 2024-2026), are linked to adjusted
EBITDA (33%), ROI ( 33%), and Environmental, Social and Governance (ESG) KPIs (34%). For the Board of
Management and the Executive Committee, a\u00a0two-year holding restriction after vesting applies. The
executives have no holding restriction.
The plans for the executives (series 2022-2024 and 2023-2025) and certain non-executive employee
categories are restricted share plans without any performance conditions, whereby the conditional grant of
shares will vest upon the condition that they remain in service with the company during the three-year
vesting period. A one-year holding restriction after vesting applies for the executives.
The conditional shares of the 2022-2024 performance share plan for the AkzoNobel participants vested for
112.35% (series 2021-2023: 12.30%), including dividend shares of 8.76% (series 2021-2023: 7.42%), the
final vesting percentage amounted to 122.19% (series 2021-2023: 13.21%).
The share price of a common AkzoNobel share at year end 2024 amounted to \u20ac57.96 (2023: \u20ac74.82).
\"\"
Fair value of performance-related and restricted shares
The fair value of the performance shares of the 2024-2026 grant to executives, amounting to \u20ac63.75, is
based on the opening share price on April 2, 2024, of \u20ac69.52 and the expected dividend yield of 2.85%.
The fair value of the restricted shares of the 2024-2026 grant to non-executives, amounting to \u20ac50.87, is
based on the opening share price on July 1, 2024, of \u20ac56.60 and the expected dividend yield of 3.50%.
The fair value of the performance-related 2024-2026 grant for the Board of Management and the Executive
Committee, based on the opening share price on April 25, 2024, amounts to \u20ac62.80.
Fair value performance-related shares in \u20ac
Series
Opening share price per:
Fair Value5
Share price
Dividend yield
2021 - 2023
April 22, 20211
103.20
103.20
NA
2022 - 2024
February 23, 2022
88.28
88.28
NA
2022 - 2024
October 3, 20222
57.70
57.70
NA
2023 - 2025
February 23, 2023
69.26
69.26
NA
2023 - 2025
July 3, 20233
74.78
74.78
NA
2023 - 2025
January 2, 20243
74.82
74.82
NA
2024 - 2026
April 2, 2024
63.75
69.52
2.85%
2024 - 2026
April 25, 20244
62.80
62.80
NA
1\u00a0 Date of the AGM at which the new LTI performance criteria for the Board of Management were approved.
2\u00a0 Date on which Mr. Poux-Guillaume started working for AkzoNobel.
3\u00a0 Dates on which the member of the executive committee started working for AkzoNobel.
4\u00a0 Date of the AGM at which the new LTI performance criteria for the Board of Management were approved.
5\u00a0 No market conditions, hence the fair value is equal to share price taking into account dividend yield, if applicable.
Share-matching plan
The members of the Board of Management and the members of the Executive Committee are eligible to
participate in the share-matching plan. Under certain conditions, members who invest part of their short-
term incentive payment in AkzoNobel shares may have such shares matched by the company one-on-one.
During 2024, no potential matching shares were matched as the members of the Board of Management
and the members of the Executive Committee were not eligible for matching shares on the 2021 series. In
2024, the members of the Board of Management and the members of the Executive Committee invested
part of their 2023 short-term incentive in AkzoNobel shares, leading to 15,816 potential matching shares.
The total number of matching shares outstanding per December 31, 2024, is 19,329. For an overview of
the matching shares outstanding for the members of the Board of Management per December 31, 2024,
we refer to the Remuneration report.
Fair value of matching shares
The fair value of the matching shares of \u20ac61.59 was based on the opening share price on the investment
date of April\u00a023, 2023, being \u20ac67.36, discounted for expected dividends over the vesting period (dividend
yield: 2.94%).
\"\"
Share plans of AkzoNobel employees
Share plan
Performance/
Vesting
period
Award
date
Vesting
date
End of
holding
period
Balance at
January 1,
2024
Awarded
in 2024
Vested in
2024
Forfeited
in 2024
Dividend in
2024
Subject to
performance
condition
Unvested
in 2024
Subject to
holding
period
Balance at
December
31, 2024
2021 \u2013 2023 Restricted Share Plan E*
3 years
1/4/2021
1/4/2024
1/4/2025
130,855
\u2014
(130,707)
(148)
\u2014
NA
\u2014
130,707
\u2014
2021 \u2013 2023 Performance Share Plan
3 years
1/1/2021
1/1/2024
1/1/2026
8,663
\u2014
(8,663)
\u2014
\u2014
\u2014
\u2014
8,663
\u2014
2021 \u2013 2023 Restricted Share Plan NE*
3 years
1/4/2021
1/4/2024
NA
24,020
\u2014
(23,240)
(780)
\u2014
NA
\u2014
\u2014
\u2014
2022 \u2013 2024 Restricted Share Plan E*
3 years
1/4/2022
1/4/2025
1/4/2026
143,425
173
(11,530)
(8,902)
\u2014
NA
123,166
123,166
123,166
2022 \u2013 2024 Performance Share Plan
3 years
1/1/2022
1/1/2025
1/1/2027
62,047
7,906
\u2014
\u2014
1,986
71,939
71,939
71,939
71,939
2022 \u2013 2024 Restricted Share Plan NE*
3 years
1/4/2022
1/4/2025
NA
44,217
\u2014
(696)
(2,765)
\u2014
NA
40,756
\u2014
40,756
2023 \u2013 2025 Restricted Share Plan E*
3 years
1/4/2023
1/4/2026
1/4/2027
225,745
173
(8,284)
(25,476)
\u2014
NA
192,158
192,158
192,158
2023 \u2013 2025 Performance Share Plan
3 years
1/1/2023
1/1/2026
1/1/2028
104,795
8,196
\u2014
\u2014
3,850
116,841
116,841
116,841
116,841
2023 \u2013 2025 Restricted Share Plan NE*
3 years
1/4/2023
1/4/2026
NA
63,025
\u2014
(320)
(4,135)
\u2014
NA
58,570
\u2014
58,570
2024 \u2013 2026 Performance Share Plan E*
3 years
2/4/2024
2/4/2027
NA
\u2014
203,647
(410)
(21,838)
\u2014
181,399
181,399
\u2014
181,399
2024 \u2013 2026 Performance Share Plan
3 years
1/1/2024
1/1/2027
1/1/2029
\u2014
114,401
\u2014
\u2014
3,661
118,062
118,062
118,062
118,062
2024 \u2013 2026 Restricted Share Plan NE*
3 years
2/4/2024
2/4/2027
NA
\u2014
43,760
\u2014
(540)
\u2014
NA
43,220
\u2014
43,220
Total
806,792
378,256
(183,850)
(64,584)
9,497
488,241
946,111
761,536
946,111
* E means executive plan; NE means non-executive plan.
\"\"
Number of employees
Average number of employees during the year total AkzoNobel
In FTEs
2023
2024
Decorative Paints
14,000
14,100
Performance Coatings
17,600
17,800
Corporate and other
3,300
3,500
Total
34,900
35,400
Average number of employees during the year in the Netherlands
In FTEs
2023
2024
Decorative Paints
600
600
Performance Coatings
1,100
1,100
Corporate and other
700
700
Total
2,400
2,400
Number of employees at year-end
In FTEs
2023
2024
Decorative Paints
14,300
13,600
Performance Coatings
17,500
17,500
Corporate and other
3,400
3,500
Total
35,200
34,600
The average number of employees (in FTEs) working outside the Netherlands was 33,000 (2023: 32,500).
In 2024, the number of employees (in FTEs) decreased to 34,600 people (year-end 2023: 35,200 people).", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-381": { "value": "
Salaries and wages are recognized in the statement of profit and loss in the period when an
employee has rendered services to AkzoNobel.
The accounting policies for post-retirement costs are described in Note 18 Post-retirement benefit
provisions.
AkzoNobel has a performance-related and a restricted share plan, as well as a share-matching plan,
under which equity-settled shares are granted to certain employees. The fair value is measured at
grant date and amortized over the three-year period during which the employees normally become
unconditionally entitled to the shares with a corresponding increase in shareholders' equity.
Amortization is accelerated in the event of earlier vesting or settlement.
Financing income related to post-retirement benefits includes the interest on the net defined benefit
liability/asset. Interest on provisions contains the movement of provisions as a result of the passage
of time, as well as the impact from changes in discount rates.
Defined contribution plans
Contributions to defined contribution plans are recognized in the statement of income as incurred.
Defined benefit plans
Most of our defined benefit pension plans are funded with plan assets that have been segregated in
a trust or foundation. We also provide post-retirement benefits other than pensions, including
healthcare and welfare plans, to certain employees, which are generally not funded.
Valuations of both funded and unfunded plans are carried out by independent actuaries, based on
the projected unit credit method. Post-retirement costs primarily represent the increase in the
actuarial present value of the obligation for projected benefits, based on employee service during the
year and interest on the net defined benefit liability/asset.
When the calculation results in a benefit to AkzoNobel, the recognized asset is limited to the present
value of economic benefits available in the form of any future refunds from the plan or reductions in
future contributions to the plan. An economic benefit is available if it is realizable during the life of the
plan, or on the settlement of the plan liabilities. The effect of these so-called asset ceiling restrictions
and any changes therein are recognized in Other comprehensive income.\u00a0
Remeasurement gains and losses, which arise in calculating our obligations, are recognized in Other
comprehensive income. When the benefits of a plan improve, the portion of the increased benefits
related to past service by employees is recognized as an expense in the statement of income
immediately. We recognize gains and losses on the curtailment or settlement of a defined benefit
plan when the curtailment or settlement occurs.
Interest on the net defined benefit liability/asset is included in financing expenses related to post-
retirement benefits. Other charges and benefits recognized are reported in operating income, unless
recorded in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-382": { "value": "
AkzoNobel has a performance-related and a restricted share plan, as well as a share-matching plan,
under which equity-settled shares are granted to certain employees. The fair value is measured at
grant date and amortized over the three-year period during which the employees normally become
unconditionally entitled to the shares with a corresponding increase in shareholders' equity.
Amortization is accelerated in the event of earlier vesting or settlement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-383": { "value": "
Share-based compensation
Share-based compensation relates to the equity-settled performance-related share plan and the restricted
share plans, as well as the share-matching plan. Charges recognized in the 2024 statement of income for
share-based compensation amounted to \u20ac23 million and are included in salaries and wages (2023: \u20ac18
million).
Performance-related and restricted share plans
Under the performance-related share plan and the restricted share plans, a number of conditional shares
are granted to the members of the Board of Management, members of the Executive Committee,
executives and certain other employee categories each year. The number of participants of the
performance-related share plan and the restricted share plans at year-end 2024 was 694 (2023: 666). The
shares of the performance-related and restricted share plan series 2021-2023 have vested and were
delivered to the participants in 2024.
The performance targets for the conditional grant of performance-related shares of the Board of
Management and the Executive Committee (series 2022-2024 and 2023-2025) are linked to revenue
growth (20%), adjusted EBITDA (40%), ROI ( 20%), and Environmental, Social and Governance (ESG) KPIs
(20%). The performance targets for the conditional grant of performance-related shares of the Board of
Management, the Executive Committee, and the executives (series 2024-2026), are linked to adjusted
EBITDA (33%), ROI ( 33%), and Environmental, Social and Governance (ESG) KPIs (34%). For the Board of
Management and the Executive Committee, a\u00a0two-year holding restriction after vesting applies. The
executives have no holding restriction.
The plans for the executives (series 2022-2024 and 2023-2025) and certain non-executive employee
categories are restricted share plans without any performance conditions, whereby the conditional grant of
shares will vest upon the condition that they remain in service with the company during the three-year
vesting period. A one-year holding restriction after vesting applies for the executives.
The conditional shares of the 2022-2024 performance share plan for the AkzoNobel participants vested for
112.35% (series 2021-2023: 12.30%), including dividend shares of 8.76% (series 2021-2023: 7.42%), the
final vesting percentage amounted to 122.19% (series 2021-2023: 13.21%).
The share price of a common AkzoNobel share at year end 2024 amounted to \u20ac57.96 (2023: \u20ac74.82).
\"\"
Fair value of performance-related and restricted shares
The fair value of the performance shares of the 2024-2026 grant to executives, amounting to \u20ac63.75, is
based on the opening share price on April 2, 2024, of \u20ac69.52 and the expected dividend yield of 2.85%.
The fair value of the restricted shares of the 2024-2026 grant to non-executives, amounting to \u20ac50.87, is
based on the opening share price on July 1, 2024, of \u20ac56.60 and the expected dividend yield of 3.50%.
The fair value of the performance-related 2024-2026 grant for the Board of Management and the Executive
Committee, based on the opening share price on April 25, 2024, amounts to \u20ac62.80.
Fair value performance-related shares in \u20ac
Series
Opening share price per:
Fair Value5
Share price
Dividend yield
2021 - 2023
April 22, 20211
103.20
103.20
NA
2022 - 2024
February 23, 2022
88.28
88.28
NA
2022 - 2024
October 3, 20222
57.70
57.70
NA
2023 - 2025
February 23, 2023
69.26
69.26
NA
2023 - 2025
July 3, 20233
74.78
74.78
NA
2023 - 2025
January 2, 20243
74.82
74.82
NA
2024 - 2026
April 2, 2024
63.75
69.52
2.85%
2024 - 2026
April 25, 20244
62.80
62.80
NA
1\u00a0 Date of the AGM at which the new LTI performance criteria for the Board of Management were approved.
2\u00a0 Date on which Mr. Poux-Guillaume started working for AkzoNobel.
3\u00a0 Dates on which the member of the executive committee started working for AkzoNobel.
4\u00a0 Date of the AGM at which the new LTI performance criteria for the Board of Management were approved.
5\u00a0 No market conditions, hence the fair value is equal to share price taking into account dividend yield, if applicable.
Share-matching plan
The members of the Board of Management and the members of the Executive Committee are eligible to
participate in the share-matching plan. Under certain conditions, members who invest part of their short-
term incentive payment in AkzoNobel shares may have such shares matched by the company one-on-one.
During 2024, no potential matching shares were matched as the members of the Board of Management
and the members of the Executive Committee were not eligible for matching shares on the 2021 series. In
2024, the members of the Board of Management and the members of the Executive Committee invested
part of their 2023 short-term incentive in AkzoNobel shares, leading to 15,816 potential matching shares.
The total number of matching shares outstanding per December 31, 2024, is 19,329. For an overview of
the matching shares outstanding for the members of the Board of Management per December 31, 2024,
we refer to the Remuneration report.
Fair value of matching shares
The fair value of the matching shares of \u20ac61.59 was based on the opening share price on the investment
date of April\u00a023, 2023, being \u20ac67.36, discounted for expected dividends over the vesting period (dividend
yield: 2.94%).
\"\"
Share plans of AkzoNobel employees
Share plan
Performance/
Vesting
period
Award
date
Vesting
date
End of
holding
period
Balance at
January 1,
2024
Awarded
in 2024
Vested in
2024
Forfeited
in 2024
Dividend in
2024
Subject to
performance
condition
Unvested
in 2024
Subject to
holding
period
Balance at
December
31, 2024
2021 \u2013 2023 Restricted Share Plan E*
3 years
1/4/2021
1/4/2024
1/4/2025
130,855
\u2014
(130,707)
(148)
\u2014
NA
\u2014
130,707
\u2014
2021 \u2013 2023 Performance Share Plan
3 years
1/1/2021
1/1/2024
1/1/2026
8,663
\u2014
(8,663)
\u2014
\u2014
\u2014
\u2014
8,663
\u2014
2021 \u2013 2023 Restricted Share Plan NE*
3 years
1/4/2021
1/4/2024
NA
24,020
\u2014
(23,240)
(780)
\u2014
NA
\u2014
\u2014
\u2014
2022 \u2013 2024 Restricted Share Plan E*
3 years
1/4/2022
1/4/2025
1/4/2026
143,425
173
(11,530)
(8,902)
\u2014
NA
123,166
123,166
123,166
2022 \u2013 2024 Performance Share Plan
3 years
1/1/2022
1/1/2025
1/1/2027
62,047
7,906
\u2014
\u2014
1,986
71,939
71,939
71,939
71,939
2022 \u2013 2024 Restricted Share Plan NE*
3 years
1/4/2022
1/4/2025
NA
44,217
\u2014
(696)
(2,765)
\u2014
NA
40,756
\u2014
40,756
2023 \u2013 2025 Restricted Share Plan E*
3 years
1/4/2023
1/4/2026
1/4/2027
225,745
173
(8,284)
(25,476)
\u2014
NA
192,158
192,158
192,158
2023 \u2013 2025 Performance Share Plan
3 years
1/1/2023
1/1/2026
1/1/2028
104,795
8,196
\u2014
\u2014
3,850
116,841
116,841
116,841
116,841
2023 \u2013 2025 Restricted Share Plan NE*
3 years
1/4/2023
1/4/2026
NA
63,025
\u2014
(320)
(4,135)
\u2014
NA
58,570
\u2014
58,570
2024 \u2013 2026 Performance Share Plan E*
3 years
2/4/2024
2/4/2027
NA
\u2014
203,647
(410)
(21,838)
\u2014
181,399
181,399
\u2014
181,399
2024 \u2013 2026 Performance Share Plan
3 years
1/1/2024
1/1/2027
1/1/2029
\u2014
114,401
\u2014
\u2014
3,661
118,062
118,062
118,062
118,062
2024 \u2013 2026 Restricted Share Plan NE*
3 years
2/4/2024
2/4/2027
NA
\u2014
43,760
\u2014
(540)
\u2014
NA
43,220
\u2014
43,220
Total
806,792
378,256
(183,850)
(64,584)
9,497
488,241
946,111
761,536
946,111
* E means executive plan; NE means non-executive plan.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-389": { "value": "
Note 7: Financing income and expenses
Accounting policies
Net interest on net debt is measured using the effective interest method.
Financing income related to post-retirement benefits includes the interest on the net defined benefit
liability/asset. Interest on provisions contains the movement of provisions as a result of the passage
of time, as well as the impact from changes in discount rates.
Exchange rate results contain the FX results on derivatives, loans, receivables, payables and other
financial liabilities.
The gain or loss on net monetary position is a hyperinflation accounting metric and reflects the gain
or loss of purchase power by either having a net monetary liability or net monetary asset position. It
includes the restatement of non-monetary assets and liabilities, equity and items in the statement of
profit and loss.
\"\"
Financing income and expenses
Financing income and expenses
in \u20ac millions
2023
2024
Net interest on net debt
Financing income
69
61
Financing expenses
(192)
(187)
Net interest on net debt
(123)
(126)
Other financing income and expenses
Financing income related to post-retirement benefits
33
27
Interest on provisions
(1)
(3)
Exchange rate results
(128)
(47)
Hyperinflation: gain/(loss) on net monetary position
(46)
15
Other items
(7)
32
Net other financing income and expenses
(149)
24
Total financing income and expenses
(272)
(102)
Net financing expenses for the year were \u20ac102 million (2023: \u20ac272 million). Significant variances include:
\u2022 Exchange rate results were negative \u20ac47 million (2023: negative \u20ac128 million). In 2023, these contained\u00a0
\u20ac36 million negative result on cash flow hedging contracts, related to the previously anticipated
acquisition of Kansai Paints Africa (refer to Note 26 Financial risk management for more details); the
remainder of the decrease in exchange rate results is largely related to the Argentinian peso
\u2022 Hyperinflation: the net gain on monetary position was \u20ac15 million (2023: negative \u20ac46 million). The
change compared to prior year is the result of the company moving from a net monetary asset to a net
monetary liability position in hyperinflation economies
\u2022 Other items increased by \u20ac39 million, mainly due to the interest impact related to the release of
provisions for uncertain tax positions (refer to Note 8 Income tax for more details)
Interest income from financial assets measured at amortized cost (including the loan to Pension Fund APF
in the Netherlands) amounted to approximately \u20ac10 million in 2024 (2023: \u20ac5 million). The remainder was
generated by financial assets measured at fair value through profit and loss.
The average interest rate used for capitalized interest was 2.3% (2023: 2.1%). Capitalized interest was
negligible in both 2024 and 2023. The average interest rate on total debt was 3.4% (2023: 3.2%).
Impact hyperinflation accounting
The impact of the application of hyperinflation accounting and the use of end of period rates to translate
the statement of the income statement, is shown in the table below.
Hyperinflation accounting
in \u20ac millions
2023
2024
Revenue
(64)
67
Operating income
(54)
(47)
Net interest on net debt
17
\u2014
Exchange rate results
54
(3)
Hyperinflation: gain/(loss) on net monetary position
(46)
15
Financing income and expenses
25
12
Profit before tax
(29)
(35)
Income tax
(48)
(18)
Profit for the period
(77)
(53)
Attributable to
Shareholders of the company
(65)
(43)
Non-controlling interests
(12)
(10)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-388": { "value": "
Note 7: Financing income and expenses
Accounting policies
Net interest on net debt is measured using the effective interest method.
Financing income related to post-retirement benefits includes the interest on the net defined benefit
liability/asset. Interest on provisions contains the movement of provisions as a result of the passage
of time, as well as the impact from changes in discount rates.
Exchange rate results contain the FX results on derivatives, loans, receivables, payables and other
financial liabilities.
The gain or loss on net monetary position is a hyperinflation accounting metric and reflects the gain
or loss of purchase power by either having a net monetary liability or net monetary asset position. It
includes the restatement of non-monetary assets and liabilities, equity and items in the statement of
profit and loss.
\"\"
Financing income and expenses
Financing income and expenses
in \u20ac millions
2023
2024
Net interest on net debt
Financing income
69
61
Financing expenses
(192)
(187)
Net interest on net debt
(123)
(126)
Other financing income and expenses
Financing income related to post-retirement benefits
33
27
Interest on provisions
(1)
(3)
Exchange rate results
(128)
(47)
Hyperinflation: gain/(loss) on net monetary position
(46)
15
Other items
(7)
32
Net other financing income and expenses
(149)
24
Total financing income and expenses
(272)
(102)
Net financing expenses for the year were \u20ac102 million (2023: \u20ac272 million). Significant variances include:
\u2022 Exchange rate results were negative \u20ac47 million (2023: negative \u20ac128 million). In 2023, these contained\u00a0
\u20ac36 million negative result on cash flow hedging contracts, related to the previously anticipated
acquisition of Kansai Paints Africa (refer to Note 26 Financial risk management for more details); the
remainder of the decrease in exchange rate results is largely related to the Argentinian peso
\u2022 Hyperinflation: the net gain on monetary position was \u20ac15 million (2023: negative \u20ac46 million). The
change compared to prior year is the result of the company moving from a net monetary asset to a net
monetary liability position in hyperinflation economies
\u2022 Other items increased by \u20ac39 million, mainly due to the interest impact related to the release of
provisions for uncertain tax positions (refer to Note 8 Income tax for more details)
Interest income from financial assets measured at amortized cost (including the loan to Pension Fund APF
in the Netherlands) amounted to approximately \u20ac10 million in 2024 (2023: \u20ac5 million). The remainder was
generated by financial assets measured at fair value through profit and loss.
The average interest rate used for capitalized interest was 2.3% (2023: 2.1%). Capitalized interest was
negligible in both 2024 and 2023. The average interest rate on total debt was 3.4% (2023: 3.2%).
Impact hyperinflation accounting
The impact of the application of hyperinflation accounting and the use of end of period rates to translate
the statement of the income statement, is shown in the table below.
Hyperinflation accounting
in \u20ac millions
2023
2024
Revenue
(64)
67
Operating income
(54)
(47)
Net interest on net debt
17
\u2014
Exchange rate results
54
(3)
Hyperinflation: gain/(loss) on net monetary position
(46)
15
Financing income and expenses
25
12
Profit before tax
(29)
(35)
Income tax
(48)
(18)
Profit for the period
(77)
(53)
Attributable to
Shareholders of the company
(65)
(43)
Non-controlling interests
(12)
(10)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-387": { "value": "
Note 7: Financing income and expenses
Accounting policies
Net interest on net debt is measured using the effective interest method.
Financing income related to post-retirement benefits includes the interest on the net defined benefit
liability/asset. Interest on provisions contains the movement of provisions as a result of the passage
of time, as well as the impact from changes in discount rates.
Exchange rate results contain the FX results on derivatives, loans, receivables, payables and other
financial liabilities.
The gain or loss on net monetary position is a hyperinflation accounting metric and reflects the gain
or loss of purchase power by either having a net monetary liability or net monetary asset position. It
includes the restatement of non-monetary assets and liabilities, equity and items in the statement of
profit and loss.
\"\"
Financing income and expenses
Financing income and expenses
in \u20ac millions
2023
2024
Net interest on net debt
Financing income
69
61
Financing expenses
(192)
(187)
Net interest on net debt
(123)
(126)
Other financing income and expenses
Financing income related to post-retirement benefits
33
27
Interest on provisions
(1)
(3)
Exchange rate results
(128)
(47)
Hyperinflation: gain/(loss) on net monetary position
(46)
15
Other items
(7)
32
Net other financing income and expenses
(149)
24
Total financing income and expenses
(272)
(102)
Net financing expenses for the year were \u20ac102 million (2023: \u20ac272 million). Significant variances include:
\u2022 Exchange rate results were negative \u20ac47 million (2023: negative \u20ac128 million). In 2023, these contained\u00a0
\u20ac36 million negative result on cash flow hedging contracts, related to the previously anticipated
acquisition of Kansai Paints Africa (refer to Note 26 Financial risk management for more details); the
remainder of the decrease in exchange rate results is largely related to the Argentinian peso
\u2022 Hyperinflation: the net gain on monetary position was \u20ac15 million (2023: negative \u20ac46 million). The
change compared to prior year is the result of the company moving from a net monetary asset to a net
monetary liability position in hyperinflation economies
\u2022 Other items increased by \u20ac39 million, mainly due to the interest impact related to the release of
provisions for uncertain tax positions (refer to Note 8 Income tax for more details)
Interest income from financial assets measured at amortized cost (including the loan to Pension Fund APF
in the Netherlands) amounted to approximately \u20ac10 million in 2024 (2023: \u20ac5 million). The remainder was
generated by financial assets measured at fair value through profit and loss.
The average interest rate used for capitalized interest was 2.3% (2023: 2.1%). Capitalized interest was
negligible in both 2024 and 2023. The average interest rate on total debt was 3.4% (2023: 3.2%).
Impact hyperinflation accounting
The impact of the application of hyperinflation accounting and the use of end of period rates to translate
the statement of the income statement, is shown in the table below.
Hyperinflation accounting
in \u20ac millions
2023
2024
Revenue
(64)
67
Operating income
(54)
(47)
Net interest on net debt
17
\u2014
Exchange rate results
54
(3)
Hyperinflation: gain/(loss) on net monetary position
(46)
15
Financing income and expenses
25
12
Profit before tax
(29)
(35)
Income tax
(48)
(18)
Profit for the period
(77)
(53)
Attributable to
Shareholders of the company
(65)
(43)
Non-controlling interests
(12)
(10)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-386": { "value": "
Note 7: Financing income and expenses
Accounting policies
Net interest on net debt is measured using the effective interest method.
Financing income related to post-retirement benefits includes the interest on the net defined benefit
liability/asset. Interest on provisions contains the movement of provisions as a result of the passage
of time, as well as the impact from changes in discount rates.
Exchange rate results contain the FX results on derivatives, loans, receivables, payables and other
financial liabilities.
The gain or loss on net monetary position is a hyperinflation accounting metric and reflects the gain
or loss of purchase power by either having a net monetary liability or net monetary asset position. It
includes the restatement of non-monetary assets and liabilities, equity and items in the statement of
profit and loss.
\"\"
Financing income and expenses
Financing income and expenses
in \u20ac millions
2023
2024
Net interest on net debt
Financing income
69
61
Financing expenses
(192)
(187)
Net interest on net debt
(123)
(126)
Other financing income and expenses
Financing income related to post-retirement benefits
33
27
Interest on provisions
(1)
(3)
Exchange rate results
(128)
(47)
Hyperinflation: gain/(loss) on net monetary position
(46)
15
Other items
(7)
32
Net other financing income and expenses
(149)
24
Total financing income and expenses
(272)
(102)
Net financing expenses for the year were \u20ac102 million (2023: \u20ac272 million). Significant variances include:
\u2022 Exchange rate results were negative \u20ac47 million (2023: negative \u20ac128 million). In 2023, these contained\u00a0
\u20ac36 million negative result on cash flow hedging contracts, related to the previously anticipated
acquisition of Kansai Paints Africa (refer to Note 26 Financial risk management for more details); the
remainder of the decrease in exchange rate results is largely related to the Argentinian peso
\u2022 Hyperinflation: the net gain on monetary position was \u20ac15 million (2023: negative \u20ac46 million). The
change compared to prior year is the result of the company moving from a net monetary asset to a net
monetary liability position in hyperinflation economies
\u2022 Other items increased by \u20ac39 million, mainly due to the interest impact related to the release of
provisions for uncertain tax positions (refer to Note 8 Income tax for more details)
Interest income from financial assets measured at amortized cost (including the loan to Pension Fund APF
in the Netherlands) amounted to approximately \u20ac10 million in 2024 (2023: \u20ac5 million). The remainder was
generated by financial assets measured at fair value through profit and loss.
The average interest rate used for capitalized interest was 2.3% (2023: 2.1%). Capitalized interest was
negligible in both 2024 and 2023. The average interest rate on total debt was 3.4% (2023: 3.2%).
Impact hyperinflation accounting
The impact of the application of hyperinflation accounting and the use of end of period rates to translate
the statement of the income statement, is shown in the table below.
Hyperinflation accounting
in \u20ac millions
2023
2024
Revenue
(64)
67
Operating income
(54)
(47)
Net interest on net debt
17
\u2014
Exchange rate results
54
(3)
Hyperinflation: gain/(loss) on net monetary position
(46)
15
Financing income and expenses
25
12
Profit before tax
(29)
(35)
Income tax
(48)
(18)
Profit for the period
(77)
(53)
Attributable to
Shareholders of the company
(65)
(43)
Non-controlling interests
(12)
(10)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-385": { "value": "
Note 7: Financing income and expenses
Accounting policies
Net interest on net debt is measured using the effective interest method.
Financing income related to post-retirement benefits includes the interest on the net defined benefit
liability/asset. Interest on provisions contains the movement of provisions as a result of the passage
of time, as well as the impact from changes in discount rates.
Exchange rate results contain the FX results on derivatives, loans, receivables, payables and other
financial liabilities.
The gain or loss on net monetary position is a hyperinflation accounting metric and reflects the gain
or loss of purchase power by either having a net monetary liability or net monetary asset position. It
includes the restatement of non-monetary assets and liabilities, equity and items in the statement of
profit and loss.
\"\"
Financing income and expenses
Financing income and expenses
in \u20ac millions
2023
2024
Net interest on net debt
Financing income
69
61
Financing expenses
(192)
(187)
Net interest on net debt
(123)
(126)
Other financing income and expenses
Financing income related to post-retirement benefits
33
27
Interest on provisions
(1)
(3)
Exchange rate results
(128)
(47)
Hyperinflation: gain/(loss) on net monetary position
(46)
15
Other items
(7)
32
Net other financing income and expenses
(149)
24
Total financing income and expenses
(272)
(102)
Net financing expenses for the year were \u20ac102 million (2023: \u20ac272 million). Significant variances include:
\u2022 Exchange rate results were negative \u20ac47 million (2023: negative \u20ac128 million). In 2023, these contained\u00a0
\u20ac36 million negative result on cash flow hedging contracts, related to the previously anticipated
acquisition of Kansai Paints Africa (refer to Note 26 Financial risk management for more details); the
remainder of the decrease in exchange rate results is largely related to the Argentinian peso
\u2022 Hyperinflation: the net gain on monetary position was \u20ac15 million (2023: negative \u20ac46 million). The
change compared to prior year is the result of the company moving from a net monetary asset to a net
monetary liability position in hyperinflation economies
\u2022 Other items increased by \u20ac39 million, mainly due to the interest impact related to the release of
provisions for uncertain tax positions (refer to Note 8 Income tax for more details)
Interest income from financial assets measured at amortized cost (including the loan to Pension Fund APF
in the Netherlands) amounted to approximately \u20ac10 million in 2024 (2023: \u20ac5 million). The remainder was
generated by financial assets measured at fair value through profit and loss.
The average interest rate used for capitalized interest was 2.3% (2023: 2.1%). Capitalized interest was
negligible in both 2024 and 2023. The average interest rate on total debt was 3.4% (2023: 3.2%).
Impact hyperinflation accounting
The impact of the application of hyperinflation accounting and the use of end of period rates to translate
the statement of the income statement, is shown in the table below.
Hyperinflation accounting
in \u20ac millions
2023
2024
Revenue
(64)
67
Operating income
(54)
(47)
Net interest on net debt
17
\u2014
Exchange rate results
54
(3)
Hyperinflation: gain/(loss) on net monetary position
(46)
15
Financing income and expenses
25
12
Profit before tax
(29)
(35)
Income tax
(48)
(18)
Profit for the period
(77)
(53)
Attributable to
Shareholders of the company
(65)
(43)
Non-controlling interests
(12)
(10)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-384": { "value": "
Note 7: Financing income and expenses
Accounting policies
Net interest on net debt is measured using the effective interest method.
Financing income related to post-retirement benefits includes the interest on the net defined benefit
liability/asset. Interest on provisions contains the movement of provisions as a result of the passage
of time, as well as the impact from changes in discount rates.
Exchange rate results contain the FX results on derivatives, loans, receivables, payables and other
financial liabilities.
The gain or loss on net monetary position is a hyperinflation accounting metric and reflects the gain
or loss of purchase power by either having a net monetary liability or net monetary asset position. It
includes the restatement of non-monetary assets and liabilities, equity and items in the statement of
profit and loss.
\"\"
Financing income and expenses
Financing income and expenses
in \u20ac millions
2023
2024
Net interest on net debt
Financing income
69
61
Financing expenses
(192)
(187)
Net interest on net debt
(123)
(126)
Other financing income and expenses
Financing income related to post-retirement benefits
33
27
Interest on provisions
(1)
(3)
Exchange rate results
(128)
(47)
Hyperinflation: gain/(loss) on net monetary position
(46)
15
Other items
(7)
32
Net other financing income and expenses
(149)
24
Total financing income and expenses
(272)
(102)
Net financing expenses for the year were \u20ac102 million (2023: \u20ac272 million). Significant variances include:
\u2022 Exchange rate results were negative \u20ac47 million (2023: negative \u20ac128 million). In 2023, these contained\u00a0
\u20ac36 million negative result on cash flow hedging contracts, related to the previously anticipated
acquisition of Kansai Paints Africa (refer to Note 26 Financial risk management for more details); the
remainder of the decrease in exchange rate results is largely related to the Argentinian peso
\u2022 Hyperinflation: the net gain on monetary position was \u20ac15 million (2023: negative \u20ac46 million). The
change compared to prior year is the result of the company moving from a net monetary asset to a net
monetary liability position in hyperinflation economies
\u2022 Other items increased by \u20ac39 million, mainly due to the interest impact related to the release of
provisions for uncertain tax positions (refer to Note 8 Income tax for more details)
Interest income from financial assets measured at amortized cost (including the loan to Pension Fund APF
in the Netherlands) amounted to approximately \u20ac10 million in 2024 (2023: \u20ac5 million). The remainder was
generated by financial assets measured at fair value through profit and loss.
The average interest rate used for capitalized interest was 2.3% (2023: 2.1%). Capitalized interest was
negligible in both 2024 and 2023. The average interest rate on total debt was 3.4% (2023: 3.2%).
Impact hyperinflation accounting
The impact of the application of hyperinflation accounting and the use of end of period rates to translate
the statement of the income statement, is shown in the table below.
Hyperinflation accounting
in \u20ac millions
2023
2024
Revenue
(64)
67
Operating income
(54)
(47)
Net interest on net debt
17
\u2014
Exchange rate results
54
(3)
Hyperinflation: gain/(loss) on net monetary position
(46)
15
Financing income and expenses
25
12
Profit before tax
(29)
(35)
Income tax
(48)
(18)
Profit for the period
(77)
(53)
Attributable to
Shareholders of the company
(65)
(43)
Non-controlling interests
(12)
(10)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-390": { "value": "
Net interest on net debt is measured using the effective interest method.
Financing income related to post-retirement benefits includes the interest on the net defined benefit
liability/asset. Interest on provisions contains the movement of provisions as a result of the passage
of time, as well as the impact from changes in discount rates.
Exchange rate results contain the FX results on derivatives, loans, receivables, payables and other
financial liabilities.
The gain or loss on net monetary position is a hyperinflation accounting metric and reflects the gain
or loss of purchase power by either having a net monetary liability or net monetary asset position. It
includes the restatement of non-monetary assets and liabilities, equity and items in the statement of
profit and loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-392": { "value": "
Note 8: Income tax
Accounting policies
Income tax expenses comprise both current and deferred tax, including the effects of changes in
tax rates. In determining the amount of current and deferred tax, we also take into account the
impact of uncertain tax positions and whether additional taxes may be due. Income tax is
recognized in the statement of income, unless it relates to items recognized in other comprehensive
income or equity.
Current tax includes the expected tax payable and receivable on the taxable income for the year,
using tax rates enacted or substantively enacted at reporting date, as well as (any adjustments to)
tax payables and receivables with respect to previous years.
Deferred tax is recognized using the liability method on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the Consolidated financial
statements. We do not recognize deferred tax for the initial recognition of goodwill, the initial
recognition of assets or liabilities that affect neither accounting nor taxable profit, and differences
related to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future and we can control the timing of the reversal of the temporary difference.
Deferred tax assets are recognized for unused tax losses, tax credits and deductible temporary
differences, to the extent that it is probable that future taxable profits will be available against which
they can be utilized.
AkzoNobel has applied the exemption for recognizing and disclosing information about deferred tax
assets and liabilities related to Pillar Two income taxes.
Measurement of deferred tax assets and liabilities is based upon the enacted or substantively
enacted tax rates expected to apply to taxable income in the years in which temporary differences
are expected to be reversed. Deferred tax positions are not discounted.
Accounting estimates and judgments
Recoverability of deferred tax assets
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable
income against which the deductible temporary differences, unused tax losses and unused tax
credits can be utilized. Significant judgment is involved in determining this future taxable income.
When assessing the recognition of deferred tax assets, management considers whether it is
probable that some portion or all of the deferred tax assets will be realized. Management considers
the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning
strategies in making this assessment.
More details on the estimates and judgments related to the recoverability of deferred tax assets can
be found in the respective section of this Note.
Uncertain tax positions
Liabilities for uncertain tax positions are recognized if and to the extent it is probable that additional
taxes will become due, and the amount can be measured reliably.
Significant judgment is involved in the determination of such liabilities. Probability is assessed by
applying interpretation of legislation and relevant case law.
More details on the estimates and judgments related to uncertain tax positions can be found in the
respective section of this Note.
Effective tax rate
Pre-tax income from continuing operations for the year amounted to a profit of \u20ac838 million (2023: \u20ac784
million). The net tax charges related to continuing operations are included in the statement of income as
shown in this Note and amount to \u20ac246 million ( 2023: \u20ac296 million), leading to an effective tax rate of
29.4% (2023: 37.8%).
\"\"
Classification of current and deferred tax result
A breakdown into current and deferred tax expenses and a split of the main categories is provided in the
table below.
Classification of current and deferred tax result
in \u20ac millions
2023
2024
Current tax expense for
The year
(277)
(259)
Adjustments for previous years
(28)
62
Total current tax expense
(305)
(197)
Deferred tax expense for
Origination and reversal of temporary differences and tax losses
57
14
(Derecognition)/recognition of deferred tax assets
(47)
(64)
Changes in tax rates
(1)
1
Total deferred tax expense
9
(49)
Total
(296)
(246)
Adjustments for previous years in 2024 were mainly related to the release of provisions for uncertain tax
positions, while in 2023 adjustments for prior years mainly related to true-ups as a result of tax audits.
Origination and reversal of temporary differences and tax losses is driven, among others, by timing
differences between recognition and payments for provisions, timing differences on depreciation and
amortization for tax purposes versus the consolidated financial statements and tax loss carryforwards
utilized against profits of the year or new tax losses incurred.
The derecognition of deferred tax assets in 2024 and 2023 mainly relates to technical tax limitations to
deduct interest. In 2024, it also includes the derecognition of tax losses carried forward outside of the
Netherlands, that could no longer be recognized because of reduced future interest income due to
(planned) repatriation of funds to The Netherlands.
Effective tax rate reconciliation
In 2024, the effective income tax rate based on the statement of income was 29.4% (2023: 37.8%). A
reconciliation between the effective tax rate and the weighted average statutory income tax rate is provided
in the table.
Effective tax rate reconciliation
in %
2023
2024
Corporate tax rate in the Netherlands
25.8
25.8
Effect of tax rates in other countries
(1.7)
(0.8)
Weighted average statutory income tax rate
24.1
25.0
Non-taxable income
(2.8)
(2.6)
Non-deductible expenses
2.2
1.6
Non-refundable withholding taxes
1.4
1.8
(Recognition)/derecognition of deferred tax assets
6.0
7.6
Adjustments for previous years
3.5
(7.4)
Hyperinflation impact
3.2
3.5
Deferred tax adjustment due to changes in tax rates
0.2
(0.1)
Effective tax rate
37.8
29.4
Non-taxable income in both 2024 and 2023 was mainly related to incentives in various countries.
Non-deductible expenses are related to certain non-deductible costs in various countries.
The impact of non-refundable withholding tax on the tax rate is dependent on our relative share in the profit
of subsidiaries in countries that levy withholding tax on dividends and on the timing of the remittance of
such dividends. Based on the Dutch tax system there is a limited credit for such taxes.
The derecognition of deferred tax assets in 2024 and 2023 mainly relates to technical tax limitations to
deduct interest. In 2024, it also includes the derecognition of tax losses carried forward that could no
longer be recognized because of reduced future interest income due to (planned) repatriation of funds to
the Netherlands.
Adjustments for previous years in 2024 were mainly related to the release of provisions for uncertain tax
positions, while in 2023 adjustments for prior years mainly related to true-ups as a result of tax audits.
The net effect of hyperinflation accounting in Argentina and T\u00fcrkiye combined in 2024 is an increase in tax
rate of 3.5% (2023: 3.2%). This mainly relates to the restatement of reserves, which results in a non-
taxable, non-cash impact on the effective tax rate.
\"\"
Origination of deferred tax assets and liabilities
Deferred tax assets and liabilities originate from temporary differences in various balance sheet line items,
as well as from tax credits and tax loss carryforwards. The tables show the origination of deferred tax
assets and liabilities, and the movements thereof, for the financial years 2024 and 2023.
Origination of deferred tax assets and liabilities 2024
in \u20ac millions
Balance at January 1,
2024
Changes in exchange
rate
Recognized in
income
Recognized in
equity/Other
comprehensive
income
Acquisitions
Balance at
December 31, 2024
Intangible assets
(533)
1
4
\u2014
\u2014
(528)
Property, plant and equipment
49
1
(23)
\u2014
\u2014
27
Financial non-current assets
(247)
(12)
(6)
41
\u2014
(224)
Post-retirement benefit provisions
85
\u2014
(2)
(10)
\u2014
73
Other provisions
28
\u2014
(5)
\u2014
\u2014
23
Other items
91
\u2014
6
\u2014
\u2014
97
Temporary differences
(527)
(10)
(26)
31
\u2014
(532)
Tax credits
222
\u2014
12
\u2014
\u2014
234
Tax loss carryforwards
260
4
(35)
\u2014
\u2014
229
Deferred tax assets (liabilities)
(45)
(6)
(49)
31
\u2014
(69)
Origination of deferred tax assets and liabilities 2023
in \u20ac millions
Balance at January 1,
2023
Changes in exchange
rate
Recognized in
income
Recognized in
equity/Other
comprehensive
income
Acquisitions
Balance at
December 31, 2023
Intangible assets
(521)
9
(16)
\u2014
(5)
(533)
Property, plant and equipment
57
17
(24)
\u2014
(1)
49
Financial non-current assets
(272)
(4)
7
22
\u2014
(247)
Post-retirement benefit provisions
76
\u2014
(7)
16
\u2014
85
Other provisions
25
(1)
4
\u2014
\u2014
28
Other items
126
(3)
(28)
(1)
(3)
91
Temporary differences
(509)
18
(64)
37
(9)
(527)
Tax credits
206
\u2014
16
\u2014
\u2014
222
Tax loss carryforwards
240
(37)
57
\u2014
\u2014
260
Deferred tax assets (liabilities)
(63)
(19)
9
37
(9)
(45)
\"\"
Reconciliation deferred tax assets and liabilities to the balance sheet
The table below provides a reconciliation of the total deferred tax amounts for each of the originating items
to the deferred tax asset and liability positions as included in the balance sheet.
Deferred tax assets and liabilities per balance sheet item
December 31, 2023
December 31, 2024
in \u20ac millions
Net balance
Assets
Liabilities
Net balance
Assets
Liabilities
Intangible assets
(533)
9
542
(528)
14
542
Property, plant and equipment
49
123
74
27
174
147
Financial non-current assets
(247)
11
258
(224)
14
238
Post-retirement benefit provisions
85
88
3
73
76
3
Other provisions
28
38
10
23
34
11
Other items
91
107
16
97
118
21
Temporary differences
(527)
376
903
(532)
430
962
Tax credits
222
222
\u2014
234
234
\u2014
Tax loss carryforwards
260
260
\u2014
229
229
\u2014
Tax assets/liabilities
(45)
858
903
(69)
893
962
Set-off of tax
\u2014
(346)
(346)
\u2014
(471)
(471)
Net deferred tax positions
(45)
512
557
(69)
422
491
Deferred tax assets recoverability assessment
The projections used to assess recoverability are, in general, based on a projection of ten years. Specific
facts and circumstances per country may lead to shorter or longer projection periods being used. Growth
in profitability is projected using GDP growth, adjusting for specific factors affecting profitability of our
operations within the country.
The amount of deferred tax assets considered realizable could change if future estimates of projected
taxable income during the carryforward period, or other variables, are revised. The majority of the amount
of the non-current portion of deferred and current taxes will be recovered or settled after more than
12\u00a0months.
The derecognition of deferred tax assets in 2024 and 2023 mainly relates to technical tax limitations to
deduct interest. In 2024, it also includes the derecognition of tax losses carried forward that could no
longer be recognized because of reduced future interest income due to (planned) repatriation of funds to
the Netherlands.
At year-end 2024, approximately 75% (2023: approximately 70%) of the recognized deferred assets\u00a0
concerned the UK, the Netherlands and Germany.
The vast majority of the tax credits of \u20ac234 million (2023: \u20ac222 million) is related to withholding tax credits
in the Netherlands. While we expect that we are able to generate sufficient profits in the Dutch fiscal unity
to realize these credits, the amount which can be utilized per year is limited due to additional criteria which
apply for tax credit utilization. As these tax credits have an unlimited expiration period, we have applied a
projection period beyond our normal 10-year horizon.\u00a0
From the total amount of recognized net deferred tax assets, \u20ac102 million (2023: \u20ac151 million) is related to
entities that have suffered a loss in either the current or the previous year and where utilization is
dependent on future taxable profit in excess of the profit arising from the reversal of existing taxable
temporary differences. This assessment is based on management\u2019s long-term projections and tax planning
strategies.
In 2024 and 2023, deferred tax assets not recognized include \u20ac638 million of tax loss carryforwards (2023:
\u20ac548 million) and \u20ac74 million of non-deductible interest (2023: \u20ac44 million). The losses in the tables on tax
losses carried forward hereafter are gross amounts, with the tax impact included in the last column of the
table.
A deferred tax liability is recognized for taxable temporary differences related to investments in subsidiaries,
branches and associates and interests in joint arrangements, to the extent that it is probable that these will
reverse in the foreseeable future. The expected net tax impact of the remaining differences for which no
deferred tax liabilities have been recognized is \u20ac56 million (2023: \u20ac47 million).
\"\"
Expiration year of loss carryforwards 2024
in \u20ac millions
2025
2026
2027
2028
2029
Later
Unlimited
Total
Deferred tax
Total loss carryforwards
1
4
6
59
26
40
3,149
3,285
844
Loss carryforwards not recognized in deferred tax assets
(1)
(1)
(5)
(10)
(11)
(27)
(2,389)
(2,444)
(615)
Total loss carryforwards recognized
\u2014
3
1
49
15
13
760
841
229
Expiration year of loss carryforwards 2023
in \u20ac millions
2024
2025
2026
2027
2028
Later
Unlimited
Total
Deferred tax
Total loss carryforwards
1
1
4
5
76
51
3,009
3,147
808
Loss carryforwards not recognized in deferred tax assets
\u2014
\u2014
(1)
(1)
(1)
(17)
(2,153)
(2,173)
(548)
Total loss carryforwards recognized
1
1
3
4
75
34
856
974
260
Uncertain tax positions
Our assessments of uncertain tax positions are based on our best estimate of how the tax authorities
concerned are likely to evaluate and respond to the cases in question, taking into account expert advice.
Uncertain tax positions for which liabilities have been recorded, mainly relate to international transfer pricing
and deductibility of expenses.
In certain cases, uncertain tax positions are related to disputes with tax authorities. Such cases are usually
strongly contested and defended by the company, often assisted by outside counsel and/or experts.
Impact OECD Pillar Two framework
AkzoNobel is within the scope of the OECD Pillar Two rules. Pillar Two legislation was enacted in the
Netherlands, and is effective for AkzoNobel as of January 1, 2024. The 2024 current tax expense related to
Pillar Two is approximately \u20ac1 million, which is attributable to earnings in a limited number of countries.
Income tax recognized in equity
The following table shows income tax items recognized in equity by category.
Income tax recognized in equity
in \u20ac millions
2023
2024
Currency exchange differences on intercompany loans of a permanent nature
(1)
\u2014
Share-based compensation
(1)
\u2014
Post-retirement benefits
38
31
Total
36
31
Current tax
(1)
1
Deferred tax
37
30
Total
36
31
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-391": { "value": "
Note 8: Income tax
Accounting policies
Income tax expenses comprise both current and deferred tax, including the effects of changes in
tax rates. In determining the amount of current and deferred tax, we also take into account the
impact of uncertain tax positions and whether additional taxes may be due. Income tax is
recognized in the statement of income, unless it relates to items recognized in other comprehensive
income or equity.
Current tax includes the expected tax payable and receivable on the taxable income for the year,
using tax rates enacted or substantively enacted at reporting date, as well as (any adjustments to)
tax payables and receivables with respect to previous years.
Deferred tax is recognized using the liability method on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the Consolidated financial
statements. We do not recognize deferred tax for the initial recognition of goodwill, the initial
recognition of assets or liabilities that affect neither accounting nor taxable profit, and differences
related to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future and we can control the timing of the reversal of the temporary difference.
Deferred tax assets are recognized for unused tax losses, tax credits and deductible temporary
differences, to the extent that it is probable that future taxable profits will be available against which
they can be utilized.
AkzoNobel has applied the exemption for recognizing and disclosing information about deferred tax
assets and liabilities related to Pillar Two income taxes.
Measurement of deferred tax assets and liabilities is based upon the enacted or substantively
enacted tax rates expected to apply to taxable income in the years in which temporary differences
are expected to be reversed. Deferred tax positions are not discounted.
Accounting estimates and judgments
Recoverability of deferred tax assets
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable
income against which the deductible temporary differences, unused tax losses and unused tax
credits can be utilized. Significant judgment is involved in determining this future taxable income.
When assessing the recognition of deferred tax assets, management considers whether it is
probable that some portion or all of the deferred tax assets will be realized. Management considers
the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning
strategies in making this assessment.
More details on the estimates and judgments related to the recoverability of deferred tax assets can
be found in the respective section of this Note.
Uncertain tax positions
Liabilities for uncertain tax positions are recognized if and to the extent it is probable that additional
taxes will become due, and the amount can be measured reliably.
Significant judgment is involved in the determination of such liabilities. Probability is assessed by
applying interpretation of legislation and relevant case law.
More details on the estimates and judgments related to uncertain tax positions can be found in the
respective section of this Note.
Effective tax rate
Pre-tax income from continuing operations for the year amounted to a profit of \u20ac838 million (2023: \u20ac784
million). The net tax charges related to continuing operations are included in the statement of income as
shown in this Note and amount to \u20ac246 million ( 2023: \u20ac296 million), leading to an effective tax rate of
29.4% (2023: 37.8%).
\"\"
Classification of current and deferred tax result
A breakdown into current and deferred tax expenses and a split of the main categories is provided in the
table below.
Classification of current and deferred tax result
in \u20ac millions
2023
2024
Current tax expense for
The year
(277)
(259)
Adjustments for previous years
(28)
62
Total current tax expense
(305)
(197)
Deferred tax expense for
Origination and reversal of temporary differences and tax losses
57
14
(Derecognition)/recognition of deferred tax assets
(47)
(64)
Changes in tax rates
(1)
1
Total deferred tax expense
9
(49)
Total
(296)
(246)
Adjustments for previous years in 2024 were mainly related to the release of provisions for uncertain tax
positions, while in 2023 adjustments for prior years mainly related to true-ups as a result of tax audits.
Origination and reversal of temporary differences and tax losses is driven, among others, by timing
differences between recognition and payments for provisions, timing differences on depreciation and
amortization for tax purposes versus the consolidated financial statements and tax loss carryforwards
utilized against profits of the year or new tax losses incurred.
The derecognition of deferred tax assets in 2024 and 2023 mainly relates to technical tax limitations to
deduct interest. In 2024, it also includes the derecognition of tax losses carried forward outside of the
Netherlands, that could no longer be recognized because of reduced future interest income due to
(planned) repatriation of funds to The Netherlands.
Effective tax rate reconciliation
In 2024, the effective income tax rate based on the statement of income was 29.4% (2023: 37.8%). A
reconciliation between the effective tax rate and the weighted average statutory income tax rate is provided
in the table.
Effective tax rate reconciliation
in %
2023
2024
Corporate tax rate in the Netherlands
25.8
25.8
Effect of tax rates in other countries
(1.7)
(0.8)
Weighted average statutory income tax rate
24.1
25.0
Non-taxable income
(2.8)
(2.6)
Non-deductible expenses
2.2
1.6
Non-refundable withholding taxes
1.4
1.8
(Recognition)/derecognition of deferred tax assets
6.0
7.6
Adjustments for previous years
3.5
(7.4)
Hyperinflation impact
3.2
3.5
Deferred tax adjustment due to changes in tax rates
0.2
(0.1)
Effective tax rate
37.8
29.4
Non-taxable income in both 2024 and 2023 was mainly related to incentives in various countries.
Non-deductible expenses are related to certain non-deductible costs in various countries.
The impact of non-refundable withholding tax on the tax rate is dependent on our relative share in the profit
of subsidiaries in countries that levy withholding tax on dividends and on the timing of the remittance of
such dividends. Based on the Dutch tax system there is a limited credit for such taxes.
The derecognition of deferred tax assets in 2024 and 2023 mainly relates to technical tax limitations to
deduct interest. In 2024, it also includes the derecognition of tax losses carried forward that could no
longer be recognized because of reduced future interest income due to (planned) repatriation of funds to
the Netherlands.
Adjustments for previous years in 2024 were mainly related to the release of provisions for uncertain tax
positions, while in 2023 adjustments for prior years mainly related to true-ups as a result of tax audits.
The net effect of hyperinflation accounting in Argentina and T\u00fcrkiye combined in 2024 is an increase in tax
rate of 3.5% (2023: 3.2%). This mainly relates to the restatement of reserves, which results in a non-
taxable, non-cash impact on the effective tax rate.
\"\"
Origination of deferred tax assets and liabilities
Deferred tax assets and liabilities originate from temporary differences in various balance sheet line items,
as well as from tax credits and tax loss carryforwards. The tables show the origination of deferred tax
assets and liabilities, and the movements thereof, for the financial years 2024 and 2023.
Origination of deferred tax assets and liabilities 2024
in \u20ac millions
Balance at January 1,
2024
Changes in exchange
rate
Recognized in
income
Recognized in
equity/Other
comprehensive
income
Acquisitions
Balance at
December 31, 2024
Intangible assets
(533)
1
4
\u2014
\u2014
(528)
Property, plant and equipment
49
1
(23)
\u2014
\u2014
27
Financial non-current assets
(247)
(12)
(6)
41
\u2014
(224)
Post-retirement benefit provisions
85
\u2014
(2)
(10)
\u2014
73
Other provisions
28
\u2014
(5)
\u2014
\u2014
23
Other items
91
\u2014
6
\u2014
\u2014
97
Temporary differences
(527)
(10)
(26)
31
\u2014
(532)
Tax credits
222
\u2014
12
\u2014
\u2014
234
Tax loss carryforwards
260
4
(35)
\u2014
\u2014
229
Deferred tax assets (liabilities)
(45)
(6)
(49)
31
\u2014
(69)
Origination of deferred tax assets and liabilities 2023
in \u20ac millions
Balance at January 1,
2023
Changes in exchange
rate
Recognized in
income
Recognized in
equity/Other
comprehensive
income
Acquisitions
Balance at
December 31, 2023
Intangible assets
(521)
9
(16)
\u2014
(5)
(533)
Property, plant and equipment
57
17
(24)
\u2014
(1)
49
Financial non-current assets
(272)
(4)
7
22
\u2014
(247)
Post-retirement benefit provisions
76
\u2014
(7)
16
\u2014
85
Other provisions
25
(1)
4
\u2014
\u2014
28
Other items
126
(3)
(28)
(1)
(3)
91
Temporary differences
(509)
18
(64)
37
(9)
(527)
Tax credits
206
\u2014
16
\u2014
\u2014
222
Tax loss carryforwards
240
(37)
57
\u2014
\u2014
260
Deferred tax assets (liabilities)
(63)
(19)
9
37
(9)
(45)
\"\"
Reconciliation deferred tax assets and liabilities to the balance sheet
The table below provides a reconciliation of the total deferred tax amounts for each of the originating items
to the deferred tax asset and liability positions as included in the balance sheet.
Deferred tax assets and liabilities per balance sheet item
December 31, 2023
December 31, 2024
in \u20ac millions
Net balance
Assets
Liabilities
Net balance
Assets
Liabilities
Intangible assets
(533)
9
542
(528)
14
542
Property, plant and equipment
49
123
74
27
174
147
Financial non-current assets
(247)
11
258
(224)
14
238
Post-retirement benefit provisions
85
88
3
73
76
3
Other provisions
28
38
10
23
34
11
Other items
91
107
16
97
118
21
Temporary differences
(527)
376
903
(532)
430
962
Tax credits
222
222
\u2014
234
234
\u2014
Tax loss carryforwards
260
260
\u2014
229
229
\u2014
Tax assets/liabilities
(45)
858
903
(69)
893
962
Set-off of tax
\u2014
(346)
(346)
\u2014
(471)
(471)
Net deferred tax positions
(45)
512
557
(69)
422
491
Deferred tax assets recoverability assessment
The projections used to assess recoverability are, in general, based on a projection of ten years. Specific
facts and circumstances per country may lead to shorter or longer projection periods being used. Growth
in profitability is projected using GDP growth, adjusting for specific factors affecting profitability of our
operations within the country.
The amount of deferred tax assets considered realizable could change if future estimates of projected
taxable income during the carryforward period, or other variables, are revised. The majority of the amount
of the non-current portion of deferred and current taxes will be recovered or settled after more than
12\u00a0months.
The derecognition of deferred tax assets in 2024 and 2023 mainly relates to technical tax limitations to
deduct interest. In 2024, it also includes the derecognition of tax losses carried forward that could no
longer be recognized because of reduced future interest income due to (planned) repatriation of funds to
the Netherlands.
At year-end 2024, approximately 75% (2023: approximately 70%) of the recognized deferred assets\u00a0
concerned the UK, the Netherlands and Germany.
The vast majority of the tax credits of \u20ac234 million (2023: \u20ac222 million) is related to withholding tax credits
in the Netherlands. While we expect that we are able to generate sufficient profits in the Dutch fiscal unity
to realize these credits, the amount which can be utilized per year is limited due to additional criteria which
apply for tax credit utilization. As these tax credits have an unlimited expiration period, we have applied a
projection period beyond our normal 10-year horizon.\u00a0
From the total amount of recognized net deferred tax assets, \u20ac102 million (2023: \u20ac151 million) is related to
entities that have suffered a loss in either the current or the previous year and where utilization is
dependent on future taxable profit in excess of the profit arising from the reversal of existing taxable
temporary differences. This assessment is based on management\u2019s long-term projections and tax planning
strategies.
In 2024 and 2023, deferred tax assets not recognized include \u20ac638 million of tax loss carryforwards (2023:
\u20ac548 million) and \u20ac74 million of non-deductible interest (2023: \u20ac44 million). The losses in the tables on tax
losses carried forward hereafter are gross amounts, with the tax impact included in the last column of the
table.
A deferred tax liability is recognized for taxable temporary differences related to investments in subsidiaries,
branches and associates and interests in joint arrangements, to the extent that it is probable that these will
reverse in the foreseeable future. The expected net tax impact of the remaining differences for which no
deferred tax liabilities have been recognized is \u20ac56 million (2023: \u20ac47 million).
\"\"
Expiration year of loss carryforwards 2024
in \u20ac millions
2025
2026
2027
2028
2029
Later
Unlimited
Total
Deferred tax
Total loss carryforwards
1
4
6
59
26
40
3,149
3,285
844
Loss carryforwards not recognized in deferred tax assets
(1)
(1)
(5)
(10)
(11)
(27)
(2,389)
(2,444)
(615)
Total loss carryforwards recognized
\u2014
3
1
49
15
13
760
841
229
Expiration year of loss carryforwards 2023
in \u20ac millions
2024
2025
2026
2027
2028
Later
Unlimited
Total
Deferred tax
Total loss carryforwards
1
1
4
5
76
51
3,009
3,147
808
Loss carryforwards not recognized in deferred tax assets
\u2014
\u2014
(1)
(1)
(1)
(17)
(2,153)
(2,173)
(548)
Total loss carryforwards recognized
1
1
3
4
75
34
856
974
260
Uncertain tax positions
Our assessments of uncertain tax positions are based on our best estimate of how the tax authorities
concerned are likely to evaluate and respond to the cases in question, taking into account expert advice.
Uncertain tax positions for which liabilities have been recorded, mainly relate to international transfer pricing
and deductibility of expenses.
In certain cases, uncertain tax positions are related to disputes with tax authorities. Such cases are usually
strongly contested and defended by the company, often assisted by outside counsel and/or experts.
Impact OECD Pillar Two framework
AkzoNobel is within the scope of the OECD Pillar Two rules. Pillar Two legislation was enacted in the
Netherlands, and is effective for AkzoNobel as of January 1, 2024. The 2024 current tax expense related to
Pillar Two is approximately \u20ac1 million, which is attributable to earnings in a limited number of countries.
Income tax recognized in equity
The following table shows income tax items recognized in equity by category.
Income tax recognized in equity
in \u20ac millions
2023
2024
Currency exchange differences on intercompany loans of a permanent nature
(1)
\u2014
Share-based compensation
(1)
\u2014
Post-retirement benefits
38
31
Total
36
31
Current tax
(1)
1
Deferred tax
37
30
Total
36
31
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-394": { "value": "
Income tax expenses comprise both current and deferred tax, including the effects of changes in
tax rates. In determining the amount of current and deferred tax, we also take into account the
impact of uncertain tax positions and whether additional taxes may be due. Income tax is
recognized in the statement of income, unless it relates to items recognized in other comprehensive
income or equity.
Deferred tax is recognized using the liability method on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the Consolidated financial
statements. We do not recognize deferred tax for the initial recognition of goodwill, the initial
recognition of assets or liabilities that affect neither accounting nor taxable profit, and differences
related to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future and we can control the timing of the reversal of the temporary difference.
Deferred tax assets are recognized for unused tax losses, tax credits and deductible temporary
differences, to the extent that it is probable that future taxable profits will be available against which
they can be utilized.
AkzoNobel has applied the exemption for recognizing and disclosing information about deferred tax
assets and liabilities related to Pillar Two income taxes.
Measurement of deferred tax assets and liabilities is based upon the enacted or substantively
enacted tax rates expected to apply to taxable income in the years in which temporary differences
are expected to be reversed. Deferred tax positions are not discounted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-393": { "value": "
Income tax expenses comprise both current and deferred tax, including the effects of changes in
tax rates. In determining the amount of current and deferred tax, we also take into account the
impact of uncertain tax positions and whether additional taxes may be due. Income tax is
recognized in the statement of income, unless it relates to items recognized in other comprehensive
income or equity.
Current tax includes the expected tax payable and receivable on the taxable income for the year,
using tax rates enacted or substantively enacted at reporting date, as well as (any adjustments to)
tax payables and receivables with respect to previous years.
Deferred tax is recognized using the liability method on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the Consolidated financial
statements. We do not recognize deferred tax for the initial recognition of goodwill, the initial
recognition of assets or liabilities that affect neither accounting nor taxable profit, and differences
related to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future and we can control the timing of the reversal of the temporary difference.
Deferred tax assets are recognized for unused tax losses, tax credits and deductible temporary
differences, to the extent that it is probable that future taxable profits will be available against which
they can be utilized.
AkzoNobel has applied the exemption for recognizing and disclosing information about deferred tax
assets and liabilities related to Pillar Two income taxes.
Measurement of deferred tax assets and liabilities is based upon the enacted or substantively
enacted tax rates expected to apply to taxable income in the years in which temporary differences
are expected to be reversed. Deferred tax positions are not discounted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-395": { "value": "
Note 9: Earnings per share
Accounting policies
Basic earnings per share is calculated by dividing the profit for the period attributable to
shareholders of the company by the weighted average number of common shares outstanding
during the year, adjusted for any repurchased shares.
Diluted earnings per share is calculated by adjusting the weighted average number of common
shares outstanding during the year for the diluting effect of the shares of the performance-related
share plan, the restricted share plan and the share-matching plan.
Adjusted earnings per share represents the basic earnings per share from continuing operations
excluding identified items, after taxes.
General
Profit for the period attributable to the shareholders of the company was \u20ac542 million ( 2023 : \u20ac442 million).
Profit for the period
in \u20ac millions
2023
2024
Profit before tax from continuing operations
784
838
Income tax
(296)
(246)
Profit from continuing operations
488
592
Profit for the period attributable to non-controlling interests
(41)
(50)
Profit for the period from continuing operations attributable to shareholders of the
company
447
542
Profit for the period from discontinued operations attributable to shareholders of the company
(5)
\u2014
Profit for the period attributable to shareholders of the company
442
542
Weighted average number of common shares
Number of shares
2023
2024
Issued common shares at January 1
170,428,331
170,600,675
Effect of issued common shares during the year
145,224
128,195
Shares for basic earnings per share for the year
170,573,555
170,728,870
Effect of dilutive shares
For performance-related and restricted shares
761,918
871,692
For share-matching plan
3,283
12,313
Shares for diluted earnings per share
171,338,756
171,612,875
Earnings per share
in \u20ac
2023
2024
Continuing operations
Basic
2.62
3.17
Diluted
2.61
3.16
Discontinued operations
Basic
(0.03)
0.00
Diluted
(0.03)
0.00
Total operations
Basic
2.59
3.17
Diluted
2.58
3.16
\"\"
Adjusted earnings per share
Adjusted earnings per share is an Alternative Performance Measure used to provide additional insight into
the underlying profitability of the company. It helps comparing performance over time, as well as to industry
benchmarks and peers. For more details on Alternative Performance Measures refer to Note 3, section
Alternative Performance Measures.
Adjusted earnings per share*
in \u20ac millions
2023
2024
Profit for the period attributable to shareholders of the company from continuing operations
488
592
APM adjustments to operating income
45
196
APM adjustments to interest
44
(21)
APM adjustments to income tax
(13)
(54)
Non-controlling interests
(41)
(50)
Adjusted profit from continuing operations attributable to shareholders of the company*
523
663
Weighted average number of shares (in millions)
170.6
170.7
Adjusted earnings per share from continuing operations (in \u20ac)
3.07
3.88
* Refer to the glossary for definitions of the APMs.
Adjustments to operating income
For details on the adjustments to operating income, refer to Note 3, section Alternative Performance
Measures.
Adjustments to interest
Adjustments to interest include the interest impact of identified items, amongst others the impact of
discounting of provisions related to identified items, and hyperinflation accounting impact.
In 2024, these adjustments mainly related the hyperinflation accounting impact of inventory positions that
exceed normal operational levels.
Adjustments to interest in 2023 mainly related to the wind down of the cash flow hedges related to the
previously anticipated acquisition of Kansai Paints Africa. Refer to Note 26 Financial risk management for
more details.
Adjustments to income tax
Adjustments to income tax include the tax impact of identified items as well as certain specific income tax
identified items, for example the ACT case. The UK ACT case is a group litigation case the company
participates in (\u201cFranked Investment Income litigation/case\u201d; filed in 2003) in order to seek recovery of
Advance Corporation Tax.
In 2024, adjustments to income tax mainly related to the tax impact on the identified items included in
interest and operating income. Further, \u20ac14 million related to the ACT case.
In 2023, adjustments to income tax amounted to a net tax charge of \u20ac13 million, which mainly related to
the tax impact on the identified items included in interest and operating income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-396": { "value": "
Basic earnings per share is calculated by dividing the profit for the period attributable to
shareholders of the company by the weighted average number of common shares outstanding
during the year, adjusted for any repurchased shares.
Diluted earnings per share is calculated by adjusting the weighted average number of common
shares outstanding during the year for the diluting effect of the shares of the performance-related
share plan, the restricted share plan and the share-matching plan.
Adjusted earnings per share represents the basic earnings per share from continuing operations
excluding identified items, after taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-399": { "value": "
Note 10: Intangible assets
Intangible assets
in \u20ac millions
Goodwill
Brands
Customer lists
Other intangibles
Total
Balance at January 1, 2023
Cost of acquisition
1,405
2,288
1,127
179
4,999
Cost of internally developed intangibles
\u2014
\u2014
\u2014
268
268
Accumulated amortization/impairment
(28)
(223)
(654)
(290)
(1,195)
Carrying value at January 1, 2023
1,377
2,065
473
157
4,072
Movements in 2023
Acquisitions through business combinations
34
16
26
(4)
72
Investments - including internally developed intangibles
\u2014
\u2014
\u2014
21
21
Amortization
\u2014
(17)
(31)
(32)
(80)
Impairments, including reversals thereof
\u2014
\u2014
\u2014
(1)
(1)
Hyperinflation adjustment
10
17
\u2014
\u2014
27
Changes in exchange rates
9
(64)
23
2
(30)
Total movements
53
(48)
18
(14)
9
Balance at December 31, 2023
Cost of acquisition
1,458
2,255
1,151
180
5,044
Cost of internally developed intangibles
\u2014
\u2014
\u2014
273
273
Accumulated amortization/impairment
(28)
(238)
(660)
(310)
(1,236)
Carrying value at December 31, 2023
1,430
2,017
491
143
4,081
Movements in 2024
Acquisitions through business combinations
3
\u2014
(1)
\u2014
2
Investments - including internally developed intangibles
\u2014
\u2014
\u2014
24
24
Amortization
\u2014
(17)
(32)
(29)
(78)
Hyperinflation adjustment
5
10
\u2014
\u2014
15
Changes in exchange rates
5
11
(8)
(3)
5
Total movements
13
4
(41)
(8)
(32)
Balance at December 31, 2024
Cost of acquisition
1,472
2,274
1,136
190
5,072
Cost of internally developed intangibles
\u2014
\u2014
\u2014
287
287
Accumulated amortization/impairment
(29)
(253)
(686)
(342)
(1,310)
Carrying value at December 31, 2024
1,443
2,021
450
135
4,049
\"\"
Accounting policies
Intangible assets are valued at cost less accumulated amortization and impairment charges.
Intangible assets with an indefinite useful life, such as goodwill and certain brands, are not
amortized, but tested for impairment annually.
Intangible assets with a finite useful life, such as licenses, know-how, certain brands, customer
relationships, intellectual property rights, software expenditures (in as far as AkzoNobel controls the
software configured or customized) and capitalized development costs, are capitalized at historical
cost and amortized on a straight-line basis over the estimated useful life of the assets, which
generally ranges from 5 to 40 years for brands with finite useful lives, 5 to 25 years for customer
relationships, and 3 to 15 years for other intangibles. Amortization methods, useful lives and residual
values are reassessed annually.
Research expenditures are expensed as incurred.
Impairment
We assess the carrying value of intangible assets, property, plant and equipment and right-of-use
assets whenever events or changes in circumstances indicate that the carrying value of an asset
may not be recoverable as a result of e.g. changes in cash flow forecasts, damages, market
developments or environmental and climate change risks. In addition, for goodwill and other
intangible assets with an indefinite useful life, the carrying value is reviewed at least annually or when
circumstances indicate the carrying amount may be impaired. If the carrying value of an asset or its
cash-generating unit exceeds its estimated recoverable amount, an impairment loss is recognized in
the statement of income on the functional level of the asset impaired.
Except for goodwill, we reverse impairment losses in the statement of income if and to the extent we
have identified a change in estimates used to determine the recoverable amount.
Accounting estimates and judgments
The cash flow projections used in the value in use calculations for the annual impairment test for
goodwill and other intangibles assets with indefinite life, require significant judgment. The various
judgments and estimations are described in the Annual impairment testing section in this Note.
The assessment for impairment is performed at the lowest level of assets generating largely
independent cash inflows. For goodwill and other intangible assets with an indefinite life, we have
determined this to be at business unit level (one level below operating segment).
For intangible assets excluding goodwill and other intangible assets with indefinite useful life,
estimates are required to determine the (remaining) useful lives.
General
Brands include both brands with indefinite useful lives and brands with finite useful lives. Brands with
indefinite useful lives are almost fully related to Dulux, which is the major brand, due to its global presence,
high recognition and strategic nature. Other intangibles include licenses, know-how, intellectual property
rights, software and development cost.
Both at year-end 2024 and 2023, there were no material purchase commitments for individual intangible
assets. No intangible assets were registered as security for bank loans.
Acquisitions through business combinations
No material additions from acquisitions were recorded in 2024. The additions from acquisitions in 2023
primarily relate to the acquisition of the Huarun business, China. Refer to Note 2 Scope of consolidation for
disclosures on acquisitions.
\"\"
Annual impairment testing
Goodwill and other intangibles with indefinite useful lives are tested for impairment at business unit level
(one level below segment level) annually or whenever an impairment trigger exists, applying the value-in-
use method.
The impairment test is based on the five-year plan, which contains euro-denominated cash flow projections
for each of the business units. After the five-year plan period the terminal growth rate is applied, unless a
different approach would be more appropriate. Elements considered to determine if a different approach
would be more appropriate include high growth/emerging economies, geographic expansion opportunities,
introduction of new product ranges and opportunities from market consolidation. In 2024, no exception
was applied. In 2023, this exception was applied for Decorative Paints China and North Asia and for
Decorative Paints South East and South Asia.
Macro-economic developments and other relevant variables (e.g. inflation, geopolitical uncertainties,
climate risks) are closely monitored to ensure that the impact on the estimated future cash flows is
reflected in the models which are used to assess the value of AkzoNobel's asset base. The impact of
climate change did not have a significant effect on the estimated future cash flows.
Goodwill and other intangibles per business unit
in \u20ac millions
Goodwill
Brands with indefinite useful lives
Other intangibles with finite useful lives
Total intangibles
2023
2024
2023
2024
2023
2024
2023
2024
Decorative Paints Europe, Middle East and Africa
106
110
836
836
126
116
1,068
1,062
Decorative Paints Latin America
179
169
90
90
193
164
462
423
Decorative Paints China and North Asia
32
32
643
663
35
32
710
727
Decorative Paints South East and South Asia
7
7
208
217
10
9
225
233
Powder Coatings
155
149
\u2014
\u2014
34
35
189
184
Marine and Protective Coatings
210
213
\u2014
\u2014
96
91
306
304
Automotive and Specialty Coatings
301
304
\u2014
\u2014
150
144
451
448
Industrial Coatings
440
459
\u2014
\u2014
125
119
565
578
Corporate and other
\u2014
\u2014
\u2014
\u2014
105
90
105
90
Total
1,430
1,443
1,777
1,806
874
800
4,081
4,049
\"\"
The key assumptions used in the projections for annual impairment testing are:
\u2022 Revenue growth per year: based on actual experience, analysis of markets and GDP growth, and
expected market share developments based on management's long-term projections
\u2022 Margin development per year: based on actual experience and management\u2019s long-term projections
\u2022 Weighted average cost of capital per year: the pre-tax discount rate determined per business unit,
reflecting current market assessments of the time value of money and the risks specifically associated
with the business unit
Key assumptions 2024
in % per year
Average revenue
growth 2025-2029
Pre-tax weighted
average cost of
capital 2025-2029
Decorative Paints
2.3% - 4.9%
9.8% - 13.4%
Performance Coatings
2.9% - 4.4%
9.7% -10.1%
Key assumptions 2023
in % per year
Average revenue
growth 2024-2028
Pre-tax weighted
average cost of
capital 2024-2028
Decorative Paints
2.4%-5.8%
10.8%-15.3%
Performance Coatings
2.0%-3.6%
10.7%-11.2%
For all business units, a terminal value was calculated based on long-term inflation expectations of 2%
(2023: 2%). The estimated pre-tax cash flows have been discounted to their present value using a pre-tax
weighted average cost of capital. Discount rates have been determined for each business unit and range
from 9.7% to 13.4% (2023: 10.7% to 15.3%), with a weighted average of 10.4% ( 2023: 11.5%). Both the
long-term inflation expectations and the discount rates are reflective of the inflation expectation in the
eurozone.
In 2024 and 2023, no impairment charges were recognized in relation to the annual impairment test.
In addition to the annual impairment test, sensitivity tests were performed to assess the impact of changes
in the key assumptions revenue growth (50% lower), margin development (1 percentage point lower) and
weighted average cost of capital (1\u00a0percentage point higher).
As in the previous two years, given the continued uncertainty in the macro-economic environment,
additional sensitivity tests have been performed in order to assess the impact of more severe adverse
changes in key assumptions.
Both the regular sensitivity tests and the additional sensitivity tests show that the changes in key
assumptions would not cause carrying amounts to exceed recoverable amounts for any of the business
units, except for Decorative Paints China and North Asia.
Impairment of specific intangible assets
Periodical evaluations are performed in order to ensure timely detection of triggers that might indicate
impairment of specific assets. Whenever such triggers are noted, the related assets are assessed for
impairment as appropriate. In 2024 and 2023, no significant impairment charges were recorded in relation
to specific assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-398": { "value": "
Note 10: Intangible assets
Intangible assets
in \u20ac millions
Goodwill
Brands
Customer lists
Other intangibles
Total
Balance at January 1, 2023
Cost of acquisition
1,405
2,288
1,127
179
4,999
Cost of internally developed intangibles
\u2014
\u2014
\u2014
268
268
Accumulated amortization/impairment
(28)
(223)
(654)
(290)
(1,195)
Carrying value at January 1, 2023
1,377
2,065
473
157
4,072
Movements in 2023
Acquisitions through business combinations
34
16
26
(4)
72
Investments - including internally developed intangibles
\u2014
\u2014
\u2014
21
21
Amortization
\u2014
(17)
(31)
(32)
(80)
Impairments, including reversals thereof
\u2014
\u2014
\u2014
(1)
(1)
Hyperinflation adjustment
10
17
\u2014
\u2014
27
Changes in exchange rates
9
(64)
23
2
(30)
Total movements
53
(48)
18
(14)
9
Balance at December 31, 2023
Cost of acquisition
1,458
2,255
1,151
180
5,044
Cost of internally developed intangibles
\u2014
\u2014
\u2014
273
273
Accumulated amortization/impairment
(28)
(238)
(660)
(310)
(1,236)
Carrying value at December 31, 2023
1,430
2,017
491
143
4,081
Movements in 2024
Acquisitions through business combinations
3
\u2014
(1)
\u2014
2
Investments - including internally developed intangibles
\u2014
\u2014
\u2014
24
24
Amortization
\u2014
(17)
(32)
(29)
(78)
Hyperinflation adjustment
5
10
\u2014
\u2014
15
Changes in exchange rates
5
11
(8)
(3)
5
Total movements
13
4
(41)
(8)
(32)
Balance at December 31, 2024
Cost of acquisition
1,472
2,274
1,136
190
5,072
Cost of internally developed intangibles
\u2014
\u2014
\u2014
287
287
Accumulated amortization/impairment
(29)
(253)
(686)
(342)
(1,310)
Carrying value at December 31, 2024
1,443
2,021
450
135
4,049
\"\"
Accounting policies
Intangible assets are valued at cost less accumulated amortization and impairment charges.
Intangible assets with an indefinite useful life, such as goodwill and certain brands, are not
amortized, but tested for impairment annually.
Intangible assets with a finite useful life, such as licenses, know-how, certain brands, customer
relationships, intellectual property rights, software expenditures (in as far as AkzoNobel controls the
software configured or customized) and capitalized development costs, are capitalized at historical
cost and amortized on a straight-line basis over the estimated useful life of the assets, which
generally ranges from 5 to 40 years for brands with finite useful lives, 5 to 25 years for customer
relationships, and 3 to 15 years for other intangibles. Amortization methods, useful lives and residual
values are reassessed annually.
Research expenditures are expensed as incurred.
Impairment
We assess the carrying value of intangible assets, property, plant and equipment and right-of-use
assets whenever events or changes in circumstances indicate that the carrying value of an asset
may not be recoverable as a result of e.g. changes in cash flow forecasts, damages, market
developments or environmental and climate change risks. In addition, for goodwill and other
intangible assets with an indefinite useful life, the carrying value is reviewed at least annually or when
circumstances indicate the carrying amount may be impaired. If the carrying value of an asset or its
cash-generating unit exceeds its estimated recoverable amount, an impairment loss is recognized in
the statement of income on the functional level of the asset impaired.
Except for goodwill, we reverse impairment losses in the statement of income if and to the extent we
have identified a change in estimates used to determine the recoverable amount.
Accounting estimates and judgments
The cash flow projections used in the value in use calculations for the annual impairment test for
goodwill and other intangibles assets with indefinite life, require significant judgment. The various
judgments and estimations are described in the Annual impairment testing section in this Note.
The assessment for impairment is performed at the lowest level of assets generating largely
independent cash inflows. For goodwill and other intangible assets with an indefinite life, we have
determined this to be at business unit level (one level below operating segment).
For intangible assets excluding goodwill and other intangible assets with indefinite useful life,
estimates are required to determine the (remaining) useful lives.
General
Brands include both brands with indefinite useful lives and brands with finite useful lives. Brands with
indefinite useful lives are almost fully related to Dulux, which is the major brand, due to its global presence,
high recognition and strategic nature. Other intangibles include licenses, know-how, intellectual property
rights, software and development cost.
Both at year-end 2024 and 2023, there were no material purchase commitments for individual intangible
assets. No intangible assets were registered as security for bank loans.
Acquisitions through business combinations
No material additions from acquisitions were recorded in 2024. The additions from acquisitions in 2023
primarily relate to the acquisition of the Huarun business, China. Refer to Note 2 Scope of consolidation for
disclosures on acquisitions.
\"\"
Annual impairment testing
Goodwill and other intangibles with indefinite useful lives are tested for impairment at business unit level
(one level below segment level) annually or whenever an impairment trigger exists, applying the value-in-
use method.
The impairment test is based on the five-year plan, which contains euro-denominated cash flow projections
for each of the business units. After the five-year plan period the terminal growth rate is applied, unless a
different approach would be more appropriate. Elements considered to determine if a different approach
would be more appropriate include high growth/emerging economies, geographic expansion opportunities,
introduction of new product ranges and opportunities from market consolidation. In 2024, no exception
was applied. In 2023, this exception was applied for Decorative Paints China and North Asia and for
Decorative Paints South East and South Asia.
Macro-economic developments and other relevant variables (e.g. inflation, geopolitical uncertainties,
climate risks) are closely monitored to ensure that the impact on the estimated future cash flows is
reflected in the models which are used to assess the value of AkzoNobel's asset base. The impact of
climate change did not have a significant effect on the estimated future cash flows.
Goodwill and other intangibles per business unit
in \u20ac millions
Goodwill
Brands with indefinite useful lives
Other intangibles with finite useful lives
Total intangibles
2023
2024
2023
2024
2023
2024
2023
2024
Decorative Paints Europe, Middle East and Africa
106
110
836
836
126
116
1,068
1,062
Decorative Paints Latin America
179
169
90
90
193
164
462
423
Decorative Paints China and North Asia
32
32
643
663
35
32
710
727
Decorative Paints South East and South Asia
7
7
208
217
10
9
225
233
Powder Coatings
155
149
\u2014
\u2014
34
35
189
184
Marine and Protective Coatings
210
213
\u2014
\u2014
96
91
306
304
Automotive and Specialty Coatings
301
304
\u2014
\u2014
150
144
451
448
Industrial Coatings
440
459
\u2014
\u2014
125
119
565
578
Corporate and other
\u2014
\u2014
\u2014
\u2014
105
90
105
90
Total
1,430
1,443
1,777
1,806
874
800
4,081
4,049
\"\"
The key assumptions used in the projections for annual impairment testing are:
\u2022 Revenue growth per year: based on actual experience, analysis of markets and GDP growth, and
expected market share developments based on management's long-term projections
\u2022 Margin development per year: based on actual experience and management\u2019s long-term projections
\u2022 Weighted average cost of capital per year: the pre-tax discount rate determined per business unit,
reflecting current market assessments of the time value of money and the risks specifically associated
with the business unit
Key assumptions 2024
in % per year
Average revenue
growth 2025-2029
Pre-tax weighted
average cost of
capital 2025-2029
Decorative Paints
2.3% - 4.9%
9.8% - 13.4%
Performance Coatings
2.9% - 4.4%
9.7% -10.1%
Key assumptions 2023
in % per year
Average revenue
growth 2024-2028
Pre-tax weighted
average cost of
capital 2024-2028
Decorative Paints
2.4%-5.8%
10.8%-15.3%
Performance Coatings
2.0%-3.6%
10.7%-11.2%
For all business units, a terminal value was calculated based on long-term inflation expectations of 2%
(2023: 2%). The estimated pre-tax cash flows have been discounted to their present value using a pre-tax
weighted average cost of capital. Discount rates have been determined for each business unit and range
from 9.7% to 13.4% (2023: 10.7% to 15.3%), with a weighted average of 10.4% ( 2023: 11.5%). Both the
long-term inflation expectations and the discount rates are reflective of the inflation expectation in the
eurozone.
In 2024 and 2023, no impairment charges were recognized in relation to the annual impairment test.
In addition to the annual impairment test, sensitivity tests were performed to assess the impact of changes
in the key assumptions revenue growth (50% lower), margin development (1 percentage point lower) and
weighted average cost of capital (1\u00a0percentage point higher).
As in the previous two years, given the continued uncertainty in the macro-economic environment,
additional sensitivity tests have been performed in order to assess the impact of more severe adverse
changes in key assumptions.
Both the regular sensitivity tests and the additional sensitivity tests show that the changes in key
assumptions would not cause carrying amounts to exceed recoverable amounts for any of the business
units, except for Decorative Paints China and North Asia.
Impairment of specific intangible assets
Periodical evaluations are performed in order to ensure timely detection of triggers that might indicate
impairment of specific assets. Whenever such triggers are noted, the related assets are assessed for
impairment as appropriate. In 2024 and 2023, no significant impairment charges were recorded in relation
to specific assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-397": { "value": "
Note 10: Intangible assets
Intangible assets
in \u20ac millions
Goodwill
Brands
Customer lists
Other intangibles
Total
Balance at January 1, 2023
Cost of acquisition
1,405
2,288
1,127
179
4,999
Cost of internally developed intangibles
\u2014
\u2014
\u2014
268
268
Accumulated amortization/impairment
(28)
(223)
(654)
(290)
(1,195)
Carrying value at January 1, 2023
1,377
2,065
473
157
4,072
Movements in 2023
Acquisitions through business combinations
34
16
26
(4)
72
Investments - including internally developed intangibles
\u2014
\u2014
\u2014
21
21
Amortization
\u2014
(17)
(31)
(32)
(80)
Impairments, including reversals thereof
\u2014
\u2014
\u2014
(1)
(1)
Hyperinflation adjustment
10
17
\u2014
\u2014
27
Changes in exchange rates
9
(64)
23
2
(30)
Total movements
53
(48)
18
(14)
9
Balance at December 31, 2023
Cost of acquisition
1,458
2,255
1,151
180
5,044
Cost of internally developed intangibles
\u2014
\u2014
\u2014
273
273
Accumulated amortization/impairment
(28)
(238)
(660)
(310)
(1,236)
Carrying value at December 31, 2023
1,430
2,017
491
143
4,081
Movements in 2024
Acquisitions through business combinations
3
\u2014
(1)
\u2014
2
Investments - including internally developed intangibles
\u2014
\u2014
\u2014
24
24
Amortization
\u2014
(17)
(32)
(29)
(78)
Hyperinflation adjustment
5
10
\u2014
\u2014
15
Changes in exchange rates
5
11
(8)
(3)
5
Total movements
13
4
(41)
(8)
(32)
Balance at December 31, 2024
Cost of acquisition
1,472
2,274
1,136
190
5,072
Cost of internally developed intangibles
\u2014
\u2014
\u2014
287
287
Accumulated amortization/impairment
(29)
(253)
(686)
(342)
(1,310)
Carrying value at December 31, 2024
1,443
2,021
450
135
4,049
\"\"
Accounting policies
Intangible assets are valued at cost less accumulated amortization and impairment charges.
Intangible assets with an indefinite useful life, such as goodwill and certain brands, are not
amortized, but tested for impairment annually.
Intangible assets with a finite useful life, such as licenses, know-how, certain brands, customer
relationships, intellectual property rights, software expenditures (in as far as AkzoNobel controls the
software configured or customized) and capitalized development costs, are capitalized at historical
cost and amortized on a straight-line basis over the estimated useful life of the assets, which
generally ranges from 5 to 40 years for brands with finite useful lives, 5 to 25 years for customer
relationships, and 3 to 15 years for other intangibles. Amortization methods, useful lives and residual
values are reassessed annually.
Research expenditures are expensed as incurred.
Impairment
We assess the carrying value of intangible assets, property, plant and equipment and right-of-use
assets whenever events or changes in circumstances indicate that the carrying value of an asset
may not be recoverable as a result of e.g. changes in cash flow forecasts, damages, market
developments or environmental and climate change risks. In addition, for goodwill and other
intangible assets with an indefinite useful life, the carrying value is reviewed at least annually or when
circumstances indicate the carrying amount may be impaired. If the carrying value of an asset or its
cash-generating unit exceeds its estimated recoverable amount, an impairment loss is recognized in
the statement of income on the functional level of the asset impaired.
Except for goodwill, we reverse impairment losses in the statement of income if and to the extent we
have identified a change in estimates used to determine the recoverable amount.
Accounting estimates and judgments
The cash flow projections used in the value in use calculations for the annual impairment test for
goodwill and other intangibles assets with indefinite life, require significant judgment. The various
judgments and estimations are described in the Annual impairment testing section in this Note.
The assessment for impairment is performed at the lowest level of assets generating largely
independent cash inflows. For goodwill and other intangible assets with an indefinite life, we have
determined this to be at business unit level (one level below operating segment).
For intangible assets excluding goodwill and other intangible assets with indefinite useful life,
estimates are required to determine the (remaining) useful lives.
General
Brands include both brands with indefinite useful lives and brands with finite useful lives. Brands with
indefinite useful lives are almost fully related to Dulux, which is the major brand, due to its global presence,
high recognition and strategic nature. Other intangibles include licenses, know-how, intellectual property
rights, software and development cost.
Both at year-end 2024 and 2023, there were no material purchase commitments for individual intangible
assets. No intangible assets were registered as security for bank loans.
Acquisitions through business combinations
No material additions from acquisitions were recorded in 2024. The additions from acquisitions in 2023
primarily relate to the acquisition of the Huarun business, China. Refer to Note 2 Scope of consolidation for
disclosures on acquisitions.
\"\"
Annual impairment testing
Goodwill and other intangibles with indefinite useful lives are tested for impairment at business unit level
(one level below segment level) annually or whenever an impairment trigger exists, applying the value-in-
use method.
The impairment test is based on the five-year plan, which contains euro-denominated cash flow projections
for each of the business units. After the five-year plan period the terminal growth rate is applied, unless a
different approach would be more appropriate. Elements considered to determine if a different approach
would be more appropriate include high growth/emerging economies, geographic expansion opportunities,
introduction of new product ranges and opportunities from market consolidation. In 2024, no exception
was applied. In 2023, this exception was applied for Decorative Paints China and North Asia and for
Decorative Paints South East and South Asia.
Macro-economic developments and other relevant variables (e.g. inflation, geopolitical uncertainties,
climate risks) are closely monitored to ensure that the impact on the estimated future cash flows is
reflected in the models which are used to assess the value of AkzoNobel's asset base. The impact of
climate change did not have a significant effect on the estimated future cash flows.
Goodwill and other intangibles per business unit
in \u20ac millions
Goodwill
Brands with indefinite useful lives
Other intangibles with finite useful lives
Total intangibles
2023
2024
2023
2024
2023
2024
2023
2024
Decorative Paints Europe, Middle East and Africa
106
110
836
836
126
116
1,068
1,062
Decorative Paints Latin America
179
169
90
90
193
164
462
423
Decorative Paints China and North Asia
32
32
643
663
35
32
710
727
Decorative Paints South East and South Asia
7
7
208
217
10
9
225
233
Powder Coatings
155
149
\u2014
\u2014
34
35
189
184
Marine and Protective Coatings
210
213
\u2014
\u2014
96
91
306
304
Automotive and Specialty Coatings
301
304
\u2014
\u2014
150
144
451
448
Industrial Coatings
440
459
\u2014
\u2014
125
119
565
578
Corporate and other
\u2014
\u2014
\u2014
\u2014
105
90
105
90
Total
1,430
1,443
1,777
1,806
874
800
4,081
4,049
\"\"
The key assumptions used in the projections for annual impairment testing are:
\u2022 Revenue growth per year: based on actual experience, analysis of markets and GDP growth, and
expected market share developments based on management's long-term projections
\u2022 Margin development per year: based on actual experience and management\u2019s long-term projections
\u2022 Weighted average cost of capital per year: the pre-tax discount rate determined per business unit,
reflecting current market assessments of the time value of money and the risks specifically associated
with the business unit
Key assumptions 2024
in % per year
Average revenue
growth 2025-2029
Pre-tax weighted
average cost of
capital 2025-2029
Decorative Paints
2.3% - 4.9%
9.8% - 13.4%
Performance Coatings
2.9% - 4.4%
9.7% -10.1%
Key assumptions 2023
in % per year
Average revenue
growth 2024-2028
Pre-tax weighted
average cost of
capital 2024-2028
Decorative Paints
2.4%-5.8%
10.8%-15.3%
Performance Coatings
2.0%-3.6%
10.7%-11.2%
For all business units, a terminal value was calculated based on long-term inflation expectations of 2%
(2023: 2%). The estimated pre-tax cash flows have been discounted to their present value using a pre-tax
weighted average cost of capital. Discount rates have been determined for each business unit and range
from 9.7% to 13.4% (2023: 10.7% to 15.3%), with a weighted average of 10.4% ( 2023: 11.5%). Both the
long-term inflation expectations and the discount rates are reflective of the inflation expectation in the
eurozone.
In 2024 and 2023, no impairment charges were recognized in relation to the annual impairment test.
In addition to the annual impairment test, sensitivity tests were performed to assess the impact of changes
in the key assumptions revenue growth (50% lower), margin development (1 percentage point lower) and
weighted average cost of capital (1\u00a0percentage point higher).
As in the previous two years, given the continued uncertainty in the macro-economic environment,
additional sensitivity tests have been performed in order to assess the impact of more severe adverse
changes in key assumptions.
Both the regular sensitivity tests and the additional sensitivity tests show that the changes in key
assumptions would not cause carrying amounts to exceed recoverable amounts for any of the business
units, except for Decorative Paints China and North Asia.
Impairment of specific intangible assets
Periodical evaluations are performed in order to ensure timely detection of triggers that might indicate
impairment of specific assets. Whenever such triggers are noted, the related assets are assessed for
impairment as appropriate. In 2024 and 2023, no significant impairment charges were recorded in relation
to specific assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-402": { "value": "
Intangible assets are valued at cost less accumulated amortization and impairment charges.
Intangible assets with an indefinite useful life, such as goodwill and certain brands, are not
amortized, but tested for impairment annually.
Intangible assets with a finite useful life, such as licenses, know-how, certain brands, customer
relationships, intellectual property rights, software expenditures (in as far as AkzoNobel controls the
software configured or customized) and capitalized development costs, are capitalized at historical
cost and amortized on a straight-line basis over the estimated useful life of the assets, which
generally ranges from 5 to 40 years for brands with finite useful lives, 5 to 25 years for customer
relationships, and 3 to 15 years for other intangibles. Amortization methods, useful lives and residual
values are reassessed annually.
Research expenditures are expensed as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-401": { "value": "
Intangible assets are valued at cost less accumulated amortization and impairment charges.
Intangible assets with an indefinite useful life, such as goodwill and certain brands, are not
amortized, but tested for impairment annually.
Intangible assets with a finite useful life, such as licenses, know-how, certain brands, customer
relationships, intellectual property rights, software expenditures (in as far as AkzoNobel controls the
software configured or customized) and capitalized development costs, are capitalized at historical
cost and amortized on a straight-line basis over the estimated useful life of the assets, which
generally ranges from 5 to 40 years for brands with finite useful lives, 5 to 25 years for customer
relationships, and 3 to 15 years for other intangibles. Amortization methods, useful lives and residual
values are reassessed annually.
Research expenditures are expensed as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-400": { "value": "
Intangible assets are valued at cost less accumulated amortization and impairment charges.
Intangible assets with an indefinite useful life, such as goodwill and certain brands, are not
amortized, but tested for impairment annually.
Intangible assets with a finite useful life, such as licenses, know-how, certain brands, customer
relationships, intellectual property rights, software expenditures (in as far as AkzoNobel controls the
software configured or customized) and capitalized development costs, are capitalized at historical
cost and amortized on a straight-line basis over the estimated useful life of the assets, which
generally ranges from 5 to 40 years for brands with finite useful lives, 5 to 25 years for customer
relationships, and 3 to 15 years for other intangibles. Amortization methods, useful lives and residual
values are reassessed annually.
Research expenditures are expensed as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-403": { "value": "
Research expenditures are expensed as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-405": { "value": "
Impairment
We assess the carrying value of intangible assets, property, plant and equipment and right-of-use
assets whenever events or changes in circumstances indicate that the carrying value of an asset
may not be recoverable as a result of e.g. changes in cash flow forecasts, damages, market
developments or environmental and climate change risks. In addition, for goodwill and other
intangible assets with an indefinite useful life, the carrying value is reviewed at least annually or when
circumstances indicate the carrying amount may be impaired. If the carrying value of an asset or its
cash-generating unit exceeds its estimated recoverable amount, an impairment loss is recognized in
the statement of income on the functional level of the asset impaired.
Except for goodwill, we reverse impairment losses in the statement of income if and to the extent we
have identified a change in estimates used to determine the recoverable amount.
Impairment
Financial assets are assessed for impairment either according to the general approach or a
simplified approach.
The calculation of impairment under the general approach uses the following stages:
\u2022 12-months expected credit losses, taking into account possible default events within one year
\u2022 Lifetime expected credit losses in case of an increase in credit risk, through recognition of
expected credit losses over the remaining life of the exposure
\u2022 Lifetime expected credit losses, where interest is calculated on the net amount of the receivables
less impairment loss.
In all above stages, the impairment calculation used is based on external credit ratings of involved
parties or default rates published by well-known credit risk agencies.
The financial assets included in the general impairment approach are long-term loans and other
long-term receivables.
The calculation of impairment under the simplified approach requires recognition of lifetime expected
credit loss (no tracking of changes in credit risk). The financial assets included in the simplified
impairment approach are trade receivables and the remaining financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-404": { "value": "
Impairment
We assess the carrying value of intangible assets, property, plant and equipment and right-of-use
assets whenever events or changes in circumstances indicate that the carrying value of an asset
may not be recoverable as a result of e.g. changes in cash flow forecasts, damages, market
developments or environmental and climate change risks. In addition, for goodwill and other
intangible assets with an indefinite useful life, the carrying value is reviewed at least annually or when
circumstances indicate the carrying amount may be impaired. If the carrying value of an asset or its
cash-generating unit exceeds its estimated recoverable amount, an impairment loss is recognized in
the statement of income on the functional level of the asset impaired.
Except for goodwill, we reverse impairment losses in the statement of income if and to the extent we
have identified a change in estimates used to determine the recoverable amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-406": { "value": "
Annual impairment testing
Goodwill and other intangibles with indefinite useful lives are tested for impairment at business unit level
(one level below segment level) annually or whenever an impairment trigger exists, applying the value-in-
use method.
The impairment test is based on the five-year plan, which contains euro-denominated cash flow projections
for each of the business units. After the five-year plan period the terminal growth rate is applied, unless a
different approach would be more appropriate. Elements considered to determine if a different approach
would be more appropriate include high growth/emerging economies, geographic expansion opportunities,
introduction of new product ranges and opportunities from market consolidation. In 2024, no exception
was applied. In 2023, this exception was applied for Decorative Paints China and North Asia and for
Decorative Paints South East and South Asia.
Macro-economic developments and other relevant variables (e.g. inflation, geopolitical uncertainties,
climate risks) are closely monitored to ensure that the impact on the estimated future cash flows is
reflected in the models which are used to assess the value of AkzoNobel's asset base. The impact of
climate change did not have a significant effect on the estimated future cash flows.
Goodwill and other intangibles per business unit
in \u20ac millions
Goodwill
Brands with indefinite useful lives
Other intangibles with finite useful lives
Total intangibles
2023
2024
2023
2024
2023
2024
2023
2024
Decorative Paints Europe, Middle East and Africa
106
110
836
836
126
116
1,068
1,062
Decorative Paints Latin America
179
169
90
90
193
164
462
423
Decorative Paints China and North Asia
32
32
643
663
35
32
710
727
Decorative Paints South East and South Asia
7
7
208
217
10
9
225
233
Powder Coatings
155
149
\u2014
\u2014
34
35
189
184
Marine and Protective Coatings
210
213
\u2014
\u2014
96
91
306
304
Automotive and Specialty Coatings
301
304
\u2014
\u2014
150
144
451
448
Industrial Coatings
440
459
\u2014
\u2014
125
119
565
578
Corporate and other
\u2014
\u2014
\u2014
\u2014
105
90
105
90
Total
1,430
1,443
1,777
1,806
874
800
4,081
4,049
\"\"
The key assumptions used in the projections for annual impairment testing are:
\u2022 Revenue growth per year: based on actual experience, analysis of markets and GDP growth, and
expected market share developments based on management's long-term projections
\u2022 Margin development per year: based on actual experience and management\u2019s long-term projections
\u2022 Weighted average cost of capital per year: the pre-tax discount rate determined per business unit,
reflecting current market assessments of the time value of money and the risks specifically associated
with the business unit
Key assumptions 2024
in % per year
Average revenue
growth 2025-2029
Pre-tax weighted
average cost of
capital 2025-2029
Decorative Paints
2.3% - 4.9%
9.8% - 13.4%
Performance Coatings
2.9% - 4.4%
9.7% -10.1%
Key assumptions 2023
in % per year
Average revenue
growth 2024-2028
Pre-tax weighted
average cost of
capital 2024-2028
Decorative Paints
2.4%-5.8%
10.8%-15.3%
Performance Coatings
2.0%-3.6%
10.7%-11.2%
For all business units, a terminal value was calculated based on long-term inflation expectations of 2%
(2023: 2%). The estimated pre-tax cash flows have been discounted to their present value using a pre-tax
weighted average cost of capital. Discount rates have been determined for each business unit and range
from 9.7% to 13.4% (2023: 10.7% to 15.3%), with a weighted average of 10.4% ( 2023: 11.5%). Both the
long-term inflation expectations and the discount rates are reflective of the inflation expectation in the
eurozone.
In 2024 and 2023, no impairment charges were recognized in relation to the annual impairment test.
In addition to the annual impairment test, sensitivity tests were performed to assess the impact of changes
in the key assumptions revenue growth (50% lower), margin development (1 percentage point lower) and
weighted average cost of capital (1\u00a0percentage point higher).
As in the previous two years, given the continued uncertainty in the macro-economic environment,
additional sensitivity tests have been performed in order to assess the impact of more severe adverse
changes in key assumptions.
Both the regular sensitivity tests and the additional sensitivity tests show that the changes in key
assumptions would not cause carrying amounts to exceed recoverable amounts for any of the business
units, except for Decorative Paints China and North Asia.
Impairment of specific intangible assets
Periodical evaluations are performed in order to ensure timely detection of triggers that might indicate
impairment of specific assets. Whenever such triggers are noted, the related assets are assessed for
impairment as appropriate. In 2024 and 2023, no significant impairment charges were recorded in relation
to specific assets.
Impairment of specific property, plant and equipment assets
Periodical evaluations are performed in order to ensure timely detection of triggers that might indicate
impairment of specific assets. Whenever such triggers are noted, the related assets are assessed for
impairment as appropriate. In 2024 and 2023, no significant impairment charges were recognized.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-407": { "value": "
Note 11: Property, plant and equipment
Property, plant and equipment
in \u20ac millions
Land and buildings
Plant equipment and
machinery
Other equipment
Construction in
progress and
prepayments on
projects
Assets not used
Total
Balance at January 1, 2023
Cost of acquisition
1,658
2,208
923
373
11
5,173
Accumulated depreciation/impairment
(826)
(1,585)
(784)
(3)
(7)
(3,205)
Carrying value at January 1, 2023
832
623
139
370
4
1,968
Movements in 2023
Acquisitions
5
1
\u2014
\u2014
\u2014
6
Divestments
(14)
(3)
(3)
(1)
(1)
(22)
Investments
2
8
2
253
\u2014
265
Transfer between categories
70
145
40
(255)
\u2014
\u2014
Depreciation
(44)
(101)
(32)
\u2014
(1)
(178)
Impairments, including reversals thereof
(1)
(2)
\u2014
\u2014
\u2014
(3)
Hyperinflation adjustment
29
13
1
8
\u2014
51
Changes in exchange rates
(40)
(21)
(9)
(23)
\u2014
(93)
Total movements
7
40
(1)
(18)
(2)
26
Balance at December 31, 2023
Cost of acquisition
1,656
2,310
904
354
10
5,234
Accumulated depreciation/impairment
(817)
(1,647)
(766)
(2)
(8)
(3,240)
Carrying value at December 31, 2023
839
663
138
352
2
1,994
Movements in 2024
Divestments
(5)
(2)
(2)
\u2014
\u2014
(9)
Investments
2
8
3
269
\u2014
282
Additions to asset retirement obligations
2
\u2014
\u2014
\u2014
\u2014
2
Transfer between categories
54
163
50
(267)
\u2014
\u2014
Depreciation
(43)
(116)
(33)
\u2014
(1)
(193)
Hyperinflation adjustment
18
8
2
5
\u2014
33
Changes in exchange rates
2
3
3
5
\u2014
13
Total movements
30
64
23
12
(1)
128
Balance at December 31, 2024
Cost of acquisition
1,737
2,438
932
365
10
5,482
Accumulated depreciation/impairment
(868)
(1,711)
(771)
(1)
(9)
(3,360)
Carrying value at December 31, 2024
869
727
161
364
1
2,122
\"\"
Accounting policies
Property, plant and equipment are valued at cost less accumulated depreciation and impairment
charges. Costs include expenditures that are directly attributable to the acquisition of the asset,
including borrowing cost of capital investment projects under construction.
Depreciation is calculated using the straight-line method, based on the estimated useful life of the
asset components. The useful life of plant equipment and machinery generally ranges from 10 to 25
years, and for buildings ranges from 20 to 50 years. Land is not depreciated. Other equipment
contains assets with a useful life ranging from 3 to 20 years. In the majority of cases, residual value
is assumed to be not material. Depreciation methods, useful lives and residual values are
reassessed annually.
Costs of major maintenance activities are capitalized and depreciated over the estimated useful life.
Maintenance costs which cannot be separately defined as a component of property, plant and
equipment are expensed in the period in which they occur. Asset retirement obligations are
recognized in the periods in which sufficient information becomes available to reasonably estimate
the cash outflow.
Refer to Note 10 Intangible assets, for a description of the accounting policies for asset impairment,
which equally apply to property, plant and equipment.
Acquisitions through business combinations
No material additions from acquisitions were recorded in 2024. The additions from acquisitions in 2023
primarily relate to the acquisition of the Huarun business, China. Refer to Note 2 Scope of consolidation for
disclosures on acquisitions.
Investments in property, plant and equipment
In both 2024 and 2023 we invested in multiple large projects. In 2024, this included investments in a new
Industrial Coatings plant in Barcelona, Spain, and continued investments in our Wood Coatings site in High
Point, US. In 2023, investments included the upgrade of a Powder Coatings plant in Gwalior, India, and a
new plant in Hanoi, Vietnam.
Impairment of specific property, plant and equipment assets
Periodical evaluations are performed in order to ensure timely detection of triggers that might indicate
impairment of specific assets. Whenever such triggers are noted, the related assets are assessed for
impairment as appropriate. In 2024 and 2023, no significant impairment charges were recognized.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-408": { "value": "
Property, plant and equipment are valued at cost less accumulated depreciation and impairment
charges. Costs include expenditures that are directly attributable to the acquisition of the asset,
including borrowing cost of capital investment projects under construction.
Depreciation is calculated using the straight-line method, based on the estimated useful life of the
asset components. The useful life of plant equipment and machinery generally ranges from 10 to 25
years, and for buildings ranges from 20 to 50 years. Land is not depreciated. Other equipment
contains assets with a useful life ranging from 3 to 20 years. In the majority of cases, residual value
is assumed to be not material. Depreciation methods, useful lives and residual values are
reassessed annually.
Costs of major maintenance activities are capitalized and depreciated over the estimated useful life.
Maintenance costs which cannot be separately defined as a component of property, plant and
equipment are expensed in the period in which they occur. Asset retirement obligations are
recognized in the periods in which sufficient information becomes available to reasonably estimate
the cash outflow.
Refer to Note 10 Intangible assets, for a description of the accounting policies for asset impairment,
which equally apply to property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-409": { "value": "
Depreciation is calculated using the straight-line method, based on the estimated useful life of the
asset components. The useful life of plant equipment and machinery generally ranges from 10 to 25
years, and for buildings ranges from 20 to 50 years. Land is not depreciated. Other equipment
contains assets with a useful life ranging from 3 to 20 years. In the majority of cases, residual value
is assumed to be not material. Depreciation methods, useful lives and residual values are
reassessed annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-410": { "value": "
Costs of major maintenance activities are capitalized and depreciated over the estimated useful life.
Maintenance costs which cannot be separately defined as a component of property, plant and
equipment are expensed in the period in which they occur. Asset retirement obligations are
recognized in the periods in which sufficient information becomes available to reasonably estimate
the cash outflow.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-411": { "value": "
Note 12: Leases
Accounting policies
As a lessee, we assess whether a contract is, or contains, a lease at inception. A contract is, or
contains, a lease if the contract conveys the right to control the use of an identified asset for a
period of time in exchange for a consideration. Right-of-use assets are measured at costs less
accumulated depreciation and impairment losses, adjusted for any remeasurements.
For contracts that contain a lease component, we allocate consideration based on relative stand-
alone price, with the exception of lease cars where non-lease components are not separated.
Short-term leases and low value leases are expensed on a straight-line basis over the lease term.
Refer to Note 10 Intangible assets, for a description of the accounting policies for asset impairment,
which equally apply to right-of-use assets.
General
AkzoNobel mainly leases land, office spaces, stores and cars. Some leases provide for additional rent
payments that are based on changes in local price indices.
Some property leases contain extension options exercisable by AkzoNobel up to one year before the end
of the non-cancellable contract period. We have estimated that the lease liability would increase by less
than 20%, if we would exercise the extension options which are currently not included in the valuation of
the lease liability. This excludes so-called \u201cevergreens\u201d or perpetual leases.
Total net cash outflow from financing activities related to leases recognized on the balance sheet was
\u20ac114\u00a0million (2023: \u20ac107 million). Net cash outflow for leases not recognized on the balance sheet was
\u20ac21 million (2023: \u20ac21 million).
Refer to Note 26 Financial risk management for the maturities of lease liabilities.
Right-of-use assets
in \u20ac millions
Land
Buildings
Other
Total
Balance at January 1, 2023
Cost of acquisition
64
393
117
574
Accumulated depreciation/impairment
(22)
(204)
(57)
(283)
Carrying value at January 1, 2023
42
189
60
291
Movements in 2023
Acquisitions
15
\u2014
\u2014
15
Additions/modifications
2
61
46
109
Disposals
(1)
(5)
(6)
(12)
Depreciation
(2)
(63)
(34)
(99)
Changes in exchange rates
(2)
2
(2)
(2)
Total movements
12
(5)
4
11
Cost of acquisition
77
399
123
599
Accumulated depreciation/impairment
(23)
(215)
(59)
(297)
Carrying value at December 31, 2023
54
184
64
302
Movements in 2024
Additions/modifications
1
71
49
121
Disposals
\u2014
(5)
(4)
(9)
Depreciation
(2)
(64)
(34)
(100)
Changes in exchange rates
1
3
\u2014
4
Total movements
\u2014
5
11
16
Cost of acquisition
77
424
130
631
Accumulated depreciation/impairment
(23)
(235)
(55)
(313)
Carrying value at December 31, 2024
54
189
75
318
The table below shows the total impact from leases on our profit and loss account.
Income/(expenses) recognized in profit and loss
in \u20ac millions
2023
2024
Depreciation right-of-use assets
(99)
(100)
Impairments for right-of-use assets
\u2014
\u2014
Interest expense on lease liabilities
(7)
(9)
Short-term lease expenses
(14)
(13)
Expenses relating to low-value assets
(5)
(6)
Variable lease expenses
(2)
(2)
Total expenses
(127)
(130)
\"\"
Impairments of specific right-of-use assets
Periodical evaluations are performed in order to ensure timely detection of triggers that might indicate
impairment of specific assets. Whenever such triggers are noted, the related assets are assessed for
impairment as appropriate.
In 2024 and 2023, no significant impairment charges were recognized.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-412": { "value": "
As a lessee, we assess whether a contract is, or contains, a lease at inception. A contract is, or
contains, a lease if the contract conveys the right to control the use of an identified asset for a
period of time in exchange for a consideration. Right-of-use assets are measured at costs less
accumulated depreciation and impairment losses, adjusted for any remeasurements.
For contracts that contain a lease component, we allocate consideration based on relative stand-
alone price, with the exception of lease cars where non-lease components are not separated.
Short-term leases and low value leases are expensed on a straight-line basis over the lease term.
Refer to Note 10 Intangible assets, for a description of the accounting policies for asset impairment,
which equally apply to right-of-use assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-415": { "value": "
Note 13: Investments in associates
Accounting policies
Associates are accounted for using the equity method and are initially recognized at cost. The
Consolidated financial statements include our share of the income and expenses of the associates,
whereby the result is determined using our accounting principles. When the share of losses exceeds
the interest in the investee, the carrying amount is reduced to nil and recognition of further losses is
discontinued, unless we have further legal or constructive obligations.
The total value of investments in associates at December 31, 2024, amounted to \u20ac228 million ( 2023: \u20ac216
million) and consisted of our equity share of \u20ac227 million (2023 : \u20ac214 million) and loans granted of \u20ac1
million (2023: \u20ac2 million).
Balance sheet information of our share in associates
Associates
in \u20ac millions, at December 31
2023
2024
Condensed balance sheet
Non-current assets
108
115
Current assets
163
159
Total assets
271
274
Shareholders\u2019equity
214
227
Non-current liabilities
8
5
Current liabilities
49
42
Total liabilities and equity
271
274
Profit and loss of our share in associates
Associates
in \u20ac millions
2023
2024
Condensed statement of income
Revenue
209
222
Profit before tax
38
33
Profit for the period
27
23
In 2024, the results from associates amounted to a profit of \u20ac23 million ( 2023: \u20ac27 million). No significant
contingent liabilities exist related to associates. The largest associate of AkzoNobel is Metlac S.p.A,
incorporated in Italy. None of the associates are considered individually material to the group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-414": { "value": "
Note 13: Investments in associates
Accounting policies
Associates are accounted for using the equity method and are initially recognized at cost. The
Consolidated financial statements include our share of the income and expenses of the associates,
whereby the result is determined using our accounting principles. When the share of losses exceeds
the interest in the investee, the carrying amount is reduced to nil and recognition of further losses is
discontinued, unless we have further legal or constructive obligations.
The total value of investments in associates at December 31, 2024, amounted to \u20ac228 million ( 2023: \u20ac216
million) and consisted of our equity share of \u20ac227 million (2023 : \u20ac214 million) and loans granted of \u20ac1
million (2023: \u20ac2 million).
Balance sheet information of our share in associates
Associates
in \u20ac millions, at December 31
2023
2024
Condensed balance sheet
Non-current assets
108
115
Current assets
163
159
Total assets
271
274
Shareholders\u2019equity
214
227
Non-current liabilities
8
5
Current liabilities
49
42
Total liabilities and equity
271
274
Profit and loss of our share in associates
Associates
in \u20ac millions
2023
2024
Condensed statement of income
Revenue
209
222
Profit before tax
38
33
Profit for the period
27
23
In 2024, the results from associates amounted to a profit of \u20ac23 million ( 2023: \u20ac27 million). No significant
contingent liabilities exist related to associates. The largest associate of AkzoNobel is Metlac S.p.A,
incorporated in Italy. None of the associates are considered individually material to the group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-413": { "value": "
Note 13: Investments in associates
Accounting policies
Associates are accounted for using the equity method and are initially recognized at cost. The
Consolidated financial statements include our share of the income and expenses of the associates,
whereby the result is determined using our accounting principles. When the share of losses exceeds
the interest in the investee, the carrying amount is reduced to nil and recognition of further losses is
discontinued, unless we have further legal or constructive obligations.
The total value of investments in associates at December 31, 2024, amounted to \u20ac228 million ( 2023: \u20ac216
million) and consisted of our equity share of \u20ac227 million (2023 : \u20ac214 million) and loans granted of \u20ac1
million (2023: \u20ac2 million).
Balance sheet information of our share in associates
Associates
in \u20ac millions, at December 31
2023
2024
Condensed balance sheet
Non-current assets
108
115
Current assets
163
159
Total assets
271
274
Shareholders\u2019equity
214
227
Non-current liabilities
8
5
Current liabilities
49
42
Total liabilities and equity
271
274
Profit and loss of our share in associates
Associates
in \u20ac millions
2023
2024
Condensed statement of income
Revenue
209
222
Profit before tax
38
33
Profit for the period
27
23
In 2024, the results from associates amounted to a profit of \u20ac23 million ( 2023: \u20ac27 million). No significant
contingent liabilities exist related to associates. The largest associate of AkzoNobel is Metlac S.p.A,
incorporated in Italy. None of the associates are considered individually material to the group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-416": { "value": "
Associates are accounted for using the equity method and are initially recognized at cost. The
Consolidated financial statements include our share of the income and expenses of the associates,
whereby the result is determined using our accounting principles. When the share of losses exceeds
the interest in the investee, the carrying amount is reduced to nil and recognition of further losses is
discontinued, unless we have further legal or constructive obligations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-417": { "value": "
Note 14: Financial non-current assets
Accounting policies
Pension assets are accounted for in accordance with IAS 19; for more details on the accounting
policies refer to Note 18 Post-retirement benefits.
Loans and receivables are initially measured at fair value plus transaction costs. Subsequent
measurement is at amortized cost, using the effective interest method, less any impairment losses.
Other financial non-current assets contain different types of financial instruments, for which
treatment is dependent on the specific facts and circumstances of these assets. For more details on
the accounting policy with regards to classification, measurement and impairment of financial
assets, refer to Note 26 Financial risk management.
Financial non-current assets
in \u20ac millions, at December 31
2023
2024
Pension assets
1,017
929
Loans and receivables
180
158
Other financial non-current assets
212
187
Total
1,409
1,274
Financial non-current assets can be broken down as per the table above. Pension assets (\u20ac929 million)
relate to pension plans in an asset position (2023: \u20ac1,017 million). Excluding pension assets, financial non-
current assets amounted to \u20ac345 million (2023: \u20ac392 million).
Loans and receivables include the subordinated loan granted to the Pension Fund APF in the Netherlands
valued at \u20ac91 million ( 2023: \u20ac90 million).
Loans and receivables are considered to have low credit risk; the impairment provision recognized during
the period was limited to 12 months expected losses, which was less than \u20ac1 million in both 2024 and
2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-418": { "value": "
Pension assets are accounted for in accordance with IAS 19; for more details on the accounting
policies refer to Note 18 Post-retirement benefits.
Loans and receivables are initially measured at fair value plus transaction costs. Subsequent
measurement is at amortized cost, using the effective interest method, less any impairment losses.
Other financial non-current assets contain different types of financial instruments, for which
treatment is dependent on the specific facts and circumstances of these assets. For more details on
the accounting policy with regards to classification, measurement and impairment of financial
assets, refer to Note 26 Financial risk management.
Trade receivables are initially measured at fair value plus transaction costs. Subsequent
measurement is at amortized cost, using the effective interest method, less any impairment losses.
Positions are netted if there is an intention to set off and when netting is legally enforceable.
FX contracts are measured at fair value through profit and loss, unless hedge accounting is applied.
Other receivables contain various types of (financial) assets, for which treatment is dependent on the
specific facts and circumstances of these assets.
For more details on the accounting policy with regards to classification, measurement and
impairment of financial assets, refer to Note 26 Financial risk management.
Cash and cash equivalents and short-term investments are measured at fair value through profit and loss. Cash and cash equivalents include all cash balances and other investments that are directly convertible into
known amounts of cash. Changes in fair values are included in financing income and expenses. For more details on the accounting policy with regards to classification, valuation and impairment of financial assets,
refer to Note 26 Financial risk management.
Long-term and short-term borrowings are initially measured at fair value net of directly attributable transaction costs. Subsequent measurement is at amortized cost, using the effective interest rate method. The
interest expense on borrowings is included in financing income and expenses.
The fair value of borrowings, used for disclosure purposes, is determined based on listed market prices, if available. If a listed market price is not available, the fair value is calculated based on the present value of
principal and interest cash flows, discounted at the interest rate at the reporting date, considering AkzoNobel\u2019s credit risk.
Classification and measurement
On initial recognition, financial assets are measured at fair value (plus transaction costs, in the case
of assets not subsequently measured at fair value through profit or loss (FVTPL)).
For the purpose of subsequent measurement, financial assets are classified as measured at
amortized cost, fair value through profit or loss or fair value through other comprehensive income
(FVOCI). The classification of a financial asset is determined at initial recognition, but if certain
conditions are met, an asset may be subject to reclassification.
A financial asset is measured at amortized cost if it meets both of the following conditions:
1. It is held within a business model, the objective of which is to hold assets to collect contractual
cash flows; and
2. Its contractual terms give rise, on specified dates, to cash flows that are solely payments of
principal and interest (SPPI) on the principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not
designated as FVTPL:
1. It is held within a business model, the objective of which is achieved by both collecting
contractual cash flows and selling financial assets; and
2. Its contractual terms give rise, on specified dates, to cash flows that are SPPI on the principal
amount outstanding.
All financial assets not classified as measured at amortized cost or measured at FVOCI, as
described above, (e.g. financial assets held for trading and those that are managed and whose
performance is evaluated on a fair value basis) are measured at FVTPL.
Derivatives
Derivative financial instruments are recognized at fair value on the balance sheet. Fair values are
derived from market prices and quotes from dealers and brokers, or are estimated using observable
market inputs. When determining fair values, credit risk for our counter party, as well as for
AkzoNobel, is taken into account.
Changes in fair value are recognized in the statement of income, unless cash flow hedge accounting
or net investment hedge accounting is applied. In those cases, the effective part of the fair value
changes is deferred in other comprehensive income and released to the related specific lines in the
statement of income or balance sheet at the same time as the hedged item.
Impairment
Financial assets are assessed for impairment either according to the general approach or a
simplified approach.
The calculation of impairment under the general approach uses the following stages:
\u2022 12-months expected credit losses, taking into account possible default events within one year
\u2022 Lifetime expected credit losses in case of an increase in credit risk, through recognition of
expected credit losses over the remaining life of the exposure
\u2022 Lifetime expected credit losses, where interest is calculated on the net amount of the receivables
less impairment loss.
In all above stages, the impairment calculation used is based on external credit ratings of involved
parties or default rates published by well-known credit risk agencies.
The financial assets included in the general impairment approach are long-term loans and other
long-term receivables.
The calculation of impairment under the simplified approach requires recognition of lifetime expected
credit loss (no tracking of changes in credit risk). The financial assets included in the simplified
impairment approach are trade receivables and the remaining financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-419": { "value": "
Loans and receivables are considered to have low credit risk; the impairment provision recognized during
the period was limited to 12 months expected losses, which was less than \u20ac1 million in both 2024 and
2023
Trade receivables are presented net of an allowance for impairment of \u20ac34 million (2023 : \u20ac39 million). In
2024 , \u20ac15 million of impairment losses were recognized in the statement of income (2023: \u20ac14 million) and
\u20ac9 million was reversed (2023: \u20ac8 million). Since the total amount of impairment losses under IFRS 9 is not
significant, no separate disclosure was made in the statement of income.
Allowance for impairment of trade receivables
in \u20ac millions
2023
2024
Balance at January 1
42
39
Additions charged to income
14
15
Release of unused amounts
(8)
(9)
Utilization
(8)
(11)
Currency exchange differences
(1)
\u2014
Balance at December 31
39
34
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-420": { "value": "
Note 15: Inventories
Accounting policies
Inventories are measured at the lower of cost and net realizable value. Costs of inventories comprise
all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to the
present location and condition. The costs of inventories are determined using weighted average
cost.
Inventories
in \u20ac millions, at December 31
2023
2024
Raw materials and supplies
579
601
Work in progress
91
101
Finished products and goods for resale
979
1,019
Total
1,649
1,721
Inventories can be broken down as per the table above. Of the total carrying value of inventories at year-
end 2024, \u20ac14 million was measured at net realizable value ( 2023 : \u20ac10 million). In 2024, \u20ac64 million was
recognized in the statement of income for the write-down of inventories (2023: \u20ac86 million), while
\u20ac19\u00a0million of write-downs were reversed (2023: \u20ac20 million). There are no inventories subject to retention
of title clauses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-421": { "value": "
Inventories are measured at the lower of cost and net realizable value. Costs of inventories comprise
all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to the
present location and condition. The costs of inventories are determined using weighted average
cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-422": { "value": "
Note 16: Trade and other receivables
Accounting policies
Trade receivables are initially measured at fair value plus transaction costs. Subsequent
measurement is at amortized cost, using the effective interest method, less any impairment losses.
Positions are netted if there is an intention to set off and when netting is legally enforceable.
FX contracts are measured at fair value through profit and loss, unless hedge accounting is applied.
Other receivables contain various types of (financial) assets, for which treatment is dependent on the
specific facts and circumstances of these assets.
For more details on the accounting policy with regards to classification, measurement and
impairment of financial assets, refer to Note 26 Financial risk management.
General
Trade and other receivables can be broken down as per the table below.
Trade and other receivables
in \u20ac millions, at December 31
2023
2024
Trade receivables
2,187
2,144
Prepaid expenses
39
42
Tax receivables other than income tax
154
167
FX contracts
14
16
Other receivables
89
129
Total
2,483
2,498
Ageing and impairment of trade receivables
Ageing of trade receivables
in \u20ac millions, at December 31
2023
2024
Performing trade receivables
2,040
2,003
Past due trade receivables
< 3 months
118
113
> 3 months
68
62
Allowance for impairment
(39)
(34)
Total trade receivables
2,187
2,144
Trade receivables are presented net of an allowance for impairment of \u20ac34 million (2023 : \u20ac39 million). In
2024 , \u20ac15 million of impairment losses were recognized in the statement of income (2023: \u20ac14 million) and
\u20ac9 million was reversed (2023: \u20ac8 million). Since the total amount of impairment losses under IFRS 9 is not
significant, no separate disclosure was made in the statement of income.
Allowance for impairment of trade receivables
in \u20ac millions
2023
2024
Balance at January 1
42
39
Additions charged to income
14
15
Release of unused amounts
(8)
(9)
Utilization
(8)
(11)
Currency exchange differences
(1)
\u2014
Balance at December 31
39
34
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-423": { "value": "
Trade receivables are initially measured at fair value plus transaction costs. Subsequent
measurement is at amortized cost, using the effective interest method, less any impairment losses.
Positions are netted if there is an intention to set off and when netting is legally enforceable.
FX contracts are measured at fair value through profit and loss, unless hedge accounting is applied.
Other receivables contain various types of (financial) assets, for which treatment is dependent on the
specific facts and circumstances of these assets.
For more details on the accounting policy with regards to classification, measurement and
impairment of financial assets, refer to Note 26 Financial risk management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-424": { "value": "
FX contracts are measured at fair value through profit and loss, unless hedge accounting is applied.
Cash and cash equivalents and short-term investments are measured at fair value through profit and loss. Cash and cash equivalents include all cash balances and other investments that are directly convertible into
known amounts of cash. Changes in fair values are included in financing income and expenses. For more details on the accounting policy with regards to classification, valuation and impairment of financial assets,
refer to Note 26 Financial risk management.
All financial assets not classified as measured at amortized cost or measured at FVOCI, as
described above, (e.g. financial assets held for trading and those that are managed and whose
performance is evaluated on a fair value basis) are measured at FVTPL.
Derivatives
Derivative financial instruments are recognized at fair value on the balance sheet. Fair values are
derived from market prices and quotes from dealers and brokers, or are estimated using observable
market inputs. When determining fair values, credit risk for our counter party, as well as for
AkzoNobel, is taken into account.
Changes in fair value are recognized in the statement of income, unless cash flow hedge accounting
or net investment hedge accounting is applied. In those cases, the effective part of the fair value
changes is deferred in other comprehensive income and released to the related specific lines in the
statement of income or balance sheet at the same time as the hedged item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-425": { "value": "
Note 17: Group equity
Accounting policies
Shares are classified as equity and recorded at the value of the proceeds received. Own equity
instruments that are bought back (treasury shares) are deducted from equity. Incremental costs that
are directly attributable to issuing or buying back own equity instruments are recognized directly in
equity, net of the related tax.
Dividends are recognized as liability when they are declared.
Composition of share capital at year-end 2024
in \u20ac
Authorized share
capital
Subscribed share
capital
Priority shares (48 with nominal value of \u20ac400)
19,200
19,200
Cumulative preferred shares (200 million with nominal value of \u20ac0.50)
100,000,000
\u2014
Common shares (500 million with nominal value of \u20ac0.50)
250,000,000
85,392,319
Total
350,019,200
85,411,519
Composition of share capital at year-end 2023
in \u20ac
Authorized share
capital
Subscribed share
capital
Priority shares (48 with nominal value of \u20ac400)
19,200
19,200
Cumulative preferred shares (200 million with nominal value of \u20ac0.50)
100,000,000
\u2014
Common shares (500 million with nominal value of \u20ac0.50)
250,000,000
85,300,338
Total
350,019,200
85,319,538
Outstanding common shares
Number of shares
2023
2024
Outstanding at January\u00a01
174,375,227
170,600,675
Issued in connection to performance-related share plan, restricted share plan
and share-matching plan
172,344
183,963
Shares cancelled related to share buyback from previous year
(3,946,896)
\u2014
Outstanding at December 31
170,600,675
170,784,638
Weighted average number of common shares
Number of shares
2023
2024
Weighted average number of common shares
170,573,555
170,728,870
Subscribed share capital
For further details on subscribed share capital, refer to Note F Shareholders' equity in the Company
financial statements.
Cash flow hedge reserve
The cash flow hedge reserve comprises the effective portion of the cumulative net change in the fair value
of hedging instruments used in cash flow hedges, pending subsequent recognition in the statement of
income or in the initial cost or other carrying amount of a non-financial asset or non-financial liability.
Cumulative translation reserve
The cumulative translation reserve comprises all foreign exchange differences arising from the translation of
the financial statements of foreign operations, as well as from the translation of intercompany loans with a
permanent nature and liabilities and derivatives that hedge the net investments in a foreign subsidiary.
\"\"
Equity-settled transactions
Equity-settled transactions relate to the performance-related and restricted share plans and the share-
matching plan, whereby shares are granted to the Board of Management, Executive Committee, other
executives and certain non-executive employee categories. For details on share-based compensation,
refer to Note 6 Employee benefits.
Dividend
Our dividend policy is to pay a stable to rising dividend. In 2024, an interim dividend of \u20ac0.44 (2023: \u20ac0.44)
per common share was paid. We propose a 2024 final dividend of \u20ac1.54 (2023: \u20ac1.54) per common share,
which would equal a total 2024 dividend of \u20ac1.98 (2023: \u20ac1.98).
Share buybacks
In 2023, 3.9 million shares were cancelled which were repurchased in 2022. In both 2024 and 2023 no
shares were repurchased.
For further details on weighted average number of shares, refer to Note 9 Earnings per share
Non-controlling interests
None of the non-controlling interests are considered individually material to the group. The effects of share
transactions with non-controlling interest shareholders are recorded in equity insofar these do not lead to
changes in control.
Non-controlling interests
2023
2024
Group entity
Partner at year-end 2024
%
Equity stake
in \u20ac millions
%
Equity stake
in \u20ac millions
Akzo Nobel India Limited, Kolkata, India
Publicly held, India
25.24
55
25.24
50
PT ICI Paints Indonesia, Jakarta, Indonesia
PT DWI Satrya Utama, Indonesia
45.00
32
45.00
30
Akzo Nobel Kemipol Kimya Sanayi ve Ticaret A.\u015e., Izmir, T\u00fcrkiye
Altan, Eyy\u00fcp and other family members
49.00
24
49.00
30
International Paints of Shanghai Co. Ltd, Shanghai, China
Shanghai Huayi Fine Chemical Co. Ltd and China National Shipbuilding Equipment & Materials Corp.
49.00
21
49.00
22
Akzo Nobel Saudi Arabia Ltd, Dammam, Saudi Arabia
Yousuf Bin Ahmed Kanoo Co. Ltd, Saudi Arabia
40.00
16
40.00
20
Akzo Nobel Paints (Malaysia) Sdn. Bhd., Kuala Lumpur, Malaysia
Permodalan Nasional Berhad, Malaysia
40.05
17
40.05
19
Akzo Nobel UAE Paints L.L.C., United Arab Emirates
Kanoo Group, United Arab Emirates
40.00
11
40.00
17
Akzo Nobel Oman SAOC, Muscat, Oman
Omar Zawawi Establishment LLC, Oman
50.00
12
50.00
12
Soci\u00e9t\u00e9 Tunisienne de Peintures Astral S.A., Megrine, Tunisia
Several people
40.00
10
40.00
11
International Paint (Korea) Ltd, Busan, South-Korea
Noroo Holdings, South Korea
40.00
6
40.00
8
Akzo Nobel Coatings S.A., Casablanca, Morocco
Soci\u00e9t\u00e9 Industrielle de Peinture and several people
40.00
5
40.00
5
Others
15
18
Total
224
242
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-426": { "value": "
Dividends are recognized as liability when they are declared.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-427": { "value": "
Composition of share capital at year-end 2023
in \u20ac
Authorized share
capital
Subscribed share
capital
Priority shares (48 with nominal value of \u20ac400)
19,200
19,200
Cumulative preferred shares (200 million with nominal value of \u20ac0.50)
100,000,000
\u2014
Common shares (500 million with nominal value of \u20ac0.50)
250,000,000
85,300,338
Total
350,019,200
85,319,538
Subscribed share capital
For further details on subscribed share capital, refer to Note F Shareholders' equity in the Company
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-428": { "value": "
Cash flow hedge reserve
The cash flow hedge reserve comprises the effective portion of the cumulative net change in the fair value
of hedging instruments used in cash flow hedges, pending subsequent recognition in the statement of
income or in the initial cost or other carrying amount of a non-financial asset or non-financial liability.
Cumulative translation reserve
The cumulative translation reserve comprises all foreign exchange differences arising from the translation of
the financial statements of foreign operations, as well as from the translation of intercompany loans with a
permanent nature and liabilities and derivatives that hedge the net investments in a foreign subsidiary.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-429": { "value": "
Dividend
Our dividend policy is to pay a stable to rising dividend. In 2024, an interim dividend of \u20ac0.44 (2023: \u20ac0.44)
per common share was paid. We propose a 2024 final dividend of \u20ac1.54 (2023: \u20ac1.54) per common share,
which would equal a total 2024 dividend of \u20ac1.98 (2023: \u20ac1.98).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-430": { "value": "0.44", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-431": { "value": "0.44", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-432": { "value": "1.54", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-433": { "value": "1.54", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-434": { "value": "
Share buybacks
In 2023, 3.9 million shares were cancelled which were repurchased in 2022. In both 2024 and 2023 no
shares were repurchased.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-435": { "value": "
Non-controlling interests
None of the non-controlling interests are considered individually material to the group. The effects of share
transactions with non-controlling interest shareholders are recorded in equity insofar these do not lead to
changes in control.
Non-controlling interests
2023
2024
Group entity
Partner at year-end 2024
%
Equity stake
in \u20ac millions
%
Equity stake
in \u20ac millions
Akzo Nobel India Limited, Kolkata, India
Publicly held, India
25.24
55
25.24
50
PT ICI Paints Indonesia, Jakarta, Indonesia
PT DWI Satrya Utama, Indonesia
45.00
32
45.00
30
Akzo Nobel Kemipol Kimya Sanayi ve Ticaret A.\u015e., Izmir, T\u00fcrkiye
Altan, Eyy\u00fcp and other family members
49.00
24
49.00
30
International Paints of Shanghai Co. Ltd, Shanghai, China
Shanghai Huayi Fine Chemical Co. Ltd and China National Shipbuilding Equipment & Materials Corp.
49.00
21
49.00
22
Akzo Nobel Saudi Arabia Ltd, Dammam, Saudi Arabia
Yousuf Bin Ahmed Kanoo Co. Ltd, Saudi Arabia
40.00
16
40.00
20
Akzo Nobel Paints (Malaysia) Sdn. Bhd., Kuala Lumpur, Malaysia
Permodalan Nasional Berhad, Malaysia
40.05
17
40.05
19
Akzo Nobel UAE Paints L.L.C., United Arab Emirates
Kanoo Group, United Arab Emirates
40.00
11
40.00
17
Akzo Nobel Oman SAOC, Muscat, Oman
Omar Zawawi Establishment LLC, Oman
50.00
12
50.00
12
Soci\u00e9t\u00e9 Tunisienne de Peintures Astral S.A., Megrine, Tunisia
Several people
40.00
10
40.00
11
International Paint (Korea) Ltd, Busan, South-Korea
Noroo Holdings, South Korea
40.00
6
40.00
8
Akzo Nobel Coatings S.A., Casablanca, Morocco
Soci\u00e9t\u00e9 Industrielle de Peinture and several people
40.00
5
40.00
5
Others
15
18
Total
224
242
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-436": { "value": "
Non-controlling interests
None of the non-controlling interests are considered individually material to the group. The effects of share
transactions with non-controlling interest shareholders are recorded in equity insofar these do not lead to
changes in control.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-438": { "value": "
Note 19: Other provisions and contingent liabilities
Accounting policies
We recognize provisions when a present legal or constructive obligation as a result of a past event
exists, it is probable that an outflow of economic benefits is required to settle the obligation and the
amount can be reliably estimated. Provisions are measured at net present value. The increase of
provisions as a result of the passage of time is recognized in the statement of income under
financing income and expenses.
Provisions for restructuring of activities are recognized when a detailed and formal restructuring plan
has been approved, and the restructuring has either commenced or has been announced publicly.
We do not provide for future operating costs.
Provisions for liabilities to (former) employees are measured at present value, using actuarial
assumptions and other methods. Any actuarial gains and losses are recognized in the statement of
income in the period in which they arise.
Leased sites, offices or stores may have to be restored to their original condition or sometimes
decontaminated before being handed back at the end of the contractual period. If such legal
obligations exist, and a reliable estimate of future expenses can be made, a provision is formed.
Accounting estimates and judgments
Determining the likelihood, timing and amount of cash outflow requires estimates and significant
judgment. The main estimates and judgments per class of provisions are described below.
Provisions for environmental liabilities
Estimating the impact of environmental liabilities is complex and requires the assessment of many
(often interconnected) elements, which contain varying levels of uncertainty. Environmental liabilities
can change substantially, among others due to the emergence of additional information on the
nature or extent of the contamination, the geological circumstances, changes in (the interpretation
and/or enforcement of) environmental regulations, new and evolving analytical and remediation
techniques, success or lack of success of currently anticipated clean-up methods, actions by
governmental agencies or private parties, success or lack of success in allocating liability to other
potentially responsible parties, the financial viability of other potentially responsible parties and third-
party indemnitors, and/or other factors.
Liabilities to (former) employees
Liabilities to (former) employees consist of employer liability plans, jubilee plans and other long-term
compensation plans. In order to perform the necessary actuarial calculations for assessing the
provision, certain assumptions must be made regarding interest rates, life expectancy, the
development of costs related to employer liability plans, and employee turnover rates. These
calculations are conducted by external actuaries using market information such as corporate bond
returns and yield curves to determine appropriate discount rates, as well as claim patterns, cost
levels, mortality tables and inflation rates to establish assumptions for future expected outflow.
Sundry provisions
Sundry provisions relate to a variety of provisions, including provisions for (customer) claims, sales
returns, guarantees and other operational provisions. (Customer) claims provisions reflect the best
estimate of the expected outflow, if applicable supported by case law and internal or external legal
counsel opinions.\u00a0
\"\"
Movements in other provisions
in \u20ac millions
Restructuring of
activities
Environmental costs
Liabilities to (former)\u00a0
employees
Sundry
Total
Balance at January 1, 2024
36
42
117
85
280
Additions made during the year
99
7
21
30
157
Additions to asset retirement obligations
\u2014
\u2014
\u2014
2
2
Utilization
(58)
(16)
(20)
(27)
(121)
Amounts reversed during the year
(7)
(1)
(2)
(10)
(20)
Unwind of discount
\u2014
4
(2)
\u2014
2
Acquisitions
\u2014
\u2014
\u2014
1
1
Divestments
\u2014
\u2014
(11)
\u2014
(11)
Changes in exchange rates
\u2014
1
\u2014
(1)
\u2014
Balance at December 31, 2024
70
37
103
80
290
Non-current portion of provisions
1
24
91
44
160
Current portion of provisions
69
13
12
36
130
Balance at December 31, 2024
70
37
103
80
290
Provisions for restructuring of activities
Provisions for restructuring of activities comprise of accruals for certain employee benefits and for costs
which are directly associated with plans to exit or cease specific activities, organizational optimization
programs and closing down of facilities. For all restructuring provisions, a detailed formal plan exists and
the implementation of the plan has started or the plan has been announced before the balance sheet date.
Most restructuring plans are expected to be completed within one year from the balance sheet date.
Environmental liabilities
We are confronted with costs arising out of environmental laws and regulations, which include obligations
to eliminate or limit the effects on the environment of the disposal or release of certain wastes or
substances at various sites. Proceedings involving environmental matters, such as the alleged discharge of
chemicals or waste materials into the air, water, or soil, are pending against us in various countries. In
some cases, this concerns sites divested in prior years or derelict sites belonging to companies acquired in
the past. The majority of the cash outflows relating to the environmental liabilities is expected to be within
one to five years, whilst some one-third is projected to be spent after ten years. The provision has been
discounted using an average pre-tax discount rate of 4.3% (2023: 3.7%).
For some sites for which we are faced with relatively new legislation, which are in the early stages of
discussions with regulators, and/or where there is limited information available from earlier experience,
there may be considerable variability between the clean-up activities that are currently being undertaken or
planned and the ultimate actions that could be required. For such sites, the costs for the earlier years might
be rather reliably estimable, while for later years it is much more difficult, if possible at all, to estimate the
cost of environmental compliance and remediation. If the level of uncertainty is such that no reliable
estimate can be made for the longer-term costs, no provision for such costs is recorded. While it is not
feasible to predict the outcome of all pending environmental exposures, it is reasonably possible that there
will be a need for future (changes to) provisions for environmental costs which, in management\u2019s opinion,
based on information currently available, would not have a material effect on the company\u2019s financial
position but could be material to the company\u2019s results of operations in any one accounting period.
Liabilities to (former) employees
The majority of the cash outflows related to liabilities to (former) employees is expected to be after five
years. In calculating the liabilities to (former) employees, a pre-tax discount rate of on average 4.4% (2023:
4.3%) has been used.
\"\"
Sundry provisions
Due to possible future developments, such as potential additional lawsuits, possible future settlements and
rulings or judgments in pending lawsuits, certain cases may result in additional liabilities and related costs.
At this point in time, we cannot estimate any additional amount of loss or range of loss in excess of the
recorded amounts with sufficient certainty to allow such amount or range of amounts to be meaningful.
While the outcome of said cases, claims and disputes cannot be predicted with certainty, we believe,
based upon legal advice and information received, that the final outcome will not materially affect our
consolidated financial position but could be material to our results of operations or cash flows in any one
accounting period.
The majority of the cash outflows related to sundry provisions is expected to be within one to five years. In
calculating the sundry provisions, a pre-tax discount rate of on average 3.8% (2023: 3.7%) has been used.
Current portion of provisions
The current portion of post-retirement benefit provisions (\u20ac43 million) and the current portion of other
provisions (\u20ac130 million) add up to \u20ac173 million (2023: \u20ac164 million), as reflected in the balance sheet.
Discount rates
The discount rates used in calculating the provisions recognized at December 31, 2024, are mentioned in
the paragraphs on provisions for environmental costs, liabilities to (former) employees and sundry
provisions. Changes in discount rates will affect our consolidated financial position. A sensitivity test
showed that a one percentage point increase or decrease of discount rates will have an impact down or up
of \u20ac5 million and \u20ac6 million, respectively, on the provisions recognized at December 31, 2024.
Contingent liabilities
A number of claims against AkzoNobel are pending, many of which are contested. This includes those
where AkzoNobel is defending claims brought by INPEX Operations Australia and JKC Australia LNG
relating to the specification and use of an AkzoNobel product which was applied to part of the pipework at
the Ichthys Onshore Project in Darwin, Australia, a large LNG project. The claims allege that AkzoNobel is
liable for significant damages (degradation of the coating on extensive parts of the pipework) and
associated remediation costs are sought under the Australian Consumer Law. AkzoNobel denies liability
and also contests the quantum of alleged damages. The vast majority of the damages claimed for
remediation costs have not yet been incurred, rather they relate to (modelled) future inspection and
remediation costs that are subject to a high degree of uncertainty and debate in the proceedings. As a
result, it is not possible for AkzoNobel to reliably estimate any potential financial impact at this stage of the
proceedings. The case has gone to trial in the Federal Court of Australia, having commenced on June 17,
2024 and the proceedings are still ongoing with a final hearing scheduled in May 2025 with further
submissions being made. The timing of the Federal Court of Australia's judgment is uncertain, although is
not expected before the end of 2025.
We are also involved in legal disputes and disputes with tax authorities in several jurisdictions. Those
disputes include situations in which AkzoNobel has provided various indemnities and guarantees in respect
of past divestments to the relevant purchasers and their permitted assigns (if applicable), which in general
are capped in time and/or amount (in proportion to the value received). The provided guarantees and
indemnities have varying maturity periods. AkzoNobel has received various claims under such indemnities
and guarantees. In some instances, AkzoNobel has been named as a direct defendant despite the
divestments.
Akzo Nobel N.V. withdrew its declarations of joint and several liability under Article 403 of Book 2 of the
Dutch Civil Code for certain Dutch former Specialty Chemicals subsidiaries divested as per October 1,
2018, and since then has followed the procedures to terminate its residual liability under those declarations
under Article 404 of Book 2 of the Dutch Civil Code. The last objection against the termination of residual
liability has been resolved on February 20, 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-437": { "value": "
Note 19: Other provisions and contingent liabilities
Accounting policies
We recognize provisions when a present legal or constructive obligation as a result of a past event
exists, it is probable that an outflow of economic benefits is required to settle the obligation and the
amount can be reliably estimated. Provisions are measured at net present value. The increase of
provisions as a result of the passage of time is recognized in the statement of income under
financing income and expenses.
Provisions for restructuring of activities are recognized when a detailed and formal restructuring plan
has been approved, and the restructuring has either commenced or has been announced publicly.
We do not provide for future operating costs.
Provisions for liabilities to (former) employees are measured at present value, using actuarial
assumptions and other methods. Any actuarial gains and losses are recognized in the statement of
income in the period in which they arise.
Leased sites, offices or stores may have to be restored to their original condition or sometimes
decontaminated before being handed back at the end of the contractual period. If such legal
obligations exist, and a reliable estimate of future expenses can be made, a provision is formed.
Accounting estimates and judgments
Determining the likelihood, timing and amount of cash outflow requires estimates and significant
judgment. The main estimates and judgments per class of provisions are described below.
Provisions for environmental liabilities
Estimating the impact of environmental liabilities is complex and requires the assessment of many
(often interconnected) elements, which contain varying levels of uncertainty. Environmental liabilities
can change substantially, among others due to the emergence of additional information on the
nature or extent of the contamination, the geological circumstances, changes in (the interpretation
and/or enforcement of) environmental regulations, new and evolving analytical and remediation
techniques, success or lack of success of currently anticipated clean-up methods, actions by
governmental agencies or private parties, success or lack of success in allocating liability to other
potentially responsible parties, the financial viability of other potentially responsible parties and third-
party indemnitors, and/or other factors.
Liabilities to (former) employees
Liabilities to (former) employees consist of employer liability plans, jubilee plans and other long-term
compensation plans. In order to perform the necessary actuarial calculations for assessing the
provision, certain assumptions must be made regarding interest rates, life expectancy, the
development of costs related to employer liability plans, and employee turnover rates. These
calculations are conducted by external actuaries using market information such as corporate bond
returns and yield curves to determine appropriate discount rates, as well as claim patterns, cost
levels, mortality tables and inflation rates to establish assumptions for future expected outflow.
Sundry provisions
Sundry provisions relate to a variety of provisions, including provisions for (customer) claims, sales
returns, guarantees and other operational provisions. (Customer) claims provisions reflect the best
estimate of the expected outflow, if applicable supported by case law and internal or external legal
counsel opinions.\u00a0
\"\"
Movements in other provisions
in \u20ac millions
Restructuring of
activities
Environmental costs
Liabilities to (former)\u00a0
employees
Sundry
Total
Balance at January 1, 2024
36
42
117
85
280
Additions made during the year
99
7
21
30
157
Additions to asset retirement obligations
\u2014
\u2014
\u2014
2
2
Utilization
(58)
(16)
(20)
(27)
(121)
Amounts reversed during the year
(7)
(1)
(2)
(10)
(20)
Unwind of discount
\u2014
4
(2)
\u2014
2
Acquisitions
\u2014
\u2014
\u2014
1
1
Divestments
\u2014
\u2014
(11)
\u2014
(11)
Changes in exchange rates
\u2014
1
\u2014
(1)
\u2014
Balance at December 31, 2024
70
37
103
80
290
Non-current portion of provisions
1
24
91
44
160
Current portion of provisions
69
13
12
36
130
Balance at December 31, 2024
70
37
103
80
290
Provisions for restructuring of activities
Provisions for restructuring of activities comprise of accruals for certain employee benefits and for costs
which are directly associated with plans to exit or cease specific activities, organizational optimization
programs and closing down of facilities. For all restructuring provisions, a detailed formal plan exists and
the implementation of the plan has started or the plan has been announced before the balance sheet date.
Most restructuring plans are expected to be completed within one year from the balance sheet date.
Environmental liabilities
We are confronted with costs arising out of environmental laws and regulations, which include obligations
to eliminate or limit the effects on the environment of the disposal or release of certain wastes or
substances at various sites. Proceedings involving environmental matters, such as the alleged discharge of
chemicals or waste materials into the air, water, or soil, are pending against us in various countries. In
some cases, this concerns sites divested in prior years or derelict sites belonging to companies acquired in
the past. The majority of the cash outflows relating to the environmental liabilities is expected to be within
one to five years, whilst some one-third is projected to be spent after ten years. The provision has been
discounted using an average pre-tax discount rate of 4.3% (2023: 3.7%).
For some sites for which we are faced with relatively new legislation, which are in the early stages of
discussions with regulators, and/or where there is limited information available from earlier experience,
there may be considerable variability between the clean-up activities that are currently being undertaken or
planned and the ultimate actions that could be required. For such sites, the costs for the earlier years might
be rather reliably estimable, while for later years it is much more difficult, if possible at all, to estimate the
cost of environmental compliance and remediation. If the level of uncertainty is such that no reliable
estimate can be made for the longer-term costs, no provision for such costs is recorded. While it is not
feasible to predict the outcome of all pending environmental exposures, it is reasonably possible that there
will be a need for future (changes to) provisions for environmental costs which, in management\u2019s opinion,
based on information currently available, would not have a material effect on the company\u2019s financial
position but could be material to the company\u2019s results of operations in any one accounting period.
Liabilities to (former) employees
The majority of the cash outflows related to liabilities to (former) employees is expected to be after five
years. In calculating the liabilities to (former) employees, a pre-tax discount rate of on average 4.4% (2023:
4.3%) has been used.
\"\"
Sundry provisions
Due to possible future developments, such as potential additional lawsuits, possible future settlements and
rulings or judgments in pending lawsuits, certain cases may result in additional liabilities and related costs.
At this point in time, we cannot estimate any additional amount of loss or range of loss in excess of the
recorded amounts with sufficient certainty to allow such amount or range of amounts to be meaningful.
While the outcome of said cases, claims and disputes cannot be predicted with certainty, we believe,
based upon legal advice and information received, that the final outcome will not materially affect our
consolidated financial position but could be material to our results of operations or cash flows in any one
accounting period.
The majority of the cash outflows related to sundry provisions is expected to be within one to five years. In
calculating the sundry provisions, a pre-tax discount rate of on average 3.8% (2023: 3.7%) has been used.
Current portion of provisions
The current portion of post-retirement benefit provisions (\u20ac43 million) and the current portion of other
provisions (\u20ac130 million) add up to \u20ac173 million (2023: \u20ac164 million), as reflected in the balance sheet.
Discount rates
The discount rates used in calculating the provisions recognized at December 31, 2024, are mentioned in
the paragraphs on provisions for environmental costs, liabilities to (former) employees and sundry
provisions. Changes in discount rates will affect our consolidated financial position. A sensitivity test
showed that a one percentage point increase or decrease of discount rates will have an impact down or up
of \u20ac5 million and \u20ac6 million, respectively, on the provisions recognized at December 31, 2024.
Contingent liabilities
A number of claims against AkzoNobel are pending, many of which are contested. This includes those
where AkzoNobel is defending claims brought by INPEX Operations Australia and JKC Australia LNG
relating to the specification and use of an AkzoNobel product which was applied to part of the pipework at
the Ichthys Onshore Project in Darwin, Australia, a large LNG project. The claims allege that AkzoNobel is
liable for significant damages (degradation of the coating on extensive parts of the pipework) and
associated remediation costs are sought under the Australian Consumer Law. AkzoNobel denies liability
and also contests the quantum of alleged damages. The vast majority of the damages claimed for
remediation costs have not yet been incurred, rather they relate to (modelled) future inspection and
remediation costs that are subject to a high degree of uncertainty and debate in the proceedings. As a
result, it is not possible for AkzoNobel to reliably estimate any potential financial impact at this stage of the
proceedings. The case has gone to trial in the Federal Court of Australia, having commenced on June 17,
2024 and the proceedings are still ongoing with a final hearing scheduled in May 2025 with further
submissions being made. The timing of the Federal Court of Australia's judgment is uncertain, although is
not expected before the end of 2025.
We are also involved in legal disputes and disputes with tax authorities in several jurisdictions. Those
disputes include situations in which AkzoNobel has provided various indemnities and guarantees in respect
of past divestments to the relevant purchasers and their permitted assigns (if applicable), which in general
are capped in time and/or amount (in proportion to the value received). The provided guarantees and
indemnities have varying maturity periods. AkzoNobel has received various claims under such indemnities
and guarantees. In some instances, AkzoNobel has been named as a direct defendant despite the
divestments.
Akzo Nobel N.V. withdrew its declarations of joint and several liability under Article 403 of Book 2 of the
Dutch Civil Code for certain Dutch former Specialty Chemicals subsidiaries divested as per October 1,
2018, and since then has followed the procedures to terminate its residual liability under those declarations
under Article 404 of Book 2 of the Dutch Civil Code. The last objection against the termination of residual
liability has been resolved on February 20, 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-439": { "value": "
We recognize provisions when a present legal or constructive obligation as a result of a past event
exists, it is probable that an outflow of economic benefits is required to settle the obligation and the
amount can be reliably estimated. Provisions are measured at net present value. The increase of
provisions as a result of the passage of time is recognized in the statement of income under
financing income and expenses.
Provisions for restructuring of activities are recognized when a detailed and formal restructuring plan
has been approved, and the restructuring has either commenced or has been announced publicly.
We do not provide for future operating costs.
Provisions for liabilities to (former) employees are measured at present value, using actuarial
assumptions and other methods. Any actuarial gains and losses are recognized in the statement of
income in the period in which they arise.
Leased sites, offices or stores may have to be restored to their original condition or sometimes
decontaminated before being handed back at the end of the contractual period. If such legal
obligations exist, and a reliable estimate of future expenses can be made, a provision is formed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-441": { "value": "
Contingent liabilities
A number of claims against AkzoNobel are pending, many of which are contested. This includes those
where AkzoNobel is defending claims brought by INPEX Operations Australia and JKC Australia LNG
relating to the specification and use of an AkzoNobel product which was applied to part of the pipework at
the Ichthys Onshore Project in Darwin, Australia, a large LNG project. The claims allege that AkzoNobel is
liable for significant damages (degradation of the coating on extensive parts of the pipework) and
associated remediation costs are sought under the Australian Consumer Law. AkzoNobel denies liability
and also contests the quantum of alleged damages. The vast majority of the damages claimed for
remediation costs have not yet been incurred, rather they relate to (modelled) future inspection and
remediation costs that are subject to a high degree of uncertainty and debate in the proceedings. As a
result, it is not possible for AkzoNobel to reliably estimate any potential financial impact at this stage of the
proceedings. The case has gone to trial in the Federal Court of Australia, having commenced on June 17,
2024 and the proceedings are still ongoing with a final hearing scheduled in May 2025 with further
submissions being made. The timing of the Federal Court of Australia's judgment is uncertain, although is
not expected before the end of 2025.
We are also involved in legal disputes and disputes with tax authorities in several jurisdictions. Those
disputes include situations in which AkzoNobel has provided various indemnities and guarantees in respect
of past divestments to the relevant purchasers and their permitted assigns (if applicable), which in general
are capped in time and/or amount (in proportion to the value received). The provided guarantees and
indemnities have varying maturity periods. AkzoNobel has received various claims under such indemnities
and guarantees. In some instances, AkzoNobel has been named as a direct defendant despite the
divestments.
Akzo Nobel N.V. withdrew its declarations of joint and several liability under Article 403 of Book 2 of the
Dutch Civil Code for certain Dutch former Specialty Chemicals subsidiaries divested as per October 1,
2018, and since then has followed the procedures to terminate its residual liability under those declarations
under Article 404 of Book 2 of the Dutch Civil Code. The last objection against the termination of residual
liability has been resolved on February 20, 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-440": { "value": "
Contingent liabilities
A number of claims against AkzoNobel are pending, many of which are contested. This includes those
where AkzoNobel is defending claims brought by INPEX Operations Australia and JKC Australia LNG
relating to the specification and use of an AkzoNobel product which was applied to part of the pipework at
the Ichthys Onshore Project in Darwin, Australia, a large LNG project. The claims allege that AkzoNobel is
liable for significant damages (degradation of the coating on extensive parts of the pipework) and
associated remediation costs are sought under the Australian Consumer Law. AkzoNobel denies liability
and also contests the quantum of alleged damages. The vast majority of the damages claimed for
remediation costs have not yet been incurred, rather they relate to (modelled) future inspection and
remediation costs that are subject to a high degree of uncertainty and debate in the proceedings. As a
result, it is not possible for AkzoNobel to reliably estimate any potential financial impact at this stage of the
proceedings. The case has gone to trial in the Federal Court of Australia, having commenced on June 17,
2024 and the proceedings are still ongoing with a final hearing scheduled in May 2025 with further
submissions being made. The timing of the Federal Court of Australia's judgment is uncertain, although is
not expected before the end of 2025.
We are also involved in legal disputes and disputes with tax authorities in several jurisdictions. Those
disputes include situations in which AkzoNobel has provided various indemnities and guarantees in respect
of past divestments to the relevant purchasers and their permitted assigns (if applicable), which in general
are capped in time and/or amount (in proportion to the value received). The provided guarantees and
indemnities have varying maturity periods. AkzoNobel has received various claims under such indemnities
and guarantees. In some instances, AkzoNobel has been named as a direct defendant despite the
divestments.
Akzo Nobel N.V. withdrew its declarations of joint and several liability under Article 403 of Book 2 of the
Dutch Civil Code for certain Dutch former Specialty Chemicals subsidiaries divested as per October 1,
2018, and since then has followed the procedures to terminate its residual liability under those declarations
under Article 404 of Book 2 of the Dutch Civil Code. The last objection against the termination of residual
liability has been resolved on February 20, 2025.
Note 23: Commitments
Purchase commitments for property, plant and equipment at year-end 2024 aggregated \u20ac23 million (2023 :
\u20ac18 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-442": { "value": "
Note 20: Net debt
Accounting policies
Cash and cash equivalents and short-term investments are measured at fair value through profit and loss. Cash and cash equivalents include all cash balances and other investments that are directly convertible into
known amounts of cash. Changes in fair values are included in financing income and expenses. For more details on the accounting policy with regards to classification, valuation and impairment of financial assets,
refer to Note 26 Financial risk management.
Long-term and short-term borrowings are initially measured at fair value net of directly attributable transaction costs. Subsequent measurement is at amortized cost, using the effective interest rate method. The
interest expense on borrowings is included in financing income and expenses.
The fair value of borrowings, used for disclosure purposes, is determined based on listed market prices, if available. If a listed market price is not available, the fair value is calculated based on the present value of
principal and interest cash flows, discounted at the interest rate at the reporting date, considering AkzoNobel\u2019s credit risk.
Net debt
in \u20ac millions
Long-term
borrowings
Short-term
borrowings
Short-term
investments
Cash and
cash
equivalents
Net debt
in \u20ac millions
Long-term
borrowings
Short-term
borrowings
Short-term
investments
Cash and
cash
equivalents
Net debt
Net debt at January 1, 2023
3,332
2,543
(336)
(1,450)
4,089
Net debt at January 1, 2024
3,165
2,398
(265)
(1,513)
3,785
Net cash from operating activities
\u2014
\u2014
\u2014
(1,126)
(1,126)
Net cash from operating activities
\u2014
\u2014
\u2014
(673)
(673)
Acquisitions
\u2014
\u2014
\u2014
114
114
Acquisitions
3
\u2014
\u2014
(2)
1
Investments in short-term investments
\u2014
\u2014
(64)
64
\u2014
Investments in short-term investments
\u2014
\u2014
(320)
320
\u2014
Repayments of short-term investments
\u2014
\u2014
142
(142)
\u2014
Repayments of short-term investments
\u2014
\u2014
423
(423)
\u2014
Net cash from other investing activities
\u2014
\u2014
\u2014
108
108
Net cash from other investing activities
\u2014
\u2014
\u2014
237
237
Buy-out of non-controlling interests
\u2014
\u2014
\u2014
\u2014
\u2014
Buy-out of non-controlling interests
\u2014
\u2014
\u2014
4
4
Net gain/loss from changes in fair value
\u2014
\u2014
(7)
\u2014
(7)
Net gain/loss from changes in fair value
\u2014
\u2014
(3)
\u2014
(3)
Unwind of discount and amortized cost
10
2
\u2014
\u2014
12
Unwind of discount and amortized cost
12
6
\u2014
\u2014
18
Proceeds from borrowings
499
5,337
\u2014
(5,836)
\u2014
Proceeds from borrowings
499
2,308
\u2014
(2,807)
\u2014
Borrowings repaid
\u2014
(6,295)
\u2014
6,295
\u2014
Borrowings repaid
\u2014
(3,102)
\u2014
3,102
\u2014
New/modification/disposal of lease contracts
96
\u2014
\u2014
\u2014
96
New/modification/disposal of lease contracts
112
\u2014
\u2014
\u2014
112
Transfers from long-term to short-term
(793)
793
\u2014
\u2014
\u2014
Transfers from long-term to short-term
(121)
121
\u2014
\u2014
\u2014
Movement bank overdrafts and short-term bank loans
\u2014
18
\u2014
(18)
\u2014
Movement bank overdrafts and short-term bank loans
\u2014
(31)
\u2014
31
\u2014
Dividends
\u2014
\u2014
\u2014
368
368
Dividends
\u2014
\u2014
\u2014
385
385
Net cash impact from discontinued operations
\u2014
\u2014
\u2014
6
6
Net cash impact from discontinued operations
\u2014
\u2014
\u2014
5
5
Changes in exchange rates
21
\u2014
\u2014
104
125
Changes in exchange rates
1
(3)
\u2014
32
30
Net debt at December 31, 2023
3,165
2,398
(265)
(1,513)
3,785
Net debt at December 31, 2024
3,671
1,697
(165)
(1,302)
3,901
\"\"
Analysis of net debt by category
in \u20ac millions, at December 31
2023
2024
Bonds issued
2,933
3,433
Lease liabilities
194
201
Other long-term borrowings
38
37
Long-term borrowings
3,165
3,671
Current portion of long-term borrowings
671
87
Current portion of lease liabilities
89
91
Debt to credit institutions
1,635
1,515
Other short-term borrowings
3
4
Short-term borrowings
2,398
1,697
Total borrowings
5,563
5,368
Short-term investments
(265)
(165)
Cash and cash equivalents
(1,513)
(1,302)
Net debt
3,785
3,901
AkzoNobel\u2019s net debt is mainly denominated in euro.
Multi-currency revolving credit facility
We have a multi-currency revolving credit facility of \u20ac1.3 billion which runs until 2027. This facility does not
contain financial covenants or acceleration provisions that are based on adverse changes in ratings or
material adverse change. At year-end 2024 and 2023, this facility has not been drawn.
Long-term borrowings
At year-end 2024, bonds issued amounted to \u20ac3,433 million (2023: \u20ac2,933 million); a specification is
included in the table in this Note.
Bonds issued
in \u20ac millions, at December 31
2023
2024
1 1/8% 2016/26 (\u20ac500 million)
499
499
1 1/2% 2022/28 (\u20ac600 million)
598
598
1 5/8% 2020/30 (\u20ac750 million)
745
746
2% 2022/32 (\u20ac600 million)
595
596
4% 2023/33 (\u20ac500 million)
496
496
3 3/4% 2024/34 (\u20ac500 million)
\u2014
498
Total
2,933
3,433
In September 2024, a bond was issued with a nominal value of \u20ac500 million and a coupon of 3.75%,
maturing in 2034.
For details on the exposure to interest rate and foreign currency risk, refer to Note 26 Financial risk
management.
The average effective interest rate of the bonds included in long-term borrowings at year-end 2024 was
2.2% (year-end 2023: 2.0%).
Aggregated maturities of long-term borrowings
in \u20ac millions
2026-2029
After 2029
Bonds issued
1,097
2,336
Lease liabilities
169
32
Other long-term borrowings
11
26
Total
1,277
2,394
The blended incremental borrowing rate applied to the lease liabilities at year-end 2024 was 3.1%
(2023:\u00a02.4%).
At year-end 2024 and 2023, none of the borrowings was secured by collateral.
\"\"
Short-term borrowings
The current portion of long-term borrowings decreased mainly due to the maturing of a \u20ac500 million bond
in November 2024.
At year-end 2024, our debt to credit institutions amounted to \u20ac1,515 million (2023: \u20ac1,635 million). Debt to
credit institutions includes our commercial paper program and short-term bank loans. We have US dollar
and euro commercial paper programs in place, which can be used to the extent that the equivalent portion
of the \u20ac1.3 billion multi-currency revolving credit facility is not used. We had \u20ac1.0 billion commercial paper
outstanding at year-end 2024 (2023: \u20ac0.8 billion) against an average interest rate of 3.4% (2023: 4.1%). At
year-end 2024, we had short-term bank loans outstanding of \u20ac0.5 billion (2023: \u20ac0.8 billion) against a
three-months Euribor plus a mark-up (2023: three-months Euribor plus a mark-up). None of these facilities
contain financial covenants.
Short-term investments
At year-end 2024, we had short-term investments for an amount of \u20ac165 million (2023: \u20ac265 million).
Short-term investments almost entirely consist of time deposits, money market funds and other marketable
securities with a life time at investment date longer than three months but shorter than 12 months. For
more information on credit risk management, refer to Note 26 Financial risk management.
Cash and cash equivalents
Cash and cash equivalents are specified in the table below.
Cash and cash equivalents
in \u20ac millions, at December 31
2023
2024
Cash on hand and in banks
957
848
Short-term investments with a life up to three months
556
454
Cash and cash equivalents in the balance sheet
1,513
1,302
Debt to credit institutions
(60)
(29)
Total per statement of cash flows
1,453
1,273
Deposits and money market funds within cash and cash equivalents almost entirely consist of time
deposits immediately convertible into known amounts of cash and with a maturity of three months or less
from the date of purchase, and marketable securities that can be redeemed immediately when called.
We face cross-border foreign exchange controls and/or other legal restrictions in a few countries that
(currently) limit the ability to make these balances available for general use by the group. Mainly as a result
of these restrictions, at December 31, 2024, an amount of \u20ac19 million in cash and cash equivalents (2023:
\u20ac57 million and \u20ac3 million short-term investments) was restricted. The vast majority of these funds are
available for use in the relevant subsidiaries\u2019 day-to-day business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-443": { "value": "
Cash and cash equivalents and short-term investments are measured at fair value through profit and loss. Cash and cash equivalents include all cash balances and other investments that are directly convertible into
known amounts of cash. Changes in fair values are included in financing income and expenses. For more details on the accounting policy with regards to classification, valuation and impairment of financial assets,
refer to Note 26 Financial risk management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-445": { "value": "
Long-term and short-term borrowings are initially measured at fair value net of directly attributable transaction costs. Subsequent measurement is at amortized cost, using the effective interest rate method. The
interest expense on borrowings is included in financing income and expenses.
The fair value of borrowings, used for disclosure purposes, is determined based on listed market prices, if available. If a listed market price is not available, the fair value is calculated based on the present value of
principal and interest cash flows, discounted at the interest rate at the reporting date, considering AkzoNobel\u2019s credit risk.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-444": { "value": "
Long-term and short-term borrowings are initially measured at fair value net of directly attributable transaction costs. Subsequent measurement is at amortized cost, using the effective interest rate method. The
interest expense on borrowings is included in financing income and expenses.
The fair value of borrowings, used for disclosure purposes, is determined based on listed market prices, if available. If a listed market price is not available, the fair value is calculated based on the present value of
principal and interest cash flows, discounted at the interest rate at the reporting date, considering AkzoNobel\u2019s credit risk.
Derivatives
Derivative financial instruments are recognized at fair value on the balance sheet. Fair values are
derived from market prices and quotes from dealers and brokers, or are estimated using observable
market inputs. When determining fair values, credit risk for our counter party, as well as for
AkzoNobel, is taken into account.
Changes in fair value are recognized in the statement of income, unless cash flow hedge accounting
or net investment hedge accounting is applied. In those cases, the effective part of the fair value
changes is deferred in other comprehensive income and released to the related specific lines in the
statement of income or balance sheet at the same time as the hedged item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-446": { "value": "
Long-term borrowings
At year-end 2024, bonds issued amounted to \u20ac3,433 million (2023: \u20ac2,933 million); a specification is
included in the table in this Note.
Bonds issued
in \u20ac millions, at December 31
2023
2024
1 1/8% 2016/26 (\u20ac500 million)
499
499
1 1/2% 2022/28 (\u20ac600 million)
598
598
1 5/8% 2020/30 (\u20ac750 million)
745
746
2% 2022/32 (\u20ac600 million)
595
596
4% 2023/33 (\u20ac500 million)
496
496
3 3/4% 2024/34 (\u20ac500 million)
\u2014
498
Total
2,933
3,433
In September 2024, a bond was issued with a nominal value of \u20ac500 million and a coupon of 3.75%,
maturing in 2034.
For details on the exposure to interest rate and foreign currency risk, refer to Note 26 Financial risk
management.
The average effective interest rate of the bonds included in long-term borrowings at year-end 2024 was
2.2% (year-end 2023: 2.0%).
Aggregated maturities of long-term borrowings
in \u20ac millions
2026-2029
After 2029
Bonds issued
1,097
2,336
Lease liabilities
169
32
Other long-term borrowings
11
26
Total
1,277
2,394
The blended incremental borrowing rate applied to the lease liabilities at year-end 2024 was 3.1%
(2023:\u00a02.4%).
At year-end 2024 and 2023, none of the borrowings was secured by collateral.
\"\"
Short-term borrowings
The current portion of long-term borrowings decreased mainly due to the maturing of a \u20ac500 million bond
in November 2024.
At year-end 2024, our debt to credit institutions amounted to \u20ac1,515 million (2023: \u20ac1,635 million). Debt to
credit institutions includes our commercial paper program and short-term bank loans. We have US dollar
and euro commercial paper programs in place, which can be used to the extent that the equivalent portion
of the \u20ac1.3 billion multi-currency revolving credit facility is not used. We had \u20ac1.0 billion commercial paper
outstanding at year-end 2024 (2023: \u20ac0.8 billion) against an average interest rate of 3.4% (2023: 4.1%). At
year-end 2024, we had short-term bank loans outstanding of \u20ac0.5 billion (2023: \u20ac0.8 billion) against a
three-months Euribor plus a mark-up (2023: three-months Euribor plus a mark-up). None of these facilities
contain financial covenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-447": { "value": "At year-end 2024 and 2023, none of the borrowings was secured by collateral.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-448": { "value": "
Short-term investments
At year-end 2024, we had short-term investments for an amount of \u20ac165 million (2023: \u20ac265 million).
Short-term investments almost entirely consist of time deposits, money market funds and other marketable
securities with a life time at investment date longer than three months but shorter than 12 months. For
more information on credit risk management, refer to Note 26 Financial risk management.
Cash and cash equivalents
Cash and cash equivalents are specified in the table below.
Cash and cash equivalents
in \u20ac millions, at December 31
2023
2024
Cash on hand and in banks
957
848
Short-term investments with a life up to three months
556
454
Cash and cash equivalents in the balance sheet
1,513
1,302
Debt to credit institutions
(60)
(29)
Total per statement of cash flows
1,453
1,273
Deposits and money market funds within cash and cash equivalents almost entirely consist of time
deposits immediately convertible into known amounts of cash and with a maturity of three months or less
from the date of purchase, and marketable securities that can be redeemed immediately when called.
We face cross-border foreign exchange controls and/or other legal restrictions in a few countries that
(currently) limit the ability to make these balances available for general use by the group. Mainly as a result
of these restrictions, at December 31, 2024, an amount of \u20ac19 million in cash and cash equivalents (2023:
\u20ac57 million and \u20ac3 million short-term investments) was restricted. The vast majority of these funds are
available for use in the relevant subsidiaries\u2019 day-to-day business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-449": { "value": "
Short-term investments
At year-end 2024, we had short-term investments for an amount of \u20ac165 million (2023: \u20ac265 million).
Short-term investments almost entirely consist of time deposits, money market funds and other marketable
securities with a life time at investment date longer than three months but shorter than 12 months. For
more information on credit risk management, refer to Note 26 Financial risk management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-450": { "value": "
Cash and cash equivalents
Cash and cash equivalents are specified in the table below.
Cash and cash equivalents
in \u20ac millions, at December 31
2023
2024
Cash on hand and in banks
957
848
Short-term investments with a life up to three months
556
454
Cash and cash equivalents in the balance sheet
1,513
1,302
Debt to credit institutions
(60)
(29)
Total per statement of cash flows
1,453
1,273
Deposits and money market funds within cash and cash equivalents almost entirely consist of time
deposits immediately convertible into known amounts of cash and with a maturity of three months or less
from the date of purchase, and marketable securities that can be redeemed immediately when called.
We face cross-border foreign exchange controls and/or other legal restrictions in a few countries that
(currently) limit the ability to make these balances available for general use by the group. Mainly as a result
of these restrictions, at December 31, 2024, an amount of \u20ac19 million in cash and cash equivalents (2023:
\u20ac57 million and \u20ac3 million short-term investments) was restricted. The vast majority of these funds are
available for use in the relevant subsidiaries\u2019 day-to-day business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-451": { "value": "
We face cross-border foreign exchange controls and/or other legal restrictions in a few countries that
(currently) limit the ability to make these balances available for general use by the group. Mainly as a result
of these restrictions, at December 31, 2024, an amount of \u20ac19 million in cash and cash equivalents (2023:
\u20ac57 million and \u20ac3 million short-term investments) was restricted. The vast majority of these funds are
available for use in the relevant subsidiaries\u2019 day-to-day business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-452": { "value": "
Note 21: Trade and other payables
Accounting policies
Trade and other payables are measured at amortized cost, using the effective interest rate method.
Trade and other payables
in \u20ac millions, at December 31
2023
2024
Trade payables
2,312
2,220
Taxes and social security contributions
192
160
Amounts payable to employees
275
245
Interest
86
59
FX contracts
13
16
Dividends
1
2
Other liabilities
54
38
Total
2,933
2,740
Trade and other payables can be broken down as per the above table. Other liabilities consist of a large
number of individually immaterial items.
Supplier finance arrangements
AkzoNobel has entered into a limited number of supplier finance arrangements related to payables
presented within trade and other payables. These arrangements provide suppliers with the option to
receive early payment from banks before the due date, based on our terms and conditions. In line with the
nature of these arrangements, fees are typically charged by the bank to the supplier for early settlement.
At year end, the total carrying amount of trade payables for which suppliers have the option to apply early
settlements was \u20ac115 million; at reporting date, suppliers had applied this option and received payments
from banks for an amount of \u20ac69 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-453": { "value": "
Trade and other payables are measured at amortized cost, using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-454": { "value": "
Note 22: Cash flow
Accounting policies
AkzoNobel uses the indirect cash flow model. Interest paid is classified as an operating cash flow
and interest received as an investing cash flow. Dividends received are classified as investing cash
flow and dividends paid are classified as financing cash flow. Acquisitions or divestments of
subsidiaries are presented net of cash and cash equivalents acquired or disposed of,
respectively. Cash flows from derivatives are recognized in the statement of cash flows in
the same category as those of the hedged items.
Changes in working capital
Operating activities in 2024 resulted in a cash inflow of \u20ac673 million (2023 : cash inflow of \u20ac1,126 million).
This includes changes in working capital as specified in the below table.
Changes in working capital as per consolidated statement of cash flows
in \u20ac millions
2023
2024
Trade and other receivables
(111)
12
Inventories
131
(83)
Trade and other payables
234
(135)
Total
254
(206)
The amounts in the table above cannot be reconciled directly to the respective balance sheet positions.
They reflect changes in balance sheet positions only to the extent these have a cash flow impact, or they
reverse the non-cash impact as included in profit for the period. These amounts exclude non-cash
movements such as unwinding of discount, movements through Other comprehensive income,
acquisitions and divestments, and changes in exchange rates.
\"\"
Free cash flow
Free cash flow is an alternative performance measure. AkzoNobel reports on free cash flow as
management believes it to be a useful measure to provide additional insight into the cash generating
capability of its operations. For more details on Alternative Performance Measures refer to Note 3, section
Alternative Performance Measures.
Free cash flow
in \u20ac millions
2023
2024
Net cash generated from/(used for) operating activities
1,126
673
Capital expenditures
(286)
(306)
Free cash flow
840
367
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-455": { "value": "
AkzoNobel uses the indirect cash flow model. Interest paid is classified as an operating cash flow
and interest received as an investing cash flow. Dividends received are classified as investing cash
flow and dividends paid are classified as financing cash flow. Acquisitions or divestments of
subsidiaries are presented net of cash and cash equivalents acquired or disposed of,
respectively. Cash flows from derivatives are recognized in the statement of cash flows in
the same category as those of the hedged items.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-456": { "value": "
Note 23: Commitments
Purchase commitments for property, plant and equipment at year-end 2024 aggregated \u20ac23 million (2023 :
\u20ac18 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-457": { "value": "
Note 24: Related party transactions
We purchased and sold goods and services to various related parties in which we hold a 50% or less
equity interest (associates).
During 2024 , we considered the members of the Executive Committee and the Supervisory Board to be
the key management personnel as defined in IAS 24 \u201cRelated parties\u201d. For details on their remuneration, as
well as on shares held by members of the Supervisory Board or Board of Management, refer to Note 25
Remuneration of the Supervisory Board and the Board of Management. In the ordinary course of business,
we also have transactions with various organizations with which certain members of the Supervisory Board
or Executive Committee are associated.
For related party transactions with pension funds, refer to Note 14 Financial non-current assets and Note
18 Post-retirement benefit provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-458": { "value": "
Note 25: Remuneration of the Supervisory Board and the Board of Management
Total compensation for key management personnel expensed during the period amounted to \u20ac19.7 million
(2023: \u20ac19.2 million). An amount of \u20ac10.4 million relates to short-term employee benefits ( 2023: \u20ac11.6
million); \u20ac0.9 million relates to post contract benefits and other post contract compensation ( 2023: \u20ac1.0
million); \u20ac8.4 million relates to share-based compensation (2023: \u20ac5.4 million); and no payments relate to
termination of employment (2023: \u20ac1.2 million). In 2024, no charges were accrued which relate to taxation
on excessive pay (\u201cBelasting heffing excessieve beloningsbestanddelen\u201d) (2023: \u20acnil).
This compensation includes total remuneration for the members of the Supervisory Board of \u20ac1.1 million
(2023: \u20ac0.9 million) and for the members of the Board of Management of \u20ac8.3 million (2023: \u20ac7.7 million).
For more details on the remuneration of the individual members of the Supervisory Board and the Board of
Management reference is made to the Remuneration report .
In accordance with the Articles of Association and good corporate governance practice, the remuneration
of Supervisory Board members is not dependent on the results of the company. We do not grant share-
based compensation to our Supervisory Board members.
An overview of shares held by the Supervisory Board members is provided on this page. A\u00a0similar overview
is provided of the shares held by the Board of Management.
Loans
The company does not grant loans, advance payments or guarantees to members of the Supervisory
Board, members of the Executive Committee or any family members of such persons.
Shares held by the members of the Supervisory Board
Number of shares at year-end
2023
2024
Ben Noteboom
2,300
2,300
Byron Grote*
9,894
9,894
Dick Sluimers
\u2014
\u2014
Patrick Thomas
\u2014
\u2014
Ester Baiget
\u2014
\u2014
Hans Van Bylen
\u2014
\u2014
Wouter Kolk
\u2014
\u2014
Ute Wolf
\u2014
\u2014
Jaska de Bakker
\u2014
\u2014
* In the form of ADRs.
Shares held by the Board of Management
Number of shares at year-end
2023
2024
Greg Poux-Guillaume
1,046
7,134
Maarten de Vries
22,558
26,617
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-459": { "value": "
Note 26: Financial risk management
Accounting policies
Classification and measurement
On initial recognition, financial assets are measured at fair value (plus transaction costs, in the case
of assets not subsequently measured at fair value through profit or loss (FVTPL)).
For the purpose of subsequent measurement, financial assets are classified as measured at
amortized cost, fair value through profit or loss or fair value through other comprehensive income
(FVOCI). The classification of a financial asset is determined at initial recognition, but if certain
conditions are met, an asset may be subject to reclassification.
A financial asset is measured at amortized cost if it meets both of the following conditions:
1. It is held within a business model, the objective of which is to hold assets to collect contractual
cash flows; and
2. Its contractual terms give rise, on specified dates, to cash flows that are solely payments of
principal and interest (SPPI) on the principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not
designated as FVTPL:
1. It is held within a business model, the objective of which is achieved by both collecting
contractual cash flows and selling financial assets; and
2. Its contractual terms give rise, on specified dates, to cash flows that are SPPI on the principal
amount outstanding.
All financial assets not classified as measured at amortized cost or measured at FVOCI, as
described above, (e.g. financial assets held for trading and those that are managed and whose
performance is evaluated on a fair value basis) are measured at FVTPL.
Derivatives
Derivative financial instruments are recognized at fair value on the balance sheet. Fair values are
derived from market prices and quotes from dealers and brokers, or are estimated using observable
market inputs. When determining fair values, credit risk for our counter party, as well as for
AkzoNobel, is taken into account.
Changes in fair value are recognized in the statement of income, unless cash flow hedge accounting
or net investment hedge accounting is applied. In those cases, the effective part of the fair value
changes is deferred in other comprehensive income and released to the related specific lines in the
statement of income or balance sheet at the same time as the hedged item.
Impairment
Financial assets are assessed for impairment either according to the general approach or a
simplified approach.
The calculation of impairment under the general approach uses the following stages:
\u2022 12-months expected credit losses, taking into account possible default events within one year
\u2022 Lifetime expected credit losses in case of an increase in credit risk, through recognition of
expected credit losses over the remaining life of the exposure
\u2022 Lifetime expected credit losses, where interest is calculated on the net amount of the receivables
less impairment loss.
In all above stages, the impairment calculation used is based on external credit ratings of involved
parties or default rates published by well-known credit risk agencies.
The financial assets included in the general impairment approach are long-term loans and other
long-term receivables.
The calculation of impairment under the simplified approach requires recognition of lifetime expected
credit loss (no tracking of changes in credit risk). The financial assets included in the simplified
impairment approach are trade receivables and the remaining financial assets.
\"\"
Financial Risk Management Framework
Our activities expose us to a variety of financial risks: liquidity risk, credit risk and market risk (including
foreign exchange rate risk, interest rate risk and capital risk). These risks are inherent to the way we
operate as a multinational with a large number of locally operating subsidiaries. Our overall risk
management program seeks to identify, assess, and \u2013 if necessary and possible \u2013 mitigate these financial
risks in order to minimize potential adverse effects on our financial performance.
Our risk mitigating activities include the use of derivative financial instruments to hedge certain risk
exposures. The Board of Management is ultimately responsible for risk management. We centrally identify,
evaluate and hedge financial risks, and monitor compliance with the corporate policies approved by the
Board of Management, except for commodity risks, which are subject to identification, evaluation, hedging
and monitoring in the businesses. In addition to our centralized Treasury organization in Amsterdam, we
have treasury hubs located in Brazil and China that are primarily responsible for regional cash management
and short-term financing. We do not allow extensive treasury operations directly with external parties at
subsidiary level.
Liquidity risk management
The primary objective of our liquidity risk management is to provide for sufficient cash and cash equivalents
at all times and any place in the world to enable us to meet our payment obligations. We aim for a well-
spread maturity schedule of our long-term borrowings and a strong liquidity position. At year-end 2024, we
had available \u20ac1.3 billion of cash and cash equivalents (2023: \u20ac1.5 billion) and \u20ac165 million of short-term
investments (2023: \u20ac265 million); reference is made to Note 20 Net debt.
In addition, we have a multi-currency revolving credit facility of \u20ac1.3 billion which runs until 2027. This
facility does not contain financial covenants or acceleration provisions that are based on adverse changes
in ratings or on other material adverse changes. At year-end 2024 and 2023, this facility had not been
drawn. We have US dollar and euro commercial paper programs in place, which can be used to the extent
that the equivalent portion of the \u20ac1.3 billion multi-currency revolving credit facility is not used. We had
\u20ac1.0\u00a0billion commercial paper outstanding at year end 2024 (2023: \u20ac0.8 billion) against an average interest
rate of 3.4% (2023: average interest rate of 4.1%). Further, at year-end 2024, we had \u20ac0.5 billion short-
term bank loans outstanding against three-months Euribor plus a mark-up (2023: \u20ac0.8 billion against three-
months Euribor plus a mark-up). None of these facilities contain financial covenants. The table on maturity
of liabilities and cash outflows in this Note shows the timing of cash outflows per maturity group. The
amounts disclosed in the table are the contractual, undiscounted cash flows.
Maturity of liabilities and cash outflows
in \u20ac millions
Less than
1 year
Between 1
and 5 years
Over 5
years
At December 31, 2023
Borrowings
2,309
1,112
1,859
Interest on borrowings
154
249
182
Lease liabilities
89
158
36
Trade and other payables
2,874
\u2014
\u2014
FX contracts (hedges)
Outflow
2,451
\u2014
\u2014
Inflow
(2,450)
\u2014
\u2014
Total
5,427
1,519
2,077
At December 31, 2024
Borrowings
1,606
1,108
2,362
Interest on borrowings
143
313
201
Lease liabilities
91
169
32
Trade and other payables
2,676
\u2014
\u2014
FX contracts (hedges)
Outflow
2,714
\u2014
\u2014
Inflow
(2,714)
\u2014
\u2014
Total
4,516
1,590
2,595
Credit risk management
Credit risk arises from financial assets such as cash and cash equivalents, deposits with financial
institutions, money market funds, trade receivables and derivative financial instruments with a positive fair
value. We have a credit risk management policy in place to limit credit losses due to non-performance of
financial counterparties and customers. We monitor our exposure to credit risk on an ongoing basis at
various levels. We only deal with financial counterparties that have a sufficiently high credit rating. Generally,
we do not require collateral in respect of financial assets. Investments in cash and cash equivalents, short-
term investments and transactions involving derivative financial instruments are entered into with
counterparties that have sound credit ratings and a good reputation. Derivative transactions are concluded
mostly with parties with whom we have contractual netting agreements and ISDA agreements in place. We
set limits per counterparty for the different types of financial instruments we use. We closely monitor the
acceptable financial counterparty credit ratings and credit limits and revise these where required in line with
market circumstances. We do not expect non-performance by the counterparties for these financial
\"\"
instruments. Due to our geographical spread and the diversity of our customers, we were not subject to
any significant concentration of credit risks at balance sheet date.
The credit risk from trade receivables is measured and analyzed by dedicated teams in the businesses,
mainly by means of ageing analysis (refer to Note 16 Trade and other receivables). Additionally, trade
receivables and financial assets measured at amortized cost are subject to the expected credit loss
impairment model either using the general or the simplified approach. For more information on the applied
impairment approaches per financial asset type, refer to Note 1 General information.
The maximum exposure to credit risk is represented by the carrying value of financial assets in the balance
sheet, which at year-end 2024 was \u20ac4.1 billion (2023: \u20ac4.6 billion) for cash and cash equivalents, short-
term investments, loans and trade and other receivables. Our credit risk is well spread among both global
and local counterparties. Our largest counterparty risk amounted to \u20ac259 million at year-end 2024 (2023:
\u20ac332 million).
Foreign exchange risk management
Trade and financing transactions
We operate in a large number of countries, where we have clients and suppliers, many of whom are
outside of the local functional currency environment. This creates currency exposures which are partly
netted out on group level. The purpose of our foreign currency hedging activities is to protect us from the
risk that the functional currency net cash flows resulting from trade or financing transactions are adversely
affected by changes in exchange rates. Our policy is to hedge our transactional foreign exchange rate
exposures above predefined thresholds from recognized assets and liabilities. Hedge accounting is
generally not applied for foreign currency hedging activities, except for certain specific forecasted
transactions.
In 2023, a total loss of \u20ac36 million was recorded in the statement of income under financing expenses,
which related to cash flow hedging for the intended acquisition of Kansai Paint's African activities. As from
July 2022, cash flow hedge accounting was applied on a $450 million hedge for foreign currency risk
exposure related to this intended acquisition, which continued in 2023. In November 2023, the decision
was made not to proceed with the acquisition. The losses reported in 2023 included \u20ac46 million related to
the recycling of the amount accumulated in the cash flow hedge reserve through other comprehensive
income.
In general, our forward exchange contracts have a maturity of less than one year. When necessary,
forward exchange contracts are rolled over at maturity. Currency derivatives are not used for speculative
purposes.
Hedged notional amounts at year-end1
Buy
Sell
Buy
Sell
in \u20ac millions
2023
2023
2024
2024
US dollar
270
658
362
678
Pound sterling
794
\u2014
820
46
Chinese yuan
46
58
66
128
Brazilian real
19
57
26
38
Thai Baht
12
114
16
116
Australian dollar
\u2014
62
1
78
Singapore dollar
15
7
40
49
South African rand
\u2014
66
6
63
Taiwan dollar
3
33
13
47
Other2
212
375
157
300
Total
1,371
1,430
1,507
1,543
1 No hedge accounting was applied on these hedged notional amounts in 2024.
2 No individually significant position is included in Other, the amounts per currency are highly disaggregated.
Investments in foreign subsidiaries and associates
During 2024 and 2023, net investment hedge accounting was applied on hedges of certain net
investments in foreign operations, which were partly hedged. The main net investments included were
related to Chinese yuan, Brazilian real, Vietnamese dong, Indian rupee, Indonesian rupiah and Taiwanese
dollar (2023: Brazilian real, Chinese yuan, Indonesian rupiah and Indian rupee), which were hedged with
forward exchange contracts for the same currencies. The spot results related to these hedges were
recognized in other comprehensive income and accumulated in the cumulative translation reserves. At
year-end 2024, no hedges of net investments were outstanding. During 2024 and 2023, the hedges of net
investments were fully effective.
Interest rate risk management
We are partly financed with debt in order to obtain more efficient leverage. Interest rate risk is the risk that
the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. Fixed rate debt results in fair value interest rate risk. Floating rate debt results in cash flow
\"\"
interest rate risk. At the end of 2024, 64% of our total debt consisted of fixed rate bonds (2023: 62%), 18%
consisted of commercial paper (2023: 14%) and 11% of short-term loans (2023: 15%). The fixed/floating
ratio of our outstanding bonds was 100% fixed (2023: 100% fixed). The weighted average maturity of our
outstanding bonds at year-end is 5.8 years (2023: 5.4 years). The remainder of our total debt consisted of
leases and other debt. For more information about our debt, refer to Note 20 Net debt. During 2024 and
2023, we have not used any interest rate derivatives.
Capital risk management
Our objectives when managing capital are to safeguard our ability to satisfy our capital providers and to
maintain a capital structure that optimizes our cost of capital. For this we maintain an adequate financial
strategy, with the objective to retain a strong investment grade credit rating as assigned by the rating
agencies Moody\u2019s and Standard & Poor\u2019s. The capital structure can be altered, among others, by
adjusting the amounts of dividends paid to shareholders, return of capital to capital providers, or issuance
of new debt or shares. In September 2024, a bond was issued with a nominal value of \u20ac500 million and a
coupon of 3.75%, maturing in 2034.
Leverage ratio
Consistent with other companies in the industry, we monitor capital headroom based on the leverage ratio
net debt/(adjusted) EBITDA for which we have set a target range of around 2 for the mid-term. Net debt/
EBITDA at December 31, 2024, was 3.0 (December 31, 2023: 2.7), while net debt/adjusted EBITDA was
2.6 (December 31, 2023: 2.6).
EBITDA
in \u20ac millions
2023
2024
Operating income
1,029
917
Depreciation and amortization
357
371
EBITDA
1,386
1,288
Adjusted EBITDA
in \u20ac millions
2023
2024
Operating income
1,029
917
Depreciation and amortization*
355
365
Identified items
45
196
Adjusted EBITDA
1,429
1,478
* Excluding identified items.
Leverage ratios
in \u20ac millions
2023
2024
Net debt*
3,785
3,901
Net debt/EBITDA
2.7
3.0
Net debt/Adjusted EBITDA
2.6
2.6
*Breakdown of net debt is available in the Note 20 Net debt.
For the calculation of net debt, refer to Note 20 Net debt. Leverage ratio is an Alternative Performance
Measure. For more details refer to Note 3, section Alternative Performance Measures.
Fair value of financial instruments and IFRS 9 categories
In the table \u201cFair value per financial instrument category\u201d on the next page, insight is provided in the
recognition of the respective financial instruments per IFRS 9 category. The total carrying value is based on
the accounting principles in this Note. Financial instruments are recognized at fair value and subsequently
recognized either at fair value or at amortized cost, using the effective interest method. The financial
instruments accounted for at fair value through profit or loss are derivative financial instruments and
securities included in financial non-current assets and other current liabilities, cash and cash equivalents
and short-term investments. The remaining financial instruments are accounted for at amortized cost.
\"\"
Fair value per financial instrument category
Carrying value per IFRS 9 category
in \u20ac millions
Carrying
amount
Out of scope
of IFRS7
Measured at
amortized
cost
Measured at
fair value
through profit
or loss
Total carrying
value
Fair value of items
measured at
amortized cost
December 31, 2023
Financial non-current assets1
1,409
1,136
264
9
273
271
Trade and other receivables2
2,483
193
2,276
14
2,290
2,276
Short-term investments
265
\u2014
\u2014
265
265
\u2014
Cash and cash equivalents
1,513
\u2014
\u2014
1,513
1,513
\u2014
Total financial assets
5,670
1,329
2,540
1,801
4,341
2,547
Long-term borrowings
3,165
\u2014
3,165
\u2014
3,165
3,015
Short-term borrowings
2,398
\u2014
2,398
\u2014
2,398
2,390
Trade and other payables3
2,933
467
2,453
13
2,466
2,453
Total financial liabilities
8,496
467
8,016
13
8,029
7,858
December 31, 2024
Financial non-current assets1
1,274
1,013
242
19
261
250
Trade and other receivables2
2,498
258
2,224
16
2,240
2,224
Short-term investments
165
\u2014
\u2014
165
165
\u2014
Cash and cash equivalents
1,302
\u2014
\u2014
1,302
1,302
\u2014
Total financial assets
5,239
1,271
2,466
1,502
3,968
2,474
Long-term borrowings
3,671
\u2014
3,671
\u2014
3,671
3,559
Short-term borrowings
1,697
\u2014
1,697
\u2014
1,697
1,697
Trade and other payables3
2,740
405
2,319
16
2,335
2,319
Total financial liabilities
8,108
405
7,687
16
7,703
7,575
1 \u20ac1,013 million (2023: \u20ac1,136 million) out of scope for IFRS7 mainly relates to pension assets (refer to Note 14), \u20ac242 million (2023: \u20ac264 million) measured at amortized cost relates to loans and receivables and various other financial non-current assets (refer to Note 14); \u20ac19 million (2023: \u20ac9 million) measured at FVTPL
includes \u20ac12 million (2023: nil) long-term investments (refer to Note 14) and \u20ac7 million (2023: \u20ac9 million) other financial instruments (refer to Note 14).
2 \u20ac258 million (2023: \u20ac193 million) out of scope for IFRS7 mainly relates to (non-)income taxes receivable (refer to Note 16), \u20ac2,224 million (2023: \u20ac2,276 million) relates to the remainder of trade and other receivables (refer to Note 16) and \u20ac16 million (2023: \u20ac14 million) measured at FVTPL relates to FX contracts (refer to
Note\u00a016).
3 \u20ac405 million (2023: nil) out of scope for IFRS7 mainly relates to payables to employees and (non-)income taxes payable (refer to Note 21), \u20ac2,319 million (2023: \u20ac2,453 million) relates to the remainder of trade and other payables (refer to Note 21) and \u20ac16 million (2023: \u20ac13 million) measured at FVTPL relates to FX
contracts (refer to Note 21).
The following valuation methods for financial instruments carried at fair value through profit or loss are
distinguished:
\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
\u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable)
For the purpose of determining the fair value per financial instrument category, shown in the column fair
value, the following valuation methods were used:
\u2022 A Level 1 valuation method was used to estimate the fair value of the bonds issued included in our long-
term and short-term borrowings. The estimate is based on the quoted market prices for the same or
similar issues or on the current rates offered to us for debt with similar maturities.
\u2022 A Level 2 valuation method was used to determine the fair value of marketable securities included in
cash and cash equivalents and short-term investments by obtaining the market price at reporting date.
\"\"
The fair value of foreign currency contracts and swap contracts was also determined by Level 2 valuation
techniques using market observable input (such as foreign currency interest rates based on Refinitiv/
LSEG) and by obtaining quotes from dealers and brokers. Further, a level 2 valuation method was used
to determine the fair value of time deposits included in cash and cash equivalents and short-term
investments using the market interest rate. Finally, the carrying amounts of cash and banks, trade
receivables less allowance for impairment, other short-term borrowings and other current liabilities
approximate fair value due to the short maturity period of those instruments and were determined using
Level 2 fair value methods.
\u2022 A Level 3 fair valuation method (discounted cash flow using applicable market interest rates at balance
sheet date) was used for the valuation of the subordinated loan granted to the Pension Fund APF in the
Netherlands, resulting in a fair value of \u20ac99 million.
Sensitivities on financial instruments at year-end 2024
Sensitivity object
Sensitivity
Hypothetical impact
Foreign currencies:
We perform foreign currency sensitivity analysis by applying an adjustment to the spot
rates prevailing at year-end. This adjustment is based on observed changes in the
exchange rate in the past and management's expectation for reasonably possible* future
movements over a longer term from a sensitivity test perspective. We then apply the
expected possible volatility to revalue all monetary assets and liabilities (including
derivative financial instruments) in a currency other than the functional currency of the
subsidiary in the balance sheet at year-end. These effects are of a fairly linear nature.
A 10% (2023: 10%) strengthening of the euro versus US dollar
A 10% (2023: 10%) strengthening of the euro versus the pound sterling
A 10% ( 2023: 10%) strengthening of the euro versus Chinese yuan
Profit \u20ac21 million (2023: profit \u20ac22 million).
Profit \u20ac1 million (2023: loss \u20ac5 million)
Profit \u20ac1 million ( 2023 : profit \u20ac1 million)
Interest rate:
We perform interest rate sensitivity analysis by applying an adjustment to the interest rate
curve prevailing at year-end. This adjustment is based on observed changes in the
interest rate in the past and management's expectation for reasonably possible* future
movements over a longer term from a sensitivity test perspective. We then apply the
expected possible volatility to revalue all interest bearing assets and liabilities. These
effects are of a fairly linear nature.
A 100 basis points (2023: 100 basis points) increase of EUR interest rates
A 100 basis points (2023: 100 basis points) increase of USD interest rates
A 100 basis points (2023: 100 basis points) increase of GBP interest rates
Loss \u20ac10 million (2023: loss \u20ac15 million)
Profit \u20ac1 million ( 2023: profit \u20ac1 million)
Profit \u20ac1 million (2023 : profit \u20ac1 million)
* This analysis does not indicate any probability of such changes occurring; nor does it preclude larger changes in any given period or longer term.
Master netting agreements
We enter into derivative transactions under International Swaps and Derivatives Association (ISDA) master
netting agreements. In general, under such agreements the amounts owed by each counterparty on a
single day in respect of transactions outstanding in the same currency may be aggregated into a single net
amount that is payable by one party to the other. In certain circumstances \u2013 e.g. when a credit event such
as a default occurs \u2013 all outstanding transactions under the agreement may be terminated, the termination
value is assessed and a net amount is payable in settlement of the transactions. We have evaluated the
potential effect of netting agreements, including the effect of rights of set-off and concluded the impact is
immaterial. We did not offset any amounts regarding derivative transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-461": { "value": "
Classification and measurement
On initial recognition, financial assets are measured at fair value (plus transaction costs, in the case
of assets not subsequently measured at fair value through profit or loss (FVTPL)).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-460": { "value": "
Classification and measurement
On initial recognition, financial assets are measured at fair value (plus transaction costs, in the case
of assets not subsequently measured at fair value through profit or loss (FVTPL)).
For the purpose of subsequent measurement, financial assets are classified as measured at
amortized cost, fair value through profit or loss or fair value through other comprehensive income
(FVOCI). The classification of a financial asset is determined at initial recognition, but if certain
conditions are met, an asset may be subject to reclassification.
A financial asset is measured at amortized cost if it meets both of the following conditions:
1. It is held within a business model, the objective of which is to hold assets to collect contractual
cash flows; and
2. Its contractual terms give rise, on specified dates, to cash flows that are solely payments of
principal and interest (SPPI) on the principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not
designated as FVTPL:
1. It is held within a business model, the objective of which is achieved by both collecting
contractual cash flows and selling financial assets; and
2. Its contractual terms give rise, on specified dates, to cash flows that are SPPI on the principal
amount outstanding.
All financial assets not classified as measured at amortized cost or measured at FVOCI, as
described above, (e.g. financial assets held for trading and those that are managed and whose
performance is evaluated on a fair value basis) are measured at FVTPL.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-464": { "value": "
Derivatives
Derivative financial instruments are recognized at fair value on the balance sheet. Fair values are
derived from market prices and quotes from dealers and brokers, or are estimated using observable
market inputs. When determining fair values, credit risk for our counter party, as well as for
AkzoNobel, is taken into account.
Changes in fair value are recognized in the statement of income, unless cash flow hedge accounting
or net investment hedge accounting is applied. In those cases, the effective part of the fair value
changes is deferred in other comprehensive income and released to the related specific lines in the
statement of income or balance sheet at the same time as the hedged item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-463": { "value": "
Derivatives
Derivative financial instruments are recognized at fair value on the balance sheet. Fair values are
derived from market prices and quotes from dealers and brokers, or are estimated using observable
market inputs. When determining fair values, credit risk for our counter party, as well as for
AkzoNobel, is taken into account.
Changes in fair value are recognized in the statement of income, unless cash flow hedge accounting
or net investment hedge accounting is applied. In those cases, the effective part of the fair value
changes is deferred in other comprehensive income and released to the related specific lines in the
statement of income or balance sheet at the same time as the hedged item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-462": { "value": "
Derivatives
Derivative financial instruments are recognized at fair value on the balance sheet. Fair values are
derived from market prices and quotes from dealers and brokers, or are estimated using observable
market inputs. When determining fair values, credit risk for our counter party, as well as for
AkzoNobel, is taken into account.
Changes in fair value are recognized in the statement of income, unless cash flow hedge accounting
or net investment hedge accounting is applied. In those cases, the effective part of the fair value
changes is deferred in other comprehensive income and released to the related specific lines in the
statement of income or balance sheet at the same time as the hedged item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-465": { "value": "
Impairment
Financial assets are assessed for impairment either according to the general approach or a
simplified approach.
The calculation of impairment under the general approach uses the following stages:
\u2022 12-months expected credit losses, taking into account possible default events within one year
\u2022 Lifetime expected credit losses in case of an increase in credit risk, through recognition of
expected credit losses over the remaining life of the exposure
\u2022 Lifetime expected credit losses, where interest is calculated on the net amount of the receivables
less impairment loss.
In all above stages, the impairment calculation used is based on external credit ratings of involved
parties or default rates published by well-known credit risk agencies.
The financial assets included in the general impairment approach are long-term loans and other
long-term receivables.
The calculation of impairment under the simplified approach requires recognition of lifetime expected
credit loss (no tracking of changes in credit risk). The financial assets included in the simplified
impairment approach are trade receivables and the remaining financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-466": { "value": "
Liquidity risk management
The primary objective of our liquidity risk management is to provide for sufficient cash and cash equivalents
at all times and any place in the world to enable us to meet our payment obligations. We aim for a well-
spread maturity schedule of our long-term borrowings and a strong liquidity position. At year-end 2024, we
had available \u20ac1.3 billion of cash and cash equivalents (2023: \u20ac1.5 billion) and \u20ac165 million of short-term
investments (2023: \u20ac265 million); reference is made to Note 20 Net debt.
In addition, we have a multi-currency revolving credit facility of \u20ac1.3 billion which runs until 2027. This
facility does not contain financial covenants or acceleration provisions that are based on adverse changes
in ratings or on other material adverse changes. At year-end 2024 and 2023, this facility had not been
drawn. We have US dollar and euro commercial paper programs in place, which can be used to the extent
that the equivalent portion of the \u20ac1.3 billion multi-currency revolving credit facility is not used. We had
\u20ac1.0\u00a0billion commercial paper outstanding at year end 2024 (2023: \u20ac0.8 billion) against an average interest
rate of 3.4% (2023: average interest rate of 4.1%). Further, at year-end 2024, we had \u20ac0.5 billion short-
term bank loans outstanding against three-months Euribor plus a mark-up (2023: \u20ac0.8 billion against three-
months Euribor plus a mark-up). None of these facilities contain financial covenants. The table on maturity
of liabilities and cash outflows in this Note shows the timing of cash outflows per maturity group. The
amounts disclosed in the table are the contractual, undiscounted cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-467": { "value": "
Credit risk management
Credit risk arises from financial assets such as cash and cash equivalents, deposits with financial
institutions, money market funds, trade receivables and derivative financial instruments with a positive fair
value. We have a credit risk management policy in place to limit credit losses due to non-performance of
financial counterparties and customers. We monitor our exposure to credit risk on an ongoing basis at
various levels. We only deal with financial counterparties that have a sufficiently high credit rating. Generally,
we do not require collateral in respect of financial assets. Investments in cash and cash equivalents, short-
term investments and transactions involving derivative financial instruments are entered into with
counterparties that have sound credit ratings and a good reputation. Derivative transactions are concluded
mostly with parties with whom we have contractual netting agreements and ISDA agreements in place. We
set limits per counterparty for the different types of financial instruments we use. We closely monitor the
acceptable financial counterparty credit ratings and credit limits and revise these where required in line with
market circumstances. We do not expect non-performance by the counterparties for these financial
\"\"
instruments. Due to our geographical spread and the diversity of our customers, we were not subject to
any significant concentration of credit risks at balance sheet date.
The credit risk from trade receivables is measured and analyzed by dedicated teams in the businesses,
mainly by means of ageing analysis (refer to Note 16 Trade and other receivables). Additionally, trade
receivables and financial assets measured at amortized cost are subject to the expected credit loss
impairment model either using the general or the simplified approach. For more information on the applied
impairment approaches per financial asset type, refer to Note 1 General information.
The maximum exposure to credit risk is represented by the carrying value of financial assets in the balance
sheet, which at year-end 2024 was \u20ac4.1 billion (2023: \u20ac4.6 billion) for cash and cash equivalents, short-
term investments, loans and trade and other receivables. Our credit risk is well spread among both global
and local counterparties. Our largest counterparty risk amounted to \u20ac259 million at year-end 2024 (2023:
\u20ac332 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-468": { "value": "
Foreign exchange risk management
Trade and financing transactions
We operate in a large number of countries, where we have clients and suppliers, many of whom are
outside of the local functional currency environment. This creates currency exposures which are partly
netted out on group level. The purpose of our foreign currency hedging activities is to protect us from the
risk that the functional currency net cash flows resulting from trade or financing transactions are adversely
affected by changes in exchange rates. Our policy is to hedge our transactional foreign exchange rate
exposures above predefined thresholds from recognized assets and liabilities. Hedge accounting is
generally not applied for foreign currency hedging activities, except for certain specific forecasted
transactions.
In 2023, a total loss of \u20ac36 million was recorded in the statement of income under financing expenses,
which related to cash flow hedging for the intended acquisition of Kansai Paint's African activities. As from
July 2022, cash flow hedge accounting was applied on a $450 million hedge for foreign currency risk
exposure related to this intended acquisition, which continued in 2023. In November 2023, the decision
was made not to proceed with the acquisition. The losses reported in 2023 included \u20ac46 million related to
the recycling of the amount accumulated in the cash flow hedge reserve through other comprehensive
income.
In general, our forward exchange contracts have a maturity of less than one year. When necessary,
forward exchange contracts are rolled over at maturity. Currency derivatives are not used for speculative
purposes.
Hedged notional amounts at year-end1
Buy
Sell
Buy
Sell
in \u20ac millions
2023
2023
2024
2024
US dollar
270
658
362
678
Pound sterling
794
\u2014
820
46
Chinese yuan
46
58
66
128
Brazilian real
19
57
26
38
Thai Baht
12
114
16
116
Australian dollar
\u2014
62
1
78
Singapore dollar
15
7
40
49
South African rand
\u2014
66
6
63
Taiwan dollar
3
33
13
47
Other2
212
375
157
300
Total
1,371
1,430
1,507
1,543
1 No hedge accounting was applied on these hedged notional amounts in 2024.
2 No individually significant position is included in Other, the amounts per currency are highly disaggregated.
Investments in foreign subsidiaries and associates
During 2024 and 2023, net investment hedge accounting was applied on hedges of certain net
investments in foreign operations, which were partly hedged. The main net investments included were
related to Chinese yuan, Brazilian real, Vietnamese dong, Indian rupee, Indonesian rupiah and Taiwanese
dollar (2023: Brazilian real, Chinese yuan, Indonesian rupiah and Indian rupee), which were hedged with
forward exchange contracts for the same currencies. The spot results related to these hedges were
recognized in other comprehensive income and accumulated in the cumulative translation reserves. At
year-end 2024, no hedges of net investments were outstanding. During 2024 and 2023, the hedges of net
investments were fully effective.
Interest rate risk management
We are partly financed with debt in order to obtain more efficient leverage. Interest rate risk is the risk that
the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. Fixed rate debt results in fair value interest rate risk. Floating rate debt results in cash flow
\"\"
interest rate risk. At the end of 2024, 64% of our total debt consisted of fixed rate bonds (2023: 62%), 18%
consisted of commercial paper (2023: 14%) and 11% of short-term loans (2023: 15%). The fixed/floating
ratio of our outstanding bonds was 100% fixed (2023: 100% fixed). The weighted average maturity of our
outstanding bonds at year-end is 5.8 years (2023: 5.4 years). The remainder of our total debt consisted of
leases and other debt. For more information about our debt, refer to Note 20 Net debt. During 2024 and
2023, we have not used any interest rate derivatives.
Capital risk management
Our objectives when managing capital are to safeguard our ability to satisfy our capital providers and to
maintain a capital structure that optimizes our cost of capital. For this we maintain an adequate financial
strategy, with the objective to retain a strong investment grade credit rating as assigned by the rating
agencies Moody\u2019s and Standard & Poor\u2019s. The capital structure can be altered, among others, by
adjusting the amounts of dividends paid to shareholders, return of capital to capital providers, or issuance
of new debt or shares. In September 2024, a bond was issued with a nominal value of \u20ac500 million and a
coupon of 3.75%, maturing in 2034.
Leverage ratio
Consistent with other companies in the industry, we monitor capital headroom based on the leverage ratio
net debt/(adjusted) EBITDA for which we have set a target range of around 2 for the mid-term. Net debt/
EBITDA at December 31, 2024, was 3.0 (December 31, 2023: 2.7), while net debt/adjusted EBITDA was
2.6 (December 31, 2023: 2.6).
EBITDA
in \u20ac millions
2023
2024
Operating income
1,029
917
Depreciation and amortization
357
371
EBITDA
1,386
1,288
Adjusted EBITDA
in \u20ac millions
2023
2024
Operating income
1,029
917
Depreciation and amortization*
355
365
Identified items
45
196
Adjusted EBITDA
1,429
1,478
* Excluding identified items.
Leverage ratios
in \u20ac millions
2023
2024
Net debt*
3,785
3,901
Net debt/EBITDA
2.7
3.0
Net debt/Adjusted EBITDA
2.6
2.6
*Breakdown of net debt is available in the Note 20 Net debt.
For the calculation of net debt, refer to Note 20 Net debt. Leverage ratio is an Alternative Performance
Measure. For more details refer to Note 3, section Alternative Performance Measures.
Fair value of financial instruments and IFRS 9 categories
In the table \u201cFair value per financial instrument category\u201d on the next page, insight is provided in the
recognition of the respective financial instruments per IFRS 9 category. The total carrying value is based on
the accounting principles in this Note. Financial instruments are recognized at fair value and subsequently
recognized either at fair value or at amortized cost, using the effective interest method. The financial
instruments accounted for at fair value through profit or loss are derivative financial instruments and
securities included in financial non-current assets and other current liabilities, cash and cash equivalents
and short-term investments. The remaining financial instruments are accounted for at amortized cost.
\"\"
Fair value per financial instrument category
Carrying value per IFRS 9 category
in \u20ac millions
Carrying
amount
Out of scope
of IFRS7
Measured at
amortized
cost
Measured at
fair value
through profit
or loss
Total carrying
value
Fair value of items
measured at
amortized cost
December 31, 2023
Financial non-current assets1
1,409
1,136
264
9
273
271
Trade and other receivables2
2,483
193
2,276
14
2,290
2,276
Short-term investments
265
\u2014
\u2014
265
265
\u2014
Cash and cash equivalents
1,513
\u2014
\u2014
1,513
1,513
\u2014
Total financial assets
5,670
1,329
2,540
1,801
4,341
2,547
Long-term borrowings
3,165
\u2014
3,165
\u2014
3,165
3,015
Short-term borrowings
2,398
\u2014
2,398
\u2014
2,398
2,390
Trade and other payables3
2,933
467
2,453
13
2,466
2,453
Total financial liabilities
8,496
467
8,016
13
8,029
7,858
December 31, 2024
Financial non-current assets1
1,274
1,013
242
19
261
250
Trade and other receivables2
2,498
258
2,224
16
2,240
2,224
Short-term investments
165
\u2014
\u2014
165
165
\u2014
Cash and cash equivalents
1,302
\u2014
\u2014
1,302
1,302
\u2014
Total financial assets
5,239
1,271
2,466
1,502
3,968
2,474
Long-term borrowings
3,671
\u2014
3,671
\u2014
3,671
3,559
Short-term borrowings
1,697
\u2014
1,697
\u2014
1,697
1,697
Trade and other payables3
2,740
405
2,319
16
2,335
2,319
Total financial liabilities
8,108
405
7,687
16
7,703
7,575
1 \u20ac1,013 million (2023: \u20ac1,136 million) out of scope for IFRS7 mainly relates to pension assets (refer to Note 14), \u20ac242 million (2023: \u20ac264 million) measured at amortized cost relates to loans and receivables and various other financial non-current assets (refer to Note 14); \u20ac19 million (2023: \u20ac9 million) measured at FVTPL
includes \u20ac12 million (2023: nil) long-term investments (refer to Note 14) and \u20ac7 million (2023: \u20ac9 million) other financial instruments (refer to Note 14).
2 \u20ac258 million (2023: \u20ac193 million) out of scope for IFRS7 mainly relates to (non-)income taxes receivable (refer to Note 16), \u20ac2,224 million (2023: \u20ac2,276 million) relates to the remainder of trade and other receivables (refer to Note 16) and \u20ac16 million (2023: \u20ac14 million) measured at FVTPL relates to FX contracts (refer to
Note\u00a016).
3 \u20ac405 million (2023: nil) out of scope for IFRS7 mainly relates to payables to employees and (non-)income taxes payable (refer to Note 21), \u20ac2,319 million (2023: \u20ac2,453 million) relates to the remainder of trade and other payables (refer to Note 21) and \u20ac16 million (2023: \u20ac13 million) measured at FVTPL relates to FX
contracts (refer to Note 21).
The following valuation methods for financial instruments carried at fair value through profit or loss are
distinguished:
\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
\u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable)
For the purpose of determining the fair value per financial instrument category, shown in the column fair
value, the following valuation methods were used:
\u2022 A Level 1 valuation method was used to estimate the fair value of the bonds issued included in our long-
term and short-term borrowings. The estimate is based on the quoted market prices for the same or
similar issues or on the current rates offered to us for debt with similar maturities.
\u2022 A Level 2 valuation method was used to determine the fair value of marketable securities included in
cash and cash equivalents and short-term investments by obtaining the market price at reporting date.
\"\"
The fair value of foreign currency contracts and swap contracts was also determined by Level 2 valuation
techniques using market observable input (such as foreign currency interest rates based on Refinitiv/
LSEG) and by obtaining quotes from dealers and brokers. Further, a level 2 valuation method was used
to determine the fair value of time deposits included in cash and cash equivalents and short-term
investments using the market interest rate. Finally, the carrying amounts of cash and banks, trade
receivables less allowance for impairment, other short-term borrowings and other current liabilities
approximate fair value due to the short maturity period of those instruments and were determined using
Level 2 fair value methods.
\u2022 A Level 3 fair valuation method (discounted cash flow using applicable market interest rates at balance
sheet date) was used for the valuation of the subordinated loan granted to the Pension Fund APF in the
Netherlands, resulting in a fair value of \u20ac99 million.
Sensitivities on financial instruments at year-end 2024
Sensitivity object
Sensitivity
Hypothetical impact
Foreign currencies:
We perform foreign currency sensitivity analysis by applying an adjustment to the spot
rates prevailing at year-end. This adjustment is based on observed changes in the
exchange rate in the past and management's expectation for reasonably possible* future
movements over a longer term from a sensitivity test perspective. We then apply the
expected possible volatility to revalue all monetary assets and liabilities (including
derivative financial instruments) in a currency other than the functional currency of the
subsidiary in the balance sheet at year-end. These effects are of a fairly linear nature.
A 10% (2023: 10%) strengthening of the euro versus US dollar
A 10% (2023: 10%) strengthening of the euro versus the pound sterling
A 10% ( 2023: 10%) strengthening of the euro versus Chinese yuan
Profit \u20ac21 million (2023: profit \u20ac22 million).
Profit \u20ac1 million (2023: loss \u20ac5 million)
Profit \u20ac1 million ( 2023 : profit \u20ac1 million)
Interest rate:
We perform interest rate sensitivity analysis by applying an adjustment to the interest rate
curve prevailing at year-end. This adjustment is based on observed changes in the
interest rate in the past and management's expectation for reasonably possible* future
movements over a longer term from a sensitivity test perspective. We then apply the
expected possible volatility to revalue all interest bearing assets and liabilities. These
effects are of a fairly linear nature.
A 100 basis points (2023: 100 basis points) increase of EUR interest rates
A 100 basis points (2023: 100 basis points) increase of USD interest rates
A 100 basis points (2023: 100 basis points) increase of GBP interest rates
Loss \u20ac10 million (2023: loss \u20ac15 million)
Profit \u20ac1 million ( 2023: profit \u20ac1 million)
Profit \u20ac1 million (2023 : profit \u20ac1 million)
* This analysis does not indicate any probability of such changes occurring; nor does it preclude larger changes in any given period or longer term.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-469": { "value": "
Trade and financing transactions
We operate in a large number of countries, where we have clients and suppliers, many of whom are
outside of the local functional currency environment. This creates currency exposures which are partly
netted out on group level. The purpose of our foreign currency hedging activities is to protect us from the
risk that the functional currency net cash flows resulting from trade or financing transactions are adversely
affected by changes in exchange rates. Our policy is to hedge our transactional foreign exchange rate
exposures above predefined thresholds from recognized assets and liabilities. Hedge accounting is
generally not applied for foreign currency hedging activities, except for certain specific forecasted
transactions.
In 2023, a total loss of \u20ac36 million was recorded in the statement of income under financing expenses,
which related to cash flow hedging for the intended acquisition of Kansai Paint's African activities. As from
July 2022, cash flow hedge accounting was applied on a $450 million hedge for foreign currency risk
exposure related to this intended acquisition, which continued in 2023. In November 2023, the decision
was made not to proceed with the acquisition. The losses reported in 2023 included \u20ac46 million related to
the recycling of the amount accumulated in the cash flow hedge reserve through other comprehensive
income.
In general, our forward exchange contracts have a maturity of less than one year. When necessary,
forward exchange contracts are rolled over at maturity. Currency derivatives are not used for speculative
purposes.
Hedged notional amounts at year-end1
Buy
Sell
Buy
Sell
in \u20ac millions
2023
2023
2024
2024
US dollar
270
658
362
678
Pound sterling
794
\u2014
820
46
Chinese yuan
46
58
66
128
Brazilian real
19
57
26
38
Thai Baht
12
114
16
116
Australian dollar
\u2014
62
1
78
Singapore dollar
15
7
40
49
South African rand
\u2014
66
6
63
Taiwan dollar
3
33
13
47
Other2
212
375
157
300
Total
1,371
1,430
1,507
1,543
1 No hedge accounting was applied on these hedged notional amounts in 2024.
2 No individually significant position is included in Other, the amounts per currency are highly disaggregated.
Investments in foreign subsidiaries and associates
During 2024 and 2023, net investment hedge accounting was applied on hedges of certain net
investments in foreign operations, which were partly hedged. The main net investments included were
related to Chinese yuan, Brazilian real, Vietnamese dong, Indian rupee, Indonesian rupiah and Taiwanese
dollar (2023: Brazilian real, Chinese yuan, Indonesian rupiah and Indian rupee), which were hedged with
forward exchange contracts for the same currencies. The spot results related to these hedges were
recognized in other comprehensive income and accumulated in the cumulative translation reserves. At
year-end 2024, no hedges of net investments were outstanding. During 2024 and 2023, the hedges of net
investments were fully effective.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-470": { "value": "
Capital risk management
Our objectives when managing capital are to safeguard our ability to satisfy our capital providers and to
maintain a capital structure that optimizes our cost of capital. For this we maintain an adequate financial
strategy, with the objective to retain a strong investment grade credit rating as assigned by the rating
agencies Moody\u2019s and Standard & Poor\u2019s. The capital structure can be altered, among others, by
adjusting the amounts of dividends paid to shareholders, return of capital to capital providers, or issuance
of new debt or shares. In September 2024, a bond was issued with a nominal value of \u20ac500 million and a
coupon of 3.75%, maturing in 2034.
Leverage ratio
Consistent with other companies in the industry, we monitor capital headroom based on the leverage ratio
net debt/(adjusted) EBITDA for which we have set a target range of around 2 for the mid-term. Net debt/
EBITDA at December 31, 2024, was 3.0 (December 31, 2023: 2.7), while net debt/adjusted EBITDA was
2.6 (December 31, 2023: 2.6).
EBITDA
in \u20ac millions
2023
2024
Operating income
1,029
917
Depreciation and amortization
357
371
EBITDA
1,386
1,288
Adjusted EBITDA
in \u20ac millions
2023
2024
Operating income
1,029
917
Depreciation and amortization*
355
365
Identified items
45
196
Adjusted EBITDA
1,429
1,478
* Excluding identified items.
Leverage ratios
in \u20ac millions
2023
2024
Net debt*
3,785
3,901
Net debt/EBITDA
2.7
3.0
Net debt/Adjusted EBITDA
2.6
2.6
*Breakdown of net debt is available in the Note 20 Net debt.
For the calculation of net debt, refer to Note 20 Net debt. Leverage ratio is an Alternative Performance
Measure. For more details refer to Note 3, section Alternative Performance Measures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-472": { "value": "
Fair value of financial instruments and IFRS 9 categories
In the table \u201cFair value per financial instrument category\u201d on the next page, insight is provided in the
recognition of the respective financial instruments per IFRS 9 category. The total carrying value is based on
the accounting principles in this Note. Financial instruments are recognized at fair value and subsequently
recognized either at fair value or at amortized cost, using the effective interest method. The financial
instruments accounted for at fair value through profit or loss are derivative financial instruments and
securities included in financial non-current assets and other current liabilities, cash and cash equivalents
and short-term investments. The remaining financial instruments are accounted for at amortized cost.
Fair value per financial instrument category
Carrying value per IFRS 9 category
in \u20ac millions
Carrying
amount
Out of scope
of IFRS7
Measured at
amortized
cost
Measured at
fair value
through profit
or loss
Total carrying
value
Fair value of items
measured at
amortized cost
December 31, 2023
Financial non-current assets1
1,409
1,136
264
9
273
271
Trade and other receivables2
2,483
193
2,276
14
2,290
2,276
Short-term investments
265
\u2014
\u2014
265
265
\u2014
Cash and cash equivalents
1,513
\u2014
\u2014
1,513
1,513
\u2014
Total financial assets
5,670
1,329
2,540
1,801
4,341
2,547
Long-term borrowings
3,165
\u2014
3,165
\u2014
3,165
3,015
Short-term borrowings
2,398
\u2014
2,398
\u2014
2,398
2,390
Trade and other payables3
2,933
467
2,453
13
2,466
2,453
Total financial liabilities
8,496
467
8,016
13
8,029
7,858
December 31, 2024
Financial non-current assets1
1,274
1,013
242
19
261
250
Trade and other receivables2
2,498
258
2,224
16
2,240
2,224
Short-term investments
165
\u2014
\u2014
165
165
\u2014
Cash and cash equivalents
1,302
\u2014
\u2014
1,302
1,302
\u2014
Total financial assets
5,239
1,271
2,466
1,502
3,968
2,474
Long-term borrowings
3,671
\u2014
3,671
\u2014
3,671
3,559
Short-term borrowings
1,697
\u2014
1,697
\u2014
1,697
1,697
Trade and other payables3
2,740
405
2,319
16
2,335
2,319
Total financial liabilities
8,108
405
7,687
16
7,703
7,575
1 \u20ac1,013 million (2023: \u20ac1,136 million) out of scope for IFRS7 mainly relates to pension assets (refer to Note 14), \u20ac242 million (2023: \u20ac264 million) measured at amortized cost relates to loans and receivables and various other financial non-current assets (refer to Note 14); \u20ac19 million (2023: \u20ac9 million) measured at FVTPL
includes \u20ac12 million (2023: nil) long-term investments (refer to Note 14) and \u20ac7 million (2023: \u20ac9 million) other financial instruments (refer to Note 14).
2 \u20ac258 million (2023: \u20ac193 million) out of scope for IFRS7 mainly relates to (non-)income taxes receivable (refer to Note 16), \u20ac2,224 million (2023: \u20ac2,276 million) relates to the remainder of trade and other receivables (refer to Note 16) and \u20ac16 million (2023: \u20ac14 million) measured at FVTPL relates to FX contracts (refer to
Note\u00a016).
3 \u20ac405 million (2023: nil) out of scope for IFRS7 mainly relates to payables to employees and (non-)income taxes payable (refer to Note 21), \u20ac2,319 million (2023: \u20ac2,453 million) relates to the remainder of trade and other payables (refer to Note 21) and \u20ac16 million (2023: \u20ac13 million) measured at FVTPL relates to FX
contracts (refer to Note 21).
The following valuation methods for financial instruments carried at fair value through profit or loss are
distinguished:
\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
\u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable)
For the purpose of determining the fair value per financial instrument category, shown in the column fair
value, the following valuation methods were used:
\u2022 A Level 1 valuation method was used to estimate the fair value of the bonds issued included in our long-
term and short-term borrowings. The estimate is based on the quoted market prices for the same or
similar issues or on the current rates offered to us for debt with similar maturities.
\u2022 A Level 2 valuation method was used to determine the fair value of marketable securities included in
cash and cash equivalents and short-term investments by obtaining the market price at reporting date.
\"\"
The fair value of foreign currency contracts and swap contracts was also determined by Level 2 valuation
techniques using market observable input (such as foreign currency interest rates based on Refinitiv/
LSEG) and by obtaining quotes from dealers and brokers. Further, a level 2 valuation method was used
to determine the fair value of time deposits included in cash and cash equivalents and short-term
investments using the market interest rate. Finally, the carrying amounts of cash and banks, trade
receivables less allowance for impairment, other short-term borrowings and other current liabilities
approximate fair value due to the short maturity period of those instruments and were determined using
Level 2 fair value methods.
\u2022 A Level 3 fair valuation method (discounted cash flow using applicable market interest rates at balance
sheet date) was used for the valuation of the subordinated loan granted to the Pension Fund APF in the
Netherlands, resulting in a fair value of \u20ac99 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-471": { "value": "
Fair value of financial instruments and IFRS 9 categories
In the table \u201cFair value per financial instrument category\u201d on the next page, insight is provided in the
recognition of the respective financial instruments per IFRS 9 category. The total carrying value is based on
the accounting principles in this Note. Financial instruments are recognized at fair value and subsequently
recognized either at fair value or at amortized cost, using the effective interest method. The financial
instruments accounted for at fair value through profit or loss are derivative financial instruments and
securities included in financial non-current assets and other current liabilities, cash and cash equivalents
and short-term investments. The remaining financial instruments are accounted for at amortized cost.
The following valuation methods for financial instruments carried at fair value through profit or loss are
distinguished:
\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
\u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable)
For the purpose of determining the fair value per financial instrument category, shown in the column fair
value, the following valuation methods were used:
\u2022 A Level 1 valuation method was used to estimate the fair value of the bonds issued included in our long-
term and short-term borrowings. The estimate is based on the quoted market prices for the same or
similar issues or on the current rates offered to us for debt with similar maturities.
\u2022 A Level 2 valuation method was used to determine the fair value of marketable securities included in
cash and cash equivalents and short-term investments by obtaining the market price at reporting date.
\"\"
The fair value of foreign currency contracts and swap contracts was also determined by Level 2 valuation
techniques using market observable input (such as foreign currency interest rates based on Refinitiv/
LSEG) and by obtaining quotes from dealers and brokers. Further, a level 2 valuation method was used
to determine the fair value of time deposits included in cash and cash equivalents and short-term
investments using the market interest rate. Finally, the carrying amounts of cash and banks, trade
receivables less allowance for impairment, other short-term borrowings and other current liabilities
approximate fair value due to the short maturity period of those instruments and were determined using
Level 2 fair value methods.
\u2022 A Level 3 fair valuation method (discounted cash flow using applicable market interest rates at balance
sheet date) was used for the valuation of the subordinated loan granted to the Pension Fund APF in the
Netherlands, resulting in a fair value of \u20ac99 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-474": { "value": "
Fair value per financial instrument category
Carrying value per IFRS 9 category
in \u20ac millions
Carrying
amount
Out of scope
of IFRS7
Measured at
amortized
cost
Measured at
fair value
through profit
or loss
Total carrying
value
Fair value of items
measured at
amortized cost
December 31, 2023
Financial non-current assets1
1,409
1,136
264
9
273
271
Trade and other receivables2
2,483
193
2,276
14
2,290
2,276
Short-term investments
265
\u2014
\u2014
265
265
\u2014
Cash and cash equivalents
1,513
\u2014
\u2014
1,513
1,513
\u2014
Total financial assets
5,670
1,329
2,540
1,801
4,341
2,547
Long-term borrowings
3,165
\u2014
3,165
\u2014
3,165
3,015
Short-term borrowings
2,398
\u2014
2,398
\u2014
2,398
2,390
Trade and other payables3
2,933
467
2,453
13
2,466
2,453
Total financial liabilities
8,496
467
8,016
13
8,029
7,858
December 31, 2024
Financial non-current assets1
1,274
1,013
242
19
261
250
Trade and other receivables2
2,498
258
2,224
16
2,240
2,224
Short-term investments
165
\u2014
\u2014
165
165
\u2014
Cash and cash equivalents
1,302
\u2014
\u2014
1,302
1,302
\u2014
Total financial assets
5,239
1,271
2,466
1,502
3,968
2,474
Long-term borrowings
3,671
\u2014
3,671
\u2014
3,671
3,559
Short-term borrowings
1,697
\u2014
1,697
\u2014
1,697
1,697
Trade and other payables3
2,740
405
2,319
16
2,335
2,319
Total financial liabilities
8,108
405
7,687
16
7,703
7,575
1 \u20ac1,013 million (2023: \u20ac1,136 million) out of scope for IFRS7 mainly relates to pension assets (refer to Note 14), \u20ac242 million (2023: \u20ac264 million) measured at amortized cost relates to loans and receivables and various other financial non-current assets (refer to Note 14); \u20ac19 million (2023: \u20ac9 million) measured at FVTPL
includes \u20ac12 million (2023: nil) long-term investments (refer to Note 14) and \u20ac7 million (2023: \u20ac9 million) other financial instruments (refer to Note 14).
2 \u20ac258 million (2023: \u20ac193 million) out of scope for IFRS7 mainly relates to (non-)income taxes receivable (refer to Note 16), \u20ac2,224 million (2023: \u20ac2,276 million) relates to the remainder of trade and other receivables (refer to Note 16) and \u20ac16 million (2023: \u20ac14 million) measured at FVTPL relates to FX contracts (refer to
Note\u00a016).
3 \u20ac405 million (2023: nil) out of scope for IFRS7 mainly relates to payables to employees and (non-)income taxes payable (refer to Note 21), \u20ac2,319 million (2023: \u20ac2,453 million) relates to the remainder of trade and other payables (refer to Note 21) and \u20ac16 million (2023: \u20ac13 million) measured at FVTPL relates to FX
contracts (refer to Note 21).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-473": { "value": "
Fair value per financial instrument category
Carrying value per IFRS 9 category
in \u20ac millions
Carrying
amount
Out of scope
of IFRS7
Measured at
amortized
cost
Measured at
fair value
through profit
or loss
Total carrying
value
Fair value of items
measured at
amortized cost
December 31, 2023
Financial non-current assets1
1,409
1,136
264
9
273
271
Trade and other receivables2
2,483
193
2,276
14
2,290
2,276
Short-term investments
265
\u2014
\u2014
265
265
\u2014
Cash and cash equivalents
1,513
\u2014
\u2014
1,513
1,513
\u2014
Total financial assets
5,670
1,329
2,540
1,801
4,341
2,547
Long-term borrowings
3,165
\u2014
3,165
\u2014
3,165
3,015
Short-term borrowings
2,398
\u2014
2,398
\u2014
2,398
2,390
Trade and other payables3
2,933
467
2,453
13
2,466
2,453
Total financial liabilities
8,496
467
8,016
13
8,029
7,858
December 31, 2024
Financial non-current assets1
1,274
1,013
242
19
261
250
Trade and other receivables2
2,498
258
2,224
16
2,240
2,224
Short-term investments
165
\u2014
\u2014
165
165
\u2014
Cash and cash equivalents
1,302
\u2014
\u2014
1,302
1,302
\u2014
Total financial assets
5,239
1,271
2,466
1,502
3,968
2,474
Long-term borrowings
3,671
\u2014
3,671
\u2014
3,671
3,559
Short-term borrowings
1,697
\u2014
1,697
\u2014
1,697
1,697
Trade and other payables3
2,740
405
2,319
16
2,335
2,319
Total financial liabilities
8,108
405
7,687
16
7,703
7,575
1 \u20ac1,013 million (2023: \u20ac1,136 million) out of scope for IFRS7 mainly relates to pension assets (refer to Note 14), \u20ac242 million (2023: \u20ac264 million) measured at amortized cost relates to loans and receivables and various other financial non-current assets (refer to Note 14); \u20ac19 million (2023: \u20ac9 million) measured at FVTPL
includes \u20ac12 million (2023: nil) long-term investments (refer to Note 14) and \u20ac7 million (2023: \u20ac9 million) other financial instruments (refer to Note 14).
2 \u20ac258 million (2023: \u20ac193 million) out of scope for IFRS7 mainly relates to (non-)income taxes receivable (refer to Note 16), \u20ac2,224 million (2023: \u20ac2,276 million) relates to the remainder of trade and other receivables (refer to Note 16) and \u20ac16 million (2023: \u20ac14 million) measured at FVTPL relates to FX contracts (refer to
Note\u00a016).
3 \u20ac405 million (2023: nil) out of scope for IFRS7 mainly relates to payables to employees and (non-)income taxes payable (refer to Note 21), \u20ac2,319 million (2023: \u20ac2,453 million) relates to the remainder of trade and other payables (refer to Note 21) and \u20ac16 million (2023: \u20ac13 million) measured at FVTPL relates to FX
contracts (refer to Note 21).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-475": { "value": "
Sensitivities on financial instruments at year-end 2024
Sensitivity object
Sensitivity
Hypothetical impact
Foreign currencies:
We perform foreign currency sensitivity analysis by applying an adjustment to the spot
rates prevailing at year-end. This adjustment is based on observed changes in the
exchange rate in the past and management's expectation for reasonably possible* future
movements over a longer term from a sensitivity test perspective. We then apply the
expected possible volatility to revalue all monetary assets and liabilities (including
derivative financial instruments) in a currency other than the functional currency of the
subsidiary in the balance sheet at year-end. These effects are of a fairly linear nature.
A 10% (2023: 10%) strengthening of the euro versus US dollar
A 10% (2023: 10%) strengthening of the euro versus the pound sterling
A 10% ( 2023: 10%) strengthening of the euro versus Chinese yuan
Profit \u20ac21 million (2023: profit \u20ac22 million).
Profit \u20ac1 million (2023: loss \u20ac5 million)
Profit \u20ac1 million ( 2023 : profit \u20ac1 million)
Interest rate:
We perform interest rate sensitivity analysis by applying an adjustment to the interest rate
curve prevailing at year-end. This adjustment is based on observed changes in the
interest rate in the past and management's expectation for reasonably possible* future
movements over a longer term from a sensitivity test perspective. We then apply the
expected possible volatility to revalue all interest bearing assets and liabilities. These
effects are of a fairly linear nature.
A 100 basis points (2023: 100 basis points) increase of EUR interest rates
A 100 basis points (2023: 100 basis points) increase of USD interest rates
A 100 basis points (2023: 100 basis points) increase of GBP interest rates
Loss \u20ac10 million (2023: loss \u20ac15 million)
Profit \u20ac1 million ( 2023: profit \u20ac1 million)
Profit \u20ac1 million (2023 : profit \u20ac1 million)
* This analysis does not indicate any probability of such changes occurring; nor does it preclude larger changes in any given period or longer term.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-476": { "value": "
Note 27: Subsequent events
No significant subsequent events have been identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500XYIJUGXAA5QD70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }