and Esmeron products drove Organon's growth in revenues, up 8% to โฌ2611 M. EBIT before incidentals rose 34% to โฌ362 M. Revenues at Intervet increased by 3% to โฌ1125 M boosted by strong autonomous growth of 6% across all regions and product lines. Outpacing market growth, EBIT before incidentals increased 2% to โฌ213 M, resulting in an EBIT margin of 18.9%. Revenues at Coatings grew 12% to a record โฌ6209 M and EBIT before incidentals was up 22% to โฌ518 M. With the divestment programme almost complete, revenues of the ongoing Chemicals operations increased by 5% to โฌ3502 M. Total EBIT before incidentals amounted to โฌ351 M. Invested capital at 31 Dec 2006, amounted to โฌ8.1 bn, up โฌ0.1 bn on 1 Jan 2006. Interest-bearing borrowings decreased โฌ0.5 bn to โฌ1.1 bn. Equity increased โฌ0.7 bn as a result of retained income. As a consequence, year-end gearing improved to 0.26 (1 Jan 2006: 0.44) and the interest coverage was up from 9.5 to 13.2. Akzo Nobel will declare a dividend of โฌ1.20, unchanged from 2005. The pay-out ratio is 39% of net income before incidentals. The 4Q 2006 figures showed revenues totalling โฌ3.3 bn. Operating income before incidentals increased 11% to โฌ249 M, with an EBIT margin of 7.5%. Autonomous growth for 4Q amounted to 4% (3% volume and 1% price) while currencies had a negative effect of 3%. Incidentals contributed positively (โฌ25 M) although approximately โฌ200 M lower than the previous year. Net income was down 27%. Provided that no major discontinuities occur, Akzo Nobel believes that it is well placed to outgrow its markets and further improve the financial returns in Coatings and Chemicals. (Full text).