Group Management Report Products Safety and Health Environment Human Resources Social Commitment Consolidated Financial Statements 55
these effects and slightly negative burdens from exchange-
rate changes, operating sales growth totaled 9 %.
In all markets and regions, BYK benefitted from increased
demand. The sales volume was noticeably higher than in
the previous year. An essential factor in the sales growth was
the revival of demand in oil and gas exploration activities.
The development of business with additives for the coatings
and plastics industries, as well as sales of measuring and
testing instruments, was stronger than the relevant markets.
In terms of regions, the division’s growth was driven
very strongly by Asia, and especially by growing demand
among customers in BYK’s second-largest sales market,
China. The demand for special products used to manufacture
especially environmentally friendly coatings and paints
drove the sales growth in China. Substantial sales growth was
also generated in other important Asian countries, above
all in South Korea, Japan, Thailand, and India. While sales in
Europe did not grow at the same pace as the Asian sales
region, the sales growth in this important core region for BYK
also reached a very high level. Only in a few smaller sales
markets in Eastern Europe did sales fail to reach the previous
year’s level. The sales development in the Americas was
positive. The sales increase was especially noticeable in the
U.S., the division’s largest single sales market. The expan-
sion of oil and gas exploration activities had a particularly positive
effect on business performance. The trend reversal in
this market segment that started in the previous year contin-
ued due to rising crude-oil prices. An increasing scarcity
of raw materials in the course of the year limited growth in
some product groups.
Sales Performance of ECKART
Sales in the ECKART division grew by 6 % to € 385.3 million
(previous year: € 361.9 million). Adjusted for slightly nega-
tive exchange-rate effects, operating sales increased by 7 %.
The sales volume of effect pigments was the main driver
in the past fiscal year. The division also benefitted slightly
from a shift in the product portfolio.
In 2017, the largest proportion of the products was sold
to customers in the coatings, paint, and plastics industry,
with sales in this segment exceeding the previous year’s level
significantly. ECKART also expanded its activities in the cos-
metics sector last year, picking up on the momentum of the
previous year. In the graphic-arts and functional-applica-
tions segments, too, sales rose in year-to-year terms. Only
sales with customers in the graphics industry did not quite
reach the previous year’s level.
In 2017, the demand for the division’s products was
positive in all regions. Asia was the biggest regional growth
engine, followed by the Americas. Europe also achieved
sales growth.
Sales Performance of ELANTAS
In 2017, sales in the ELANTAS division increased by 8 %, or
€ 36.6 million, to € 488.7 million (previous year: € 452.1 million).
Adjusted for the sales increase due to the acquisitions
in the U.S. and China completed in the course of the year,
as well as for negative exchange-rate effects, operating
sales growth was 7 % higher than in the previous year. De-
mand for the division’s insulating materials showed a favor-
able development in 2017. The resulting increase in the sales
volume was partially offset by lower price levels, however.
The positive sales performance was reflected in all of the
important fields of business. The division’s biggest product
segment, wire enamels, accounted for the largest share of
the sales growth. But the electric segment also showed a
dynamic development of demand.
In regional terms, the division’s core region Asia under-
went the strongest operating sales development. In 2017,
Asia accounted for more than half of the division’s total sales.
The sales achieved in China, ELANTAS’ most important
market, showed an extraordinarily positive development. In