one-off earnings from the reimbursement of a share of
the costs from the Renewable Energies Law (EEG), as well as
higher insurance refunds.
Earnings before interest and taxes (EBIT) reached
€ 335.9 million, surpassing the previous year’s level (€ 328.7
million).
The financial result was € - 8.6 million, unchanged from
the previous year. On the other hand, the result from com-
panies accounted for using the equity method worsened,
from € - 20.3 million in 2016 to € - 21.3 million in the 2017
fiscal year. This decrease is due to the fact that the Israeli
Landa Corp. posted a higher loss for the year. The company’s
2017 fiscal year was burdened by higher expenses
for the preparation of a broad market introduction of new
products.
Earnings before taxes (EBT) rose to € 306.0 million (pre-
vious year: € 299.8 million), and net income (EAT) to
€ 234.6 million (previous year: € 210.1 million). Despite the
increase in earnings, income tax did not reach the pre-
vious year’s level. Here, positive effects from the U.S. tax re-
form are reflected, above all from the recalculation of
deferred tax liabilities.
Asset and Financial Situation
Capital Expenditure
Capital expenditure by division
1
5
2
3
16.0 %
13.0 %
54.8 %
1.8 %
4 14.4 %
in Mio. € 2016 2017 Δ %
1 BYK 52.0 58.3 12
2 ECKART 17.2 17.1 - 1
3 ELANTAS 30.9 13.8 - 55
4 ACTEGA 18.4 96.9 > 100
5 Holding 3.6 1.9 - 46
Total 122.1 188.0 54
In the past fiscal year, ALTANA invested a total of € 188.0 million,
€ 65.9 million or 54 % more than in the previous year
(€ 122.1 million). The investment ratio, or the ratio of invest-
ments to sales, was 8.4 % and thus above the target range
of 5 % to 6 % we had forecast for 2017. The increase over
Capital expenditure ALTANA Group (in € million)
36 58
2013 94
2014 32 58
90
2015 86
2016 122
2017 188
Germany Abroad
131 57
44 42
51 71
58 Business Development