Group Management Report Products Safety and Health Environment Human Resources Social Commitment Consolidated Financial Statements 59
the previous year and the surpassing of the target range were
mainly due to the purchase of metallography technology
from the Israeli company Landa Labs and the acquisition of
a technology portfolio for labels and packaging in the U.S.
Overall, € 91.6 million were invested in intangible assets
(previous year: € 15.7 million). In addition to the two tech-
nology acquisitions, the investments in intangible assets resulted
in particular from the expansion of ERP systems
at different Group sites. Investments in property, plant and
equipment amounted to € 96.4 million in the past business
year (previous year: € 106.4 million).
In the last fiscal year, the regional distribution of invest-
ments concentrated on Europe again, especially on the
two biggest German Group sites in Wesel (BYK) and Günters-
thal (ECKART). Furthermore, the metallography technology
was acquired by a German Group company. Overall, 80 % of
the total investments in property, plant and equipment
and intangible assets were made in Europe (previous year:
57 %). The Americas accounted for 14 % of our world-
wide investments (previous year: 18 %). The share of invest-
ments in Asia fell in the past fiscal year from 25 % to 6 %.
In 2017, the BYK division invested a total of € 58.3 million
(previous year: € 52.0 million), mainly to expand pro-
duction and laboratory capacities at the division’s biggest
sites in Germany and the U.S. Investments were also made
to expand its new site in Shanghai in order to bundle the
region’s sales and research activities at one site in China
in the future. Another large investment involved a facility for
carrying out automated product tests for additives at the
Wesel site.
The investment volume in the ECKART division was
€ 17.1 million and thus on a par with the previous year’s figure
(previous year: € 17.2 million). The largest share by far
was invested in the division’s biggest site in Güntersthal, fol-
lowed by sites in the U.S. and Switzerland.
In 2017, the ELANTAS division invested less in property,
plant and equipment and intangible assets than in the
previous year (€ 13.8 million compared to € 30.9 million in
2016). But in 2016, the investment activities were strongly
influenced by the acquisition of a manufacturing site in
Tongling, China. In the past fiscal year, the investment activities
focused on the division’s two sites in Europe as well
as India and the U.S.
The ACTEGA division invested the highest share of
all of the Group’s divisions, € 96.8 million, and much more
than in 2016 (€ 18.4 million). The division’s acquisitions of
the metallography activities and the technology portfolio for
labels and packaging in the U.S. were integrated in the
ACTEGA division, strongly influencing the development of the
total investments. The other capital expenditure was dis-
tributed relatively evenly across the division’s sites and mainly
comprised investments in research and production sites.
Balance Sheet Structure
Key figures
2016 2017 Δ %
in € million
Total assets 3,053.9 3,147.7 3
Shareholders’ equity 2,082.2 2,214.2 6
Net debt (-) /
Net financial assets (+)¹ 25.7 - 78.0 –
¹ Comprises cash and cash equivalents, short-term financial assets, marketable securities, loans
granted, debt, and employee benefit obligations.
In the course of the 2017 fiscal year, the ALTANA Group’s
total assets climbed from € 3,053.9 million to € 3,147.7 mil-
lion. The increase of € 93.9 million, or 3 %, is mainly the
result of increased investment activity as well as the acquisitions
made in the course of the year. This rise was partially
offset by the changed exchange-rate relations compared to
December 31, 2016, particularly the strong euro in rela-
tion to the U.S. dollar.
Intangible assets rose to € 1,056.9 million (previous year:
€ 922.8 million). The increase was primarily due to the
acquisition of the PolyAd business activity, the acquisitions in