operations are financed by the Company’s operating cash flows. Excess funds required are financed by borrowings. In 2015, ALTANA’s shareholders’ equity increased by € 190.2 million to € 1,935.6 million. Due to the distribution of the ordinary dividend for 2014, shareholders’ equity decreased by € 60.0 million. This decrease was offset by consolidated net income of € 158.0 million in 2015. The debt to asset ratio was at 35 %. Long-term and short-term debt represented 21 % and 13 % of total liabilities, provisions and shareholders’ equity. In 2013, ALTANA completed the financing of the acquisition of the rheology business from Rockwood Holdings. An acquisition financing facility of € 300 million was made avail- able by an international banking syndicate. After completion of the acquisition, an amount of € 200 million was refinanced by a promissory note loan (German Schuldschein). On Decem- ber 31, 2014, the acquisition financing facility was repaid entirely. The promissory note loans totaling € 350 million that were issued in previous years will expire in 2016 at the earliest. The syndicated credit line of € 250 million, originally agreed in 2012, was modified in 2015 and extended for five more years, with an option to extend it for further two years. The Company aims for a balance between equity and liabilities, which allows for further growth either through operational growth or acquisitions. Currently, the Company is not externally rated by a rating agency. The existing and the aspired financing structure – including bolt-on acquisitions – should be adequate for the requirements of an investment grade rating. Foreign exchange restrictions exist for subsidiaries located in Brazil, India and China. Non-Controlling Interests The following table provides financial information for the subsidiary ELANTAS Beck India Ltd. The amounts reported refer to 100 % and not to the share of 75 % held by ALTANA: Dec. 31, 2014 Dec. 31, 2015 Assets 35,996 39,604 Liabilities 13,487 10,672 Net sales 41,977 48,182 Net income (EAT) 2,927 5,531 In 2015 and 2014, respectively, net income of € 1.4 million and € 0.7 million related to non- controlling interests and dividends of € 0.1 million and € 1.4 million were distributed to them. On December 31, 2015 and 2014, non-controlling interests held 25 % of the shares. The sale of the shares to the non-controlling interests in 2014 was recognized directly in shareholders’ equity in accordance with IFRS 10. ALTANA Equity Performance (AEP) Since 2010, ALTANA has offered a long-term incentive plan for key members of the manage- ment every year. These programs always begin on January 1 and have a term of four years. 114 Notes to Consolidated Financial Statements 22. Employee Incentive Plans
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