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44 Business Development European countries. We achieved sales growth particularly in southern markets. Sales continued to expand in the Americas, due in part to the stronger U.S. Dollar compared to the Euro, the Group currency, and to the acquisitions made in Brazil at the end of 2014. Nominal sales in the region increased by 15 %. Adjusted for acquisition and exchange-rate effects, however, sales fell by 4 % in a year-to-year comparison. The decrease in operating sales was driven mainly by the considerable decrease in oil and gas exploration activities. The development of new wells in the U.S. abated to a particularly large extent parallel to the decline in oil prices. How- ever, the share of sales generated in the Americas rose due to nominal growth to 29 % (previous year: 27 %). Accoun- ting for 20 % of ALTANA’s total sales, the U.S. remains our largest sales market. In 2015, Asia was responsible for 30 % of Group sales, unchanged from the previous year. However, operating sales did not reach the 2014 level. The weaker economic growth in China, in particular, led to a significantly lower demand for the Group’s products and services in the region. With a 15 % share of total sales, China is the Group’s second-larg- est sales market. Sales Performance of BYK Additives & Instruments In 2015, the BYK division increased its sales by 2 % or € 13.3 million to € 870.0 million (previous year: € 856.7 million). Adjusted for positive exchange-rate effects, sales were 4 % lower than in the previous year. One reason for the decline in operating sales were lower sales volumes on the Chinese market. The weaker over- all economy and the slower growth in our industry compared to the previous year led to a decreased demand for the division’s specialty products. Apart from triggering a decline in demand in end-user business, the deterioration of the economic environment also resulted in a reduced inventory along the value chain. In addition, the significant decrease in the price of crude oil in the course of the year led to a considerable reduction of oil and gas exploration activities. The demand for rheology additives, which are used, for example, in exploration, therefore steadily declined. These sales decreases could not be offset within the division. In terms of regions, Asia and the Americas were affected the most by the decrease in operating sales. In Asia, the double-digit percentage operating sales decline in China could not be offset by the ongoing strong growth in India and the Middle East because the weaker momentum in China negatively impacted demand in the entire Southeast Asia region. While sales increased in the Americas due to exchange-rate changes, adjusted for these effects the region did not achieve the level of 2014. The decrease in oil and gas exploration activities, in particular, had a negative influence on the division. Especially in the U.S., BYK’s largest Sales by region 1 4 2 3 29.5 % 30.1% 38.6 % 1.8 % in € million 2014 2015 Δ % Δ % op. 1 Europe 795.1 795.6 0 0 thereof Germany 276.7 269.8 - 3 - 3 2 Americas 527.1 607.1 15 - 4 thereof U.S. 365.0 416.1 14 - 3 3 Asia 593.0 618.9 4 - 4 thereof China 309.8 315.6 2 - 10 4 Other regions 37.0 37.7 2 1 Total 1,952.3 2,059.3 5 - 2


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