Group Management Report Corporate Governance Environment, Safety, and Corporate Social Responsibility Consolidated Financial Statements 47 on sales developed stably because an increase in freight was offset by a decrease in sales commissions. Research and development expenses, however, increased more strongly than sales. In this functional cost area, personnel expenses increased, as did expenditure for outsourced research and development work as well as travel expenses. In addition, depreciation and amortization increased in connection with the launch of new or expanded laboratory capacities. The disproportionately high increase in administrative expenses was largely driven by exchange-rate effects and the integration of the new companies in Brazil. Another contributing factor was the increased expenditure for long-term incentive plans for employees. In 2015, the balance of other operating income and expenses was impacted considerably by extraordinary restructuring expenditure and impairment losses on intangible assets and property, plant and equipment. Earnings before interest and taxes (EBIT) reached € 251.3 million (previous year: € 267.7 million), thus falling shy of the previous year’s level. The financial result was € -10.7 million (previous year € -14.1 million). The main reasons for the improvement were decreased interest expenses for debt as well as lower burdens from pension obligations. On the other hand, the income from associated companies of € -1.8 million in the previous year worsened to € -12.9 million in 2015. This decline is due to the fact that ALTANA expanded its in- Multi-period overview of the earnings situation Sales (in € million ) 2011 1,617 2012 1,705 2013 1,765 2014 1,952 2015 2,059 EBITDA (in € million ) 2011 308 2012 323 2013 336 2014 397 2015 391
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