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terest in the Israeli company Landa Corp. and the share of income of Landa was taken into account for a full year for the first time. As the first shareholding was acquired in mid-2014, only the proportionate income from the second half of the year was taken into account. Moreover, the company expanded its production and development activities prior to the broad market launch of new products and thus posted a higher annual loss. Earnings before taxes (EBT) fell to € 227.8 million (previous year: € 251.8 million), and net income (EAT) to € 158.0 million (previous year: € 179.2 million). Financial Position Capital Expenditure Capital expenditure by division 1 5 2 3 22.6 % 12.5 % 50.5 % 0.4 % 4 14.0 % in € million 2014 2015 Δ % 1 BYK Additives & Instruments 45.9 43.2 - 6 2 ECKART Effect Pigments 20.1 19.3 - 4 3 ELANTAS Electrical Insulation 15.9 10.7 - 33 4 ACTEGA Coatings & Sealants 8.2 12.0 47 5 Holding 0.3 0.4 17 Total 90.4 85.6 - 5 In the 2015 fiscal year, ALTANA invested a total of € 85.6 mil- lion to expand intangible assets and property, plant and equipment (previous year: € 90.4 million). The investment ra- tio, or the ratio of investments to sales, was 4.2 %, below the range of 5 to 6 % we had forecast for 2015. Individual Capital expenditure ALTANA Group (in € million) 2011 94 2012 90 2013 94 2014 90 2015 86 Germany Abroad 57 37 50 40 36 58 32 58 44 42 48 Business Development


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