quisition financing from 2013. The dividend payment in the 2015 fiscal year was slightly higher than in the previous year. Value Management ALTANA determines the change in the company’s value via the key figure ALTANA Value Added (AVA). In the 2015 fiscal year, we made a substantial contribution to the development of our company’s value again. The Group’s average capital employed rose to € 2,354.4 million (previous year: € 2,299.6 million). The main influences on the capital were the acquisitions in Brazil and exchange-rate effects. At € 237.5 million (previous year: € 235.9 million), operating earnings rose only to a small extent. The return on capital employed (ROCE) was slightly lower than in 2014, amounting to 10.1 % (previous year: 10.3 %). With an unchanged cost of capital rate of 8 %, the relative AVA reached 2.1 % (previous year: 2.3 %). Analogous to the increase in operating capital, the cost of capital increased to € 188.4 million in 2015 (previous year: € 184.0 million). As a result, the absolute AVA amounted to € 49.2 million (previous year: € 51.9 million). Thus, we were not able to achieve the slight im- provement of value key figures we had forecast for 2015. But we achieved the high previous year’s level. Key figures value management 2014 2015 in € million Operating capital (annual average) 2,299.6 2,354.4 Operating earnings 235.9 237.5 Return on capital employed (ROCE) 10.3 % 10.1 % Weighted average cost of capital 8.0 % 8.0 % ALTANA Value Added (relative AVA) 2.3 % 2.1 % ALTANA Value Added (absolute AVA) 51.9 49.2 Overall Assessment of Business Performance and Business Situation In the course of the year, the overall and industry-specific mar- ket conditions deteriorated continuously. In this environment, ALTANA was unable to generate operating sales as high as in the previous year. Nonetheless, nominal sales increased due to sig- nificant exchange-rate influences and effects from acquisitions. But profitability did not quite reach the previous year’s level. Advantages from a lower materials cost ratio were overcompen- sated by increased personnel expenses. However, we further strengthened our balance-sheet structures and increased our financial headroom in 2015. 52 Business Development I Innovation and Employees
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