ALTANA

Group Management Report

For ALTANA, 2018 had different dynamics in the course of the year. While the first half of the year was characterized by ongoing dynamic growth, the demand situation in the second half of the year was increasingly subdued. In addition, accelerated rawmaterials prices led to a significantly higher materials cost ratio in the course of the year and thus to a decline in earnings. Nevertheless, we reached our growth targets overall in the 2018 fiscal year and the profitability was within our strategic target range. At the same time, we invested unabatedly in further sustainable profitable growth and pushed forward our strategic growth initiatives.