Group Management Report Products Safety Environment Human Resources Social Commitment Consolidated Financial Statements 53
Business Performance
Key figures
2015 2016 Δ % Δ % op.¹
in € million
Sales 2,059.3 2,075.3 1 2
Earnings before interest,
taxes, depreciation and
amortization (EBITDA) 390.9 453.0 16 15
EBITDA margin 19.0 % 21.8 %
Operating income (EBIT) 251.3 328.7 31
EBIT margin 12.2 % 15.8 %
Earnings before taxes (EBT) 227.8 299.8 32
EBT margin 11.1 % 14.4 %
Net income (EAT) 158.0 210.1 33
EAT margin 7.7 % 10.1 %
¹ Operating deviation, i. e. adjusted for acquisition and divestment as well as exchange-rate
effects. This adjustment also applies to other sections of this management report.
Group Sales Performance
Group sales amounted to € 2,075.3 million in 2016, a 1 % or
€ 16.0 million increase over the previous year (€ 2,059.3
million). Non-operating effects had a negative influence on
the sales growth. Exchange-rate changes, particularly the
euro-Chinese renminbi exchange rate, accounted for a slight
decrease in sales. In addition, Group sales fell due to the
sale of the ACTEGA Colorchemie group, which was offset
in part by the integration of the Addcomp companies in
the BYK division. Adjusted for these changes in the reporting
entities and exchange-rate effects, Group sales were
2 % higher than in the previous year.
As a result, we achieved operating sales growth at
the lower end of the range of 2 to 5 % that we had antici-
pated for 2016 at the beginning of the year.
The main driver of the operating growth was an increase
in sales volumes. The effects of price changes and prod-
uct-mix shifts did not have a significant impact on the sales
level compared to the previous year. But these influences
developed unevenly within the Group.
The regional volume and sales structure shifted only
slightly vis-à-vis 2015. Accounting for 38 % of total Group
sales (previous year: 39 %), Europe continued to be ALTANA’s
most important sales market. Both nominal and operating
sales in Europe were up on the previous year. The nominal
sales generated in our home market Germany decreased
on account of the sale of the ACTEGA Colorchemie group.
Adjusted for this influence, however, slight growth was
achieved in 2016. Sales outside Germany developed much
more dynamically, particularly in Eastern European countries.
Sales in the Americas showed a weaker development
than in the previous year. Operating sales fell by 4 %.
Operating
sales in the U.S. – still ALTANA’s largest sales market,
accounting for 19 % of total sales – were down 5 %.
Sales by division
1
4
2
3
17.4 %
21.8 %
43.8 %
17.0 %
in € million 2015 2016 Δ % Δ % op.
1 BYK
Additives & Instruments 870.0 909.1 4 4
2 ECKART
Effect Pigments 349.7 361.9 3 3
3 ELANTAS
Electrical Insulation 463.2 452.1 - 2 0
4 ACTEGA
Coatings & Sealants 376.4 352.2 - 6 0
Total 2,059.3 2,075.3 1 2