Group Management Report
In 2019, ALTANA mastered a challenging market environment
future. The weakening of demand in important industrial
sectors, in particular the automotive industry, which
already began in mid-2018, and the overall economic
downturn, particularly in China, had a significant
impact on the entire business year. The slightly lower
material cost quota and a stringent cost management
had a positive effect, but were unable to fully compensate
less, the EBITDA margin remained within the long-term
target corridor of 18 to 20 percent, despite consider-
able expenses for research and development and digitalization.
future profitable growth through acquisitions.
47
53
66
70
71
and at the same time invested heavily in the
for the sales-related decline in earnings. Neverthe-
In addition, we set the course for ALTANA’s
Group Basics
Business Development
Innovation and Employees
Subsequent Events
Expected Developments