gation from an acquisition. On the other hand, the result of
companies accounted for using the at-equity method
worsened, from € - 24.5 million in the previous year to € - 39.1
million in the 2019 fiscal year. This was due to the higher
annual losses of the Israeli Landa Corporation Ltd. as a result
of the planned higher expenditure for future digital-print-
ing solutions in 2019 in the course of the market launch that
had already begun. This was compounded by the first-time
recognition of depreciation and amortization of the development
expenses identified at the time of acquisition.
Earnings before taxes (EBT) fell to € 231.3 million (previous
year: € 264.1 million), and earnings after taxes (EAT)
to € 169.0 million (previous year: € 187.0 million). As a consequence,
income tax was below the previous year’s level
due to the earnings decline. In addition, the income tax burden
was positively influenced by tax income received from
tax mutual agreement procedures.
Asset and Financial Situation
Capital Expenditure
In the past fiscal year, ALTANA invested a total of € 157.2
million in intangible assets and property, plant and equipment
(excluding the addition of rights of use from leasing
Capital expenditure by division
1
2
3
agreements). As a consequence, capital expenditure was
significantly below the high level of the previous year (€ 187.0
million). At 7.0 %, the investment ratio, that is the ratio of
investments to sales, was above our long-term target range
of 5 % to 6 % due to numerous strategic growth projects.
Overall, € 146.9 million was invested in property, plant
and equipment (previous year: € 171.8 million). For several
4
13.7 %
9.3 %
59.5 %
5 2.4 % 15.1 %
in € million 2018 2019 Δ %
1 BYK 118.8 93.6 - 21
2 ECKART 23.5 21.6 - 8
3 ELANTAS 22.7 14.6 - 36
4 ACTEGA 19.2 23.7 23
5 Holding 2.8 3.7 31
Total 187.0 157.2 - 16
Capital expenditure ALTANA
Group (in € million)
2015 86
2016 122
2017 188
2018 187
2019 157
Germany Abroad
44 42
51 71
131 57
72 115
60 97
60 Business Development