Net sales evolution

Net sales (bar chart)

Net sales totaled € 10,884 m, down (4.7)%. Volumes were stable overall. Sales prices decreased, however, while foreign exchange fluctuations had a negative conversion impact and the scope reduced slightly.

Volumes were largely flat, with growth in Functional Polymers offsetting a decrease in Advanced Formulations. In Advanced Materials, solid growth in consumer goods, healthcare and automotive markets more than compensated for lower civil aviation build rates and smart devices demand, including the impact of inventory adjustments in those markets. Oil and gas markets started recovering in the second half of the year, but the activity remained well below the 2015 level, weighing on Advanced Formulations’ performance. This was mitigated, however, by growth in other areas, including agro and food products. In Performance Chemicals, volumes were flat overall across businesses. Functional Polymers’ volumes were up thanks to solid market demand for polyamide 6.6 intermediates and engineered materials.

Average price reductions of (2.3)% reflected primarily the pass-through impact of lower raw materials costs, as well as price pressure in the oil and gas sector and on the Latin American market.

Foreign exchange fluctuations had a slightly negative impact on conversion of (1.5)%, linked to the depreciation of the Chinese yuan and Venezuelan bolivar.

The scope effect accounted for (0.9)%, and related to the sale of the refrigerants and PCC businesses in 2015.