NOTE B14 Advanced Materials
- Index
- 14 NOTE B14 Advanced Materials
- 15 NOTE B15 Advanced Formulations
- 16 NOTE B16 Performance Chemicals
- 17 NOTE B17 Corporate & Business Services
in € million |
2017 |
2016 |
% yoy |
|||||
|
||||||||
Net sales |
4,370 |
4,313 |
1.3% |
|||||
Specialty Polymers |
2,025 |
1,922 |
5.3% |
|||||
Composite Materials |
1,038 |
1,073 |
(3.3)% |
|||||
Special Chem |
865 |
862 |
0.3% |
|||||
Silica |
443 |
455 |
(2.7)% |
|||||
EBITDA |
1,202 |
1,110 |
8.2% |
|||||
EBITDA margin |
27% |
26% |
1.8pp |
|||||
EBIT |
896 |
829 |
8.1% |
|||||
EBIT margin |
21% |
19% |
1.3pp |
|||||
CFROI(1) |
10% |
9.4% |
0.8pp |
|||||
Capex from continuing operations |
(366) |
(435) |
16% |
|||||
Cash conversion |
70% |
61% |
8.7pp |
|||||
Research & innovation(1) |
(157) |
(155) |
(1.5)% |
|||||
Research & innovation intensity(1) |
3.6% |
3.6% |
– |
Net sales evolution
FY yoy net sales bridge (in €million)
Net sales were €4,370 million, an increase of 1%, reflecting 5% volume growth and offsetting the adverse forex effect on conversion, reduced scope, and slightly lower prices. The bulk of the growth was delivered by Specialty Polymers, with volumes growing at a high single-digit rate, chiefly underpinned by increased demand from the automotive sector, including batteries for the surging electric vehicle market. Sales to the smart device market recovered well from the inventory destocking in the first half of 2016. Composite Materials sales volumes were overall stable in the year, with a small increase in aeronautics offset by a decrease in industrial applications. The ramp-up of the F-35 and growth in new types of single-aisles, equipped with LEAP engine, more than compensated for the declining wide-body volumes in the period. Special Chem sales benefited from pricing and higher volumes, triggered by robust demand from the insulation and electronics sector, the latter supported by recent capacity expansions. In Silica, volume growth in the energy-efficient tire market in Europe and Asia could not fully compensate for the negative price developments.