Group Management Report Products Safety and Health Environment Human Resources Social Commitment Consolidated Financial Statements 57
Sales Performance of ACTEGA
With sales of € 391.0 million (previous year: € 357.7 million),
the ACTEGA division posted substantial nominal growth
of 9 % compared to 2019. Even adjusted for the effect of the
acquisition of the Swiss company Schmid Rhyner AG and
for negative exchange-rate effects, ACTEGA achieved operating
growth of 3 %, significantly above the previous year’s
level. The growth resulted both from a slight increase in sales
volumes and from positive effects from the product mix
and price levels.
Since 2020, ACTEGA has reported its sales in three
business lines: Paper & Board, Flexible Packaging, and Metal
Packaging Solutions. There were positive developments in
all three business lines. The Paper & Board line was able to
increase its sales primarily due to the acquisition of the
Swiss company Schmid Rhyner AG. In operational terms, however,
sales declined. This was mainly due to the business
with products for magazines and print inserts as well as high-
quality folding carton packaging. In contrast, sales of functional
products for food packaging increased over the previous
year as a result of changed consumer behavior due to
the pandemic. The division’s flexible packaging business also
closed 2020 on a positive note. The Metal Packaging Solutions
business line additionally boosted sales, with the business
with PVC-free sealants and inks for beverage cans
posting the most growth.
The regional sales structure of the ACTEGA division
shifted slightly in favor of the Europe region in 2020 due to
the acquisition of Swiss Schmid Rhyner AG (2020: 51 %;
previous year: 48 %). The development in the different regions
was uneven. In Europe, the division’s largest region, sales
exceeded the previous year’s level. A decline in operating sales
in Germany was more than offset by increases in other
European countries. In the Americas, nominal sales lagged
behind the previous year. Adjusted for negative exchange-
rate effects, however, operating sales were higher than in
2019. In the U.S., ACTEGA’s largest single market, operat-
ing sales were slightly down on the previous year. By contrast,
sales in Brazil increased significantly in local currency
terms. Only in Asia did the division not increase its sales in
2020. In this region, nominal and operating sales were lower
than in the previous year.
Earnings Situation
Despite the difficult overall economic situation and the related
decline in operating sales, ALTANA’s earnings situation in
2020 was better than in the previous year. Earnings before
interest, taxes, depreciation and amortization (EBITDA)
rose year-over-year by 2 % or € 10.2 million to € 426.0 million
(previous year: € 415.8 million). Adjusted for acquisi-
tion and exchange-rate effects, operating growth amounted
to 4 %. At 19.6 %, the EBITDA margin was significantly
higher than in the previous year (18.5 %) and thus in the upper
edge of our strategic target range of 18 % to 20 %.
This was achieved partly through cost containment measures
in view of the significant slowdown in demand in some
months. On the other hand, pandemic-related one-time
effects led to savings in functional cost areas. In addition, a
materials cost ratio significantly lower than was forecast
due to lower raw material costs contributed to the result.
As a result of the aforementioned savings effects,
EBITDA exceeded our expectations for 2020. Aside from the
cost effects, the increase in the EBITDA margin is also due
to the pandemic-related sales decline.
The most important cost parameter for ALTANA, variable
raw-material and packaging costs, developed positively
compared to the prior year. The material usage ratio, the
ratio of these costs to sales, fell to 41.3 % in 2020 (previous
year: 42.7 %). All four divisions benefited from this trend,
albeit to varying degrees.
Among the other main cost items, particular mention
should be made of personnel expenses and depreciation