Group Management Report Products Safety and Health Environment Human Resources Social Commitment Consolidated Financial Statements 59
tization showed a significant year-on-year increase due to
recent investments.
Selling and distribution expenses fell by 2 % in 2020
compared to the previous year. However, the relative ratio to
sales increased slightly due to the sales drop. The decrease
in selling and distribution expenses was driven in particular
by lower travel and trade fair costs, whereas personnel
expenses and depreciation and amortization rose.
For the first time in many years, research and development
costs did not increase in fiscal 2020. Although personnel
expenses in this area rose slightly and depreciation
and amortization were higher than in the previous year,
a decrease in travel expenses led to an overall reduction in
costs. However, the ratio of research and development
costs to sales increased slightly from 7.4 % to 7.5 % due to
the sales decline.
In 2020, administrative expenses were lower than in
2019. Personnel cost increases were completely offset by
savings on travel and consulting costs. In contrast, the ratio
of administrative expenses to sales shows a slight increase
from 4.7 % to 4.8 %, which is also attributable to the decrease
in sales.
The balance of other operating income and expenses
was significantly influenced by the amortization of goodwill
at ECKART. This expense item was also impacted by onetime
special charges in the area of trade accounts receivable
due to a risk provision for possible bad debts as a result of
any pandemic-related insolvencies. Earnings before interest
and taxes (EBIT) amounted to € 185.7 million, 25 %
lower in operational terms than in the previous year (€ 262.5
million).
At € - 4.2 million, the financial result was significantly
lower than the previous year’s figure of € 7.9 million. This
decline was due in particular to one-time effects included in
2019, such as interest income from tax mutual agreement
procedures, changes in the value of investments, and an outstanding
earn-out obligation from an acquisition. The
result of companies accounted for using the at-equity method
changed only slightly, from € - 39.1 million in the previous
year to € - 38.9 million in the 2020 fiscal year. The largest
share of this loss resulted from the investment in Landa
Corporation Ltd.
Earnings before taxes (EBT) fell to € 142.7 million (pre-
vious year: € 231.3 million), and earnings after taxes (EAT) to
€ 75.1 million (previous year: € 169.0 million). Income taxes
were higher than in the previous year due to the significantly
lower one-time effects from tax agreement proceedings.
Asset and Financial Situation
Capital Expenditure
Capital expenditure by division
1
2
3
4
25.0 %
13.7 %
40.7 %
5 5.3 % 15.3 %
in € million 2019 2020 Δ %
1 BYK 93.6 42.8 - 54
2 ECKART 21.6 26.3 22
3 ELANTAS 14.6 14.4 - 2
4 ACTEGA 23.7 16.1 - 32
5 Holding 3.7 5.6 51
Total 157.2 105.2 - 33
In the past fiscal year, ALTANA invested a total of € 105.2
million in intangible assets and property, plant and equipment.
As a consequence, capital expenditure was significantly