below the prior-year figure (€ 157.2 million). The investment
ratio, that is the ratio of investments to sales, was slightly
below our long-term target range of 5 % to 6 %, at 4.8%.
Due to the uncertainties surrounding the pandemic-related
business development, investments were focused on the strategically
and operationally most important projects.
A total of € 96.3 million (previous year: € 146.9 million)
was invested in property, plant and equipment. For several
years, major projects have been carried out to strategically
expand production and laboratory capacities. Investments
in intangible assets reached € 8.9 million in the past fiscal year,
compared to € 10.3 million in 2019.
In the regional distribution of investments, there was a
shift in favor of Europe vis-à-vis the previous year. While
the America’s share decreased from 40 % in 2019 to 31 %,
Europe’s share grew to 57 % (2019: 49 %). The main
focus of investment activity was on Germany (44 %) and the
U.S. (29%). Asia’s share of the total volume remained virtually
unchanged at 12 % (2019: 11 %).
The BYK division invested a total of € 42.8 million in
2020, significantly less than in the previous year (€ 93.6 million).
Investment activity concentrated on the further expansion
of production capacities in the U.S. and on a site in
China. Other investments concerned research and development
capacities as well as strategic digitization projects.
At € 26.3 million, the ECKART division’s investment
volume was higher than in the previous year (€ 21.6 million).
As in 2019, the division’s site in Güntersthal and a site in
the U.S. accounted for by far the largest shares.
The ELANTAS division invested € 14.4 million in property,
plant and equipment and intangible assets, almost the
same amount as in the previous year (€ 14.6 million). In the
past fiscal year, the division invested primarily in the production
facilities of its European companies.
At € 16.1 million, the ACTEGA division’s capital expenditure
was at a lower level than in 2019 (€ 23.7 million).
Investments in the past financial year mainly related to the
expansion of manufacturing capacities at German sites.
Balance Sheet Structure
Key figures
2019 2020 Δ %
in € million
Total assets 3,343.3 3,263.1 - 2
Shareholders’ equity 2,479.4 2,398.9 - 3
Net debt (-) /
Net financial assets (+)¹ (57.7) 34.2 159
¹ Comprises cash and cash equivalents, short-term financial assets, current marketable securities,
loans granted, debt, and employee benefit obligations.
In the course of the 2020 fiscal year, the ALTANA Group’s
total assets decreased from € 3,343.3 million to € 3,263.1
million. The decline of € 80.2 million or - 2 % is mainly
due to an amortization of intangible assets (amortization of
Capital expenditure ALTANA
Group (in € million)
2016 122
2017 188
2018 187
2019 157
2020 105
Germany Abroad
51 71
131 57
72 115
60 97
47 58
60 Business Development