In € million

 

Underlying

 

FY 2016

 

FY 2015 pro forma

 

% yoy

Net sales

 

2,668

 

2,885

 

(7.5)%

Novecare

 

1,663

 

1,895

 

(12)%

Technology Solutions

 

656

 

631

 

3.9%

Aroma Performance

 

350

 

360

 

(2.7)%

EBITDA

 

484

 

522

 

(7.2)%

EBITDA margin

 

18%

 

18%

 

0.1pp

EBIT margin

 

12%

 

13%

 

(0.9)pp

CFROI

 

6.1%

 

6.5%

 

(0.4)pp

Cash conversion

 

72%

 

57%

 

15pp

Research & innovation intensity

 

3.2%

 

3.1%

 

0.2pp

Net sales evolution

Advanced Formulations – Net sales evolution (bar chart)Advanced Formulations – Net sales evolution (bar chart)

Net Sales decreased (7.5)% to €2,668 m, with prices down (3.5)% and the balance from volumes and foreign exchange fluctuations. Novecare’s annual sales were affected by the decline in the oil and gas market, which started to improve toward year end. Novecare demonstrated good growth in its other markets, including home & personal care, agro, coatings and industrial applications. Sales in Technology Solutions grew almost 4% thanks to phosphorous and phosphine chemicals, which mitigated the lower demand in mining where some key customers reduced operating rates. Aroma Performance sales benefited from volume growth from the new Chinese vanillin plant but were offset by competitive price pressures.

Underlying EBITDA decreased (7.2)% to €484 m as a result of foreign exchange, lower volumes and price. The underlying EBITDA margin remained at 18% following cost restructuring measures implemented in response to a more challenging environment.