In € million

 

Underlying

 

FY 2016

 

FY 2015 pro forma

 

% yoy

Net sales

 

7

 

11

 

(39)%

Energy Services

 

4

 

11

 

(68)%

Other Corporate & Business Services

 

3

 

 

n.m.

EBITDA

 

(227)

 

(245)

 

7.3%

Net underlying EBITDA costs were € (227) m, € 18 m lower than in 2015, reflecting excellence and delivery on Cytec synergies. Excluding one-off elements in both years, the EBITDA would have been € 41 m better than in 2015.

Energy Services’ EBITDA was € 3 m, compared to € (3) m in 2015. The difference is entirely due to the € (7) m write-offs on CERS in 2015. Results in 2016 benefited from the restructuring of certain renewable energy assets and from improved business conditions for energy and carbon management services.

Other Corporate & Business Services’ EBITDA costs were € (231) m. This represented a significant improvement compared to 2015, which included a € 30 m one-off benefit recognized in 2015 related to US post-retirement benefits. Operational excellence and synergy benefits more than compensated for inflation throughout 2016.