in € million

 

2017

 

2016

 

% yoy

(1)

CFROI (Cash Flow Return On Investment) and Research & Innovation reference figures are provided on a non-restated basis.

Net sales

 

4,370

 

4,313

 

1.3%

Specialty Polymers

 

2,025

 

1,922

 

5.3%

Composite Materials

 

1,038

 

1,073

 

(3.3)%

Special Chem

 

865

 

862

 

0.3%

Silica

 

443

 

455

 

(2.7)%

EBITDA

 

1,202

 

1,110

 

8.2%

EBITDA margin

 

27%

 

26%

 

1.8pp

EBIT

 

896

 

829

 

8.1%

EBIT margin

 

21%

 

19%

 

1.3pp

CFROI(1)

 

10%

 

9.4%

 

0.8pp

Capex from continuing operations

 

(366)

 

(435)

 

16%

Cash conversion

 

70%

 

61%

 

8.7pp

Research & innovation(1)

 

(157)

 

(155)

 

(1.5)%

Research & innovation intensity(1)

 

3.6%

 

3.6%

 

Net sales evolution
FY yoy net sales bridge (in €million)

Advanced Materials – Net sales evolution (bar chart)

Net sales were €4,370 million, an increase of 1%, reflecting 5% volume growth and offsetting the adverse forex effect on conversion, reduced scope, and slightly lower prices. The bulk of the growth was delivered by Specialty Polymers, with volumes growing at a high single-digit rate, chiefly underpinned by increased demand from the automotive sector, including batteries for the surging electric vehicle market. Sales to the smart device market recovered well from the inventory destocking in the first half of 2016. Composite Materials sales volumes were overall stable in the year, with a small increase in aeronautics offset by a decrease in industrial applications. The ramp-up of the F-35 and growth in new types of single-aisles, equipped with LEAP engine, more than compensated for the declining wide-body volumes in the period. Special Chem sales benefited from pricing and higher volumes, triggered by robust demand from the insulation and electronics sector, the latter supported by recent capacity expansions. In Silica, volume growth in the energy-efficient tire market in Europe and Asia could not fully compensate for the negative price developments.