Merck 2014 Annual Report Download - page 116
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111GROUP MANAGEMENT REPORT → REPORT ON ECONOMIC POSITION → Performance Materials
Accounting for 74 % of sales (2013: 75 %), the Emerging Markets
region again generated the vast majority of the division’s sales.
This is due to the concentration of liquid crystal customers as well
as high-tech materials from the new AZ business unit in Asia. The
division achieved organic sales growth of 4.4 % in this region.
Sales in the Emerging Markets region rose by 19.8 % due to the
acquisition of AZ. Taking negative foreign exchange effects of
– 0.9 % into account, sales in this region rose to a total of €1,524
million (2013: €1,237 million).
The Rest of World region, which is dominated by Japan,
recorded organic sales growth of 10.4 %. The acquisition of AZ
contributed 31.9 % of this increase. Including a foreign exchange
impact of – 8.9 %, which largely stemmed from the Japanese yen,
sales in this region reached €208 million (2013: €156 million).
The share of sales attributable to the Rest of World region thus
remained unchanged at 10 %.
The division achieved sales of €193 million in Europe (2013:
€164 million). The rise in sales was almost solely attributable to
the first-time consolidation of AZ. The European share of divi-
sional sales in 2014 was 9 % (2013: 10 %).
In North America, sales grew by 57.5 % to €135 million (2013:
€86 million). This was driven by the acquisition-related sales
increase of 61.4 %. Organic sales declined by – 4.3 % due to
weaker demand from the cosmetic industry for products from the
Pigments & Cosmetics business unit. Consequently, the region
contributed 7 % to divisional sales in 2014 (2013: 5 %).
PERFORMANCE MATERIALS →
SALES COMPONENTS BY REGION – 2014
€ million / change in % Sales Organic growth
Exchange rate
effects
Acquisitions /
divestments Total change
Europe 192.8 0.4 0.1 16.9 17.4
North America 134.8 – 4.3 0.4 61.4 57.5
Emerging Markets 1,524.4 4.4 – 0.9 19.8 23.3
Rest of World 207.6 10.4 – 8.9 31.9 33.4
Performance Materials 2,059.6 4.1 – 1.5 22.8 25.4