• Significant gain in sales in local currencies despite a tough environment, particularly in Oil Services

• Profitability improved based on better product mix and cost position

Sales in the Business Area Natural Resources compared to 2014 went up 4% in local currencies (–6% in CHF) as a result of higher volumes. In the Oil & Mining Services (OMS) business, revenues improved substantially in local currencies compared to the previous year’s sales. Sales in Functional Minerals in local currencies were comparable to the previous year.

The EBITDA margin before exceptional items of Natural Resources improved to 16.9% from 14.7% in 2014. A better mix effect and cost position improvements in both businesses were the main drivers for a stronger profitability.

For 2016 and beyond, Natural Resources anticipates continued growth. Functional Minerals will focus on accompanying growth in emerging markets and North America with selective investments in these regions. One example will be a new bleaching earth plant which will be built in Surabaya (Indonesia) to enhance a wide range of products and processes in various industries from food to foundry. Oil & Mining Services expects continued moderate sales growth in local currencies based on new contracts, although the decline in oil prices might somewhat impact the short-term growth dynamics of the business.