• Sales progression mainly supported by Functional Minerals and the acquisitions in Oil & Mining Services
• EBITDA margin before exceptional items stable at high end of margin guidance

Sales in the Business Area Natural Resources increased by 2% in local currency and declined by 3% in Swiss francs compared to the previous year.

The Oil & Mining Services business, excluding the acquisitions, had a single-digit negative sales performance during the full year, however, this was less pronounced than the industry trend.

Functional Minerals experienced good sales growth in local currency. Sales growth was primarily driven by emerging markets. Europe and North America also advanced above the prior year’s level. Growth was largely driven by the expansion of the edible oil purification business in emerging markets.

The EBITDA margin before exceptional items was stable at 16.9%, versus the previous year, which is at the higher end of the margin guidance. This was achieved with disciplined cost management across the Business Units.

While Functional Minerals is expected to continue to grow particularly in emerging markets in 2017, the weaker oil prices will continue to impact the short-term dynamics in Oil & Mining Services. In 2017, Oil & Mining Services will continue to focus on technologies to improve efficiency, sustainability and safety and expects to extract synergies from its acquisitions. The increase in oil price suggests a stabilization and a gradual increase in oil and gas activity in 2017.