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13HERAEUS | FINANCIAL REPORT 2014 | GROUP MANAGEMENT REPORT Fundamentals of the Group Business model Heraeus, based in Hanau in Germany, was founded in 1851 and is today a leading global technology group as well as a family-owned company. Heraeus develops high-quality solutions for its customers, thereby increasing its competitiveness for the long term. Chemicals and metals, energy and renewables, communications and electronics, healthcare, transport, and industrial appli cations are its main areas of activity. Heraeus provides a broadly diversified portfolio of prod- ucts and services for various markets and industries. It develops products and solutions, based on precious metals and alternative materials, for a multitude of appli- cations, including electronics, chemicals, pharmaceuti- cal, and automotive industries, and in photovoltaics and medical technology. The Group can also manage all stages of the precious metal cycle for its customers, as part of an integrated approach encompassing product business, trading, and recycling. Other specialties include sensors and measurement technologies for process management in steel production, medical products for orthopedics and for trauma surgery and biosurgery, quartz glass products for the semiconductor, electronics, and telecommunications industries, and specialty light sources for applications in the ultraviolet to infrared spectrum for a wide range of sectors. Six business groups came under the Heraeus Holding umbrella in 2014. Heraeus Precious Metals is a world leader in industrial precious metals. Heraeus Materials Technology manufactures high-tech products from pre- cious metals and high-grade materials and ranks among the world’s most important providers in this industry. Heraeus Electro-Nite is a technology leader in sensor and measurement systems for the steel, aluminum, and foundry industries. Heraeus Medical is a leading supplier of bone cements for fixing hip and knee implants and of other biomaterials for medical use. Heraeus Quarzglas is a materials specialist for the manufacture and processing of high-purity quartz glass. Heraeus Noblelight is among the technology leaders worldwide for specialty light sources with wavelengths from ultraviolet to infrared. Heraeus Holding is responsible for the corporate strategy of the Group. The Heraeus Corporate Guiding Principles 2020 outline this Group corporate strategy, the main objectives for the years ahead, the basic organizational structures, and the core business principles to which Heraeus should adhere. Preserving the long-standing independence of the Group has priority at all times and in all corporate decisions. The key performance indicators for measuring the business performance of Heraeus are product revenue, revenue excluding precious metals, and earnings before interest and tax (EBIT). In order to capitalize on opportunities for profitable growth around the world, Heraeus maintains a global production and sales presence, with more than 100 companies and around 12,500 employees serving every economic region. Innovation is key to our commercial activities. Heraeus currently holds over 5,300 patents. It has more than 650 employees working on research and development at dedi- cated centers around the world.