Please activate JavaScript!
Please install Adobe Flash Player, click here for download
ePaper created 2015-05-06, 08:22:31 | version 1.38.0
22 Business performance Despite a strong result from the medical business, overall revenue fell short of the previous year’s level due to gene- rally heavy price pressure and to intense competition. Product revenue in comparison with 2013 went down by 5.7 percent to €1,187.7 million. When adjusted for the effects of precious metal prices, however, it was on a par with the previous year (up by 0.3 percent). Precious metal trading revenue, at €12,232.7 million, was well below the level of 2013. In 2014, the automotive industry was a key driver of rev enue. Coating solutions for catalytic converters in cars and the processing of used catalytic converters, particularly in the USA and Germany, both delivered solid revenue fig- ures. The business with chemical catalysts also performed well last year. Price erosion and high inventories in the supply chain characterized the business with active pharmaceutical ingredients. The business with fermentation-based active ingredients was discontinued last year due to changed economic conditions and a massive fall in prices over recent years. Revenue generated by components for medical equip- ment surged in 2014 in comparison with the previous year thanks to innovations and gains in market share. The measures to increase productivity showed further signs of success in 2014. These measures, together with the increase in revenue, are helping to compensate for negative exchange rate effects and the ongoing price pressures. Precious Metals business group Heraeus Precious Metals The Precious Metals business group (Heraeus Precious Metals) is a world leader in industrial precious metals and special metals, processing the precious metals gold, silver, and platinum group metals, primarily for use in the manufacture of industrial products for the automotive, semiconductor, electronics, and medical industries. In addition, Heraeus Precious Metals holds a leading international position in industrial precious metal trading. The principal purchasers of Heraeus Precious Metals products operate in the environmental, mobility, communications, energy, and health care sectors. Precious metal trading revenue € million 2014 2013 2012 2011 2010 13,462.0 12,232.7 15,989.0 21,342.6 17,946.0 Product revenue € million 2014 2013 2012 2011 2010 1,259.2 1,468.2 1,949.1 1,447.2 1,187.7