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ePaper created 2015-05-06, 08:22:31 | version 1.38.0
23HERAEUS | FINANCIAL REPORT 2014 | GROUP MANAGEMENT REPORT Various products were supplied to the electronics industry. In the business with conductive polymers for capacitors, local competition in the Chinese market ousted those products that were more mature. In Japan and Europe, however, the business was largely maintained by accept- ing a loss of margin. The demand for Heraeus products that are used in electronic circuits was good to satisfac- tory. The trend toward using circuits that do not contain any precious metals, or only those of poorer quality, continued. There was encouraging growth in revenue from coatings used in displays and from conductive polymers for anti- static applications in LCD screens. The photovoltaics market began to recover at the end of 2014, which resulted in an increase in demand for silver conductive pastes for solar cells. Because of a 2) Fine metal = pure precious metal greaterÂ-than-expected reduction in market prices, how- ever, this particular market did not grow compared with 2013. Initiatives to pool basic research activities and to consolidate production in Singapore and the USA were both successfully concluded last year. The fall in precious metal trading revenue was largely caused by weaker demand from the investment sector coupled with lower precious metal prices. Low prices following a plunge in the price of platinum, for example, prompted industrial customers to secure their long-term supply of the metal. Investors continued to shy away from the gold market because of the stable financial markets. The appreciation of the US dollar put additional pressure on dollar-denominated precious metal prices. This also affected the gold bullion business, which remained at a low level. By contrast, the business with the other fine metals 2) was extremely stable.