Earnings Release • Oct 25, 2012
Earnings Release
Open in ViewerOpens in native device viewer
3RD quart er an dfir st nine mon ths finan cial report 2012*
regulated information october 25 2012, 7.30 am Brussels time
While differentiated market dynamics by business segments persisted in the 3rd quarter, the breadth and quality of the product portfolio allowed Solvay to post another set of good results. The earnings strength combined with an effective working capital management generated a strong free cash flow. With the capacity extensions for its growth engines, Solvay continues executing its strategic journey towards its growth ambition. The integration progresses very well, establishing a solid foundation for the Group to move forward.
The fragile macroeconomic environment reduces visibility across markets and industries. The 4th quarter will reflect seasonal inventory management from customers and the slowdown of some market segments. The good momentum of the integration and the re-design of the Group's organisation strengthen our confidence in the delivery of synergies and savings as planned. In this framework, Solvay confirms its expectation to achieve a full year REBITDA similar to the strong 2011 pro forma level.
All period changes throughout this document are to be deemed on a year-on-year bases unless otherwise stated.
REBITDA: Operating result before depreciation and amortization, non-recurring items, financial charges and income taxes
* Footnote applicable to the entire document: All references to year-on-year (yoy) evolution must be understood on a pro forma basis for 2011, as if the acquisition of Rhodia had become effective from the 1st of January 2011. On a pro forma basis Solvay 2011 historical figures were restated in order to have harmonized accounting policies among the two former Groups, policies that are to be used by the new Solvay going forward. Pro forma results exclude impacts from i) purchase price allocation entries; ii) non-recurring acquisition costs related to the Rhodia transaction and iii) financial revenues on cash deposits and investments. Adjusted Profit & Loss indicators exclude Purchase Price Allocation (PPA) non-cash accounting impacts related to the Rhodia acquisition.
| Key data (in million EUR) | Adjusted1 Q3 2012 |
YoY Pro Forma2 Adjusted1 evolution Q3 2011 9M 2012 (%) |
Pro Forma2 9M 2011 |
YoY evolution (%) |
||
|---|---|---|---|---|---|---|
| Net Sales3 | 3,291 | 3,256 | 1% | 9,861 | 9,696 | 2% |
| REBITDA4 | 554 | 533 | 4% | 1,642 | 1,711 | (4)% |
| REBIT | 383 | 366 | 5% | 1,127 | 1,225 | (8)% |
| Non-recurring items | (54) | (11) | n.a. | (48) | 14 | n.a. |
| EBIT | 329 | 355 | (7)% | 1,079 | 1,239 | (13)% |
| Net financial expenses | (98) | (99) | 1% | (287) | (264) | (9)% |
| Result before taxes | 231 | 256 | (10)% | 790 | 976 | (19)% |
| Income taxes | (66) | (103) | 36% | (245) | (272) | 10% |
| Net result from continuing operations | 165 | 153 | 8% | 545 | 704 | (23)% |
| Net result from discontinued operations5 | (2) | 6 | n.a. | 1 | (38) | n.a. |
| Net income | 163 | 160 | 2% | 546 | 667 | (18)% |
| Non controlling interests | (15) | (17) | 10% | (38) | (54) | 33% |
| Net income, Group share | 148 | 143 | 3% | 508 | 613 | (17)% |
| Free cash flow6 | 346 | 223 | 55% | 536 | 391 | 37% |
Adjusted performance indicators exclude Purchase Price Allocation (PPA) non-cash accounting impacts related to the Rhodia acquisition.
Pro forma figures shown in the income statement (a) as if the acquisition had become effective from 1st of January 2011, (b) harmonizing accounting principles and (c) excluding the Purchase Price Allocation (PPA) impacts.
Net sales comprise the sales of goods and value added services corresponding to Solvay's know-how and core business. Net sales exclude other revenues primarily comprising commodity and utility trading transactions and other revenue deemed as incidental by the Group.
REBITDA: operating results before depreciation and amortization, non-recurring items, financial charges and income taxes.
The net results from discontinued operations is linked to post-closing adjustments subsequent to the sale of the pharmaceutical activities.
Cash flow from operating activities (including dividends from associates and joint ventures) + cash flow from investing activities (excluding acquisitions and sales of subsidiaries and other investments).
YoY evolution (%) compared with pro forma 3RD quarter 2011
| Key data (in million EUR) | Adjusted Q3 2012 | YoY evolution (%) | Adjusted 9M 2012 | YoY evolution (%) |
|---|---|---|---|---|
| Net sales | 3,291 | 1% | 9,861 | 2% |
| Plastics | 994 | 8% | 2,943 | 3% |
| Chemicals | 758 | 7% | 2,253 | 5% |
| Rhodia | 1,540 | (6)% | 4,665 | (1)% |
| REBITDA | 554 | 4% | 1,642 | (4)% |
| Plastics | 168 | 8% | 450 | (14)% |
| Chemicals | 145 | 21% | 439 | 13% |
| Rhodia | 290 | 4% | 869 | (2)% |
| New Business Development | (17) | (68)% | (38) | (27)% |
| Corporate and Business Support | (32) | (170)% | (78) | (41)% |
| EBIT | 329 | (7)% | 1079 | (13)% |
Net sales reached EUR 9,861 million, up by 2% versus the first nine months of 2011. This improvement is reflected in the Plastics and Chemicals sectors; net sales decreased in the Rhodia sector. The (4)% lower volumes were more than compensated by average selling price increases of +2%, favorable currency impact of +4% and scope changes of +1% The volume decline is mainly linked to the high demand dynamics observed last year and to the economic slowdown that severely impacted some business segments and some end markets.
REBITDA amounted to EUR 1,642 million down by (4)% versus the very demanding comparable of last year in the Plastics and Rhodia sectors. In Plastics, REBITDA declined by (14)% due to the demand decrease and margin squeeze in Vinyls while in Specialty Polymers volumes were up by +1%. REBITDA of the Chemicals sector came in at EUR 439 million, a 13% improvement yoy, which was supported by the sustained performance of Essential Chemicals. The (2)% lower REBITDA of the Rhodia sector reflected the margin squeeze in Polyamide Materials and the comparison to the Rare Earth exceptional pricing situation of last year, which were not fully compensated for by the strong growth in Consumer Chemicals and in Acetow & Eco Services. Group REBITDA margin on net sales amounted to 16.6% compared with 17.6% in the first nine months 2011.
REBITDA amounted to EUR (38) million for New Business Development and to EUR (78) million for Corporate and Business Support and included for both segments one-time items of EUR (11) million booked in the third quarter 2012.
Adjusted1 EBIT amounted to EUR 1,079 million which is (13)% down versus the first nine months of 2011 mainly due to lower adjusted EBIT in Plastics and Rhodia (link to developments at cycle-sensitive businesses) and non-recurring charges linked to the integration and cost savings programs. On an IFRS basis EBIT amounted to EUR 935 million.
Solvay has signed an agreement to acquire a controlling interest in Sunshield Chemicals, an Indian company specializing in surfactants. This acquisition will enable Novecare to accelerate growth plans in India for the h&p care, agrochemicals, coatings and industrial applications markets.
Solvay has also announced a capacity increase of 70% at its Panoli plant, for the production of its high performance polymers PEEK and PAEK. Nearly half of this capacity increase has already been implemented and successfully brought on-line. The second phase of the project will be completed by mid 2013 and will allow the plant to continue to satisfy growth in demand.
These developments follow the opening of a major innovation center in Savli (Gujarat State) and further reinforce the Group's presence and commitment in India. Moreover, Solvay is determined to double its sales in India by 2015.
| Key data (in million EUR) | Adjusted Q3 2012 | YoY evolution (%) | Adjusted 9M 2012 | YoY evolution (%) |
|---|---|---|---|---|
| Net sales | 994 | 8% | 2,943 | 3% |
| Specialty Polymers | 359 | 18% | 1,033 | 9% |
| Vinyls | 635 | 3% | 1,909 | 0% |
| Vinyls Europe | 361 | 3% | 1,096 | (2)% |
| Vinyls Asia | 99 | 6% | 280 | 11% |
| Vinyls South America | 142 | 5% | 415 | (1)% |
| Plastics Integration | 34 | (9)% | 118 | (11)% |
| REBITDA | 168 | 8% | 450 | (14)% |
| Specialty Polymers | 115 | 24% | 313 | 8% |
| Vinyls | 52 | (13)% | 138 | (39)% |
| EBIT | 102 | 0% | 350 | (2)% |
| Key data (in million EUR) | Q3 2012 | YoY evolution (%) | 9M 2012 | YoY evolution (%) |
|---|---|---|---|---|
| EBIT IFRS | 102 | 0% | 350 | (2)% |
Net sales of Specialty Polymers increased by 18% yoy and reached a new record of EUR 359 million in Q3'12. Prices increased by 1% and volumes rose by an impressive 9% compared to the same period last year. The 3rd quarter of 2012 benefited also from positive foreign exchange impacts of 7%. During the quarter, the most dynamic end markets were Smart Devices, Oil & Gas and Consumer applications. The Advanced Transportation, Healthcare and Water sectors remained highly resilient. Demand from the Construction and the Automotive industry was lackluster. Numerous operational excellence programs implemented over the year contributed to the results growth. The innovation development pool remains healthy with significant new promising projects to be launched in the following months.
REBITDA amounted to EUR 115 million up by 24% compared to the 3rd quarter of 2011. The REBITDA margin on net sales came in at 32%, versus the high level of 31% reached in Q3'11. The profitability of the activities was driven by volume growth, favorable product mix and pricing power through strong alignment with customers' needs.
Net sales of Vinyls amounted to EUR 635 million, up by 3% compared to the still high level of 3rd quarter 2011. Volumes of PVC and caustic soda rose by 2% while volumes from other co-products went down leading to an overall volume reduction of (2)% yoy. In Europe, demand for PVC remained low and volatile as a consequence of important ethylene price movements. In Latin America, production was impacted by reduced ethylene supplies in Argentina but improved slightly in Brazil. In Thailand, Vinythai operated at full capacity.
REBITDA amounted to EUR 52 million, a decrease of (13)% yoy. In Europe, SolVin's spreads decreased yoy and qoq. Solvay Indupa's results suffered from lower spreads in Brazil. Vinythai continued to deliver strong results.
Solvay announced the start up of new production capacity at its Tavaux plant, France, for SOLEF® Polyvinylidene fluoride (PVDF). Investment of EUR 26 million increased the PVDF production capacity at the plant by 50%. The outstanding properties of SOLEF® PVDF combined with the multiple available processing techniques make this fluorinated polymer a prime material for new applications in various demanding environments and applications.
| Key data (in million EUR) | Adjusted Q3 2012 | YoY evolution (%) | Adjusted 9M 2012 | YoY evolution (%) | |
|---|---|---|---|---|---|
| Net sales | 758 | 7% | 2,253 | 5% | |
| Essential Chemicals | 598 | 8% | 1,774 | 6% | |
| EMEA1 | 366 | 3% | 1,107 | 2% | |
| North America | 134 | 9% | 390 | 10% | |
| South America | 38 | 39% | 112 | 17% | |
| Asia Pacific | 60 | 26% | 165 | 12% | |
| Special Chemicals | 159 | 5% | 479 | 4% | |
| REBITDA | 145 | 21% | 439 | 13% | |
| Essential Chemicals | 132 | 28% | 394 | 24% | |
| Special Chemicals | 13 | (13)% | 45 | (30)% | |
| EBIT | 99 | 30% | 307 | 7% |
| Key data (in million EUR) | Q3 2012 | YoY evolution (%) | 9M 2012 | YoY evolution (%) |
|---|---|---|---|---|
| EBIT IFRS | 99 | 30% | 307 | 7% |
Net sales of Essential Chemicals amounted to EUR 598 million, up by 8% yoy, due to volume growth of 3% (growth in Latin America and Asia more than compensated slightly lower volumes in Europe), forex and pricing.
• Soda ash demand remained satisfactory. The lower demand for flat glass in Europe was compensated by good production and sales from the US. Demand in China stagnated. Bicarbonate volumes continued their volume growth. Net sales of soda ash and bicarbonate benefited from yoy price increases.
• In hydrogen peroxide demand remained strong. Selling prices rose yoy globally. Volumes decreased slightly versus the 3rd quarter 2011. This decrease is mainly to be ascribed to lower demand from pulp and paper in Europe. The other end markets such as chemicals, mining, alumina treatment and environmental applications continued to perform well.
• Caustic soda continued benefiting from good volumes, coupled with slightly higher selling prices yoy.
• Volumes in epichlorohydrin increased thanks to the new Epicerol® plant in Thailand but profitability was impacted by further declining selling prices and weak demand in epoxy resins.
REBITDA amounted to EUR 132 million, up by 28% versus the 3rd quarter of 2011. Overall higher volumes, increased selling prices and strong operational performance accounted for the improved results.
Net sales amounted to EUR 159 million, up by 5% compared to the 3rd quarter of 2011.
REBITDA amounted to EUR 13 million, compared to EUR 20 million in the 2nd quarter of 2012 and EUR 15 million YoY. Demand remained good in end-markets like agro, healthcare, electronics while results continued to be negatively impacted by pricing pressure in refrigerants and weak Life Science performance.
Solvay and Air Liquide have incorporated their worldwide fluorine gas business joint venture following the antitrust approvals.
This company will build, own and operate modular on-site fluorine cleaning gas units for the flat panel display and silicon thin film photovoltaic industries and thus offer these industries an economic, reliable and environmentallyfriendly product for cleaning applications. Fluorine gas (F2) is a cleaning gas that has no global warming potential. It also enables our customers to increase their productivity.
Bio-based epichlorohydrin plant to serve China, the world's
| Key data (in million EUR) | Adjusted Q3 2012 | YoY evolution (%) | Adjusted 9M 2012 | YoY evolution (%) |
|---|---|---|---|---|
| Net sales | 1,540 | (6)% | 4,665 | (1)% |
| Consumer Chemicals | 677 | 16% | 1,906 | 9% |
| Advanced Materials | 181 | (33)% | 645 | (4)% |
| Polyamide Materials | 416 | (13)% | 1,314 | (6)% |
| Acetow & Eco Services | 237 | 8% | 692 | 8% |
| Energy Services | 30 | (40)% | 110 | (27)% |
| REBITDA | 290 | 4% | 869 | (2)% |
| Consumer Chemicals | 162 | 105% | 424 | 58% |
| Advanced Materials | 41 | (53)% | 137 | (35)% |
| Polyamide Materials | 16 | (69)% | 97 | (47)% |
| Acetow & Eco Services | 64 | 28% | 191 | 29% |
| Energy Services | 26 | (28)% | 83 | (31)% |
| Corporate & Others | (19) | 21% | (63) | (47)% |
| EBIT | 210 | 12% | 569 | (16)% |
| Key data (in million EUR) | Q3 2012 | YoY evolution (%) | 9M 2012 | YoY evolution (%) |
|---|---|---|---|---|
| EBIT IFRS | 179 | 424 |
Consumer Chemicals reported net sales of EUR 677 million, up by 16% versus last year. Novecare continued its strong performance. Its differentiating integrated position in guar allowed to enhance its commercial offering in guar derivatives. Further, native guar prices stood exceptionally high during the period but are currently reaching more normalized levels with the new crop season. Coatis posted lower net sales due to poor phenol volumes and prices. Aroma Performance improved sales and volumes on the back of both market share gains after its successful repositioning in food and strong dynamics in Agro and Pharma.
REBITDA more than doubled versus last year, reaching EUR 162 million. This was mainly driven by Novecare's enhanced guar-derivative formulation business, coupled with the exceptional pricing conditions enjoyed by its Indian nativeguar JV that led to an improvement of about EUR 40 million versus last year. Coatis realized a slightly lower REBITDA yoy while Aroma delivered a stronger performance thanks to good volume growth. Overall, Consumer Chemicals posted increased volumes, favorable mix and excellent pricing power, resulting in a REBITDA margin at a high level of 24% compared to 14% last year.
Net sales amounted to EUR 181 million, down by (33)% yoy, due to volumes and more normalized selling prices in rare earths. Overall volume decreased by (33)% due notably to Lighting customers' destocking in Rare Earths and to demand slowdown for Silica in Europe and to a lesser extent in Asia. The latter reflected lower activity levels in the tire replacement market and at Original Equipment Manufacturers. Higher Silica demand in the USA partly compensated for the weakness in other regions. Mixed Oxides demand for car catalysis applications within Rare Earths Systems remained stable.
REBITDA amounted to EUR 41 million, down by (53) % compared to the 3rd quarter 2011. Pricing power remained positive in Silica. Advanced Materials' REBITDA margin reached a good 23%, which as anticipated, stood lower than the 32% margin achieved in the year ago period with peak prices for rare earths. The Rare Earth Systems business started the full process to recycle heavy rare earths from phosphors in used fluorescent lamps in France.
Aroma Performance will supply two Bolloré Group affiliates, Batscap and BatHium Canada Inc, with specialty Lithium Salt grades (LiTFSI) for their Lithium-Metal-Polymer® (LMP) batteries.
LiTFSI is the preferred option for Lithium-Metal-Polymer® (LMP) batteries developed by BatHium and BatScap. Its chemical and thermal stability combined with excellent electrochemical properties ensure a reinforced intrinsic safety and longer durability for fully electric vehicles such as the Bluecar®, the small fully electric powered city car from Autolib', that was created by the Bolloré Group.
Net sales of EUR 416 million were down by (13)% yoy and (6)% qoq. Overall volumes dropped by (10)% reflecting lower dynamics across end-markets. The car industry though showed more resilience within the Engineering Plastics business unit. Market conditions continued deteriorating, eroding margins hit by very weak demand and industry overcapacity. The situation was most challenging for Polyamides & Intermediates while Fibras managed some net sales recovery versus the low levels of 3rd quarter 2011.
REBITDA dropped to EUR 16 million compared to EUR 52 million last year. Lackluster demand, deteriorating operating leverage, and poor pricing power were the factors behind the unsatisfactory performance.
Acetow & Eco Services realized net sales of EUR 237 million, up by 8% compared to the 3rd quarter of 2011. While overall volume declined by (5)%, the mix improved (less low value co-products) with volumes of filter tow rising. Selling prices were 4% higher and foreign exchange favorable of 9%. Eco Services reported activity levels corresponding to the usual high seasonality, but its volumes were somehow impacted by the Isaac hurricane.
REBITDA amounted to EUR 64 million, up by 28% compared to last year driven by strong pricing power and more favorable mix in both segments. Within the cluster, Acetow benefited from good take-off of innovative products with higher value added.
REBITDA of Energy Services came in at EUR 26 million compared to EUR 36 million in the 3rd quarter 2011 mainly due to the poor liquidity of the carbon credit market during the 3rd quarter 2012. The level of CER volumes sold in the quarter halved yoy. Average CER price realized over the quarter was high at EUR 11.9 per ton versus EUR 11.0 in the 3rd quarter 2011.
Carbon credits production levels of 2012 are expected to remain stable at 14 million tons.
| IFRS | Adjusted1 | Pro forma2 |
|||
|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | ||
| Sales | 3,371 | 1,632 | 3,371 | 3,354 | |
| Other non-core revenues | 79 | 6 | 79 | 98 | |
| Net sales | 3,291 | 1,626 | 3,291 | 3,256 | |
| Cost of goods sold | (2,731) | (1,322) | (2,731) | (2,662) | |
| Gross margin | 640 | 310 | 640 | 692 | |
| Commercial and administrative costs | (278) | (125) | (278) | (281) | |
| Research and development costs | (65) | (31) | (65) | (54) | |
| Other operating gains and losses | (16) | 10 | 15 | (12) | |
| Earnings from associates and joint ventures accounted for using the equity method |
71 | 14 | 71 | 21 | |
| REBITDA | 554 | 264 | 554 | 533 | |
| REBIT | 352 | 178 | 383 | 366 | |
| Non-recurring items | (54) | (30) | (54) | (11) | |
| EBIT | 298 | 148 | 329 | 355 | |
| Cost of borrowings | (53) | (36) | (53) | (53) | |
| Interest on lendings and short-term deposits | 3 | 11 | 3 | 4 | |
| Other gains and losses on net indebtedness | 2 | (5) | 2 | (15) | |
| Cost of discounting provisions | (50) | (13) | (50) | (35) | |
| Income/loss from available-for-sale investments | 0 | 0 | 0 | 0 | |
| Result before taxes | 200 | 104 | 231 | 256 | |
| Income taxes | (58) | (25) | (66) | (103) | |
| Result from continuing operations | 143 | 80 | 165 | 153 | |
| Result from discontinued operations | (2) | 6 | (2) | 6 | |
| Net income | 141 | 86 | 163 | 160 | |
| Non-controlling interests | (15) | (13) | (15) | (17) | |
| Net income Solvay share | 125 | 73 | 148 | 143 | |
| Basic earnings per share from continuing operations | 1.54 | 0.81 | 1.82 | 1.68 | |
| Basic earnings per share from discontinued operations | (0.02) | 0.08 | (0.02) | 0.07 | |
| Basic earnings per share | 1.52 | 0.89 | 1.79 | 1.76 | |
| Diluted earnings per share from continuing operations | 1.54 | 0.81 | 1.81 | 1.67 | |
| Diluted earnings per share from discontinued operations | (0.02) | 0.08 | (0.02) | 0.07 | |
| Diluted earnings per share | 1.51 | 0.89 | 1.79 | 1.75 |
Adjusted figures exclude Purchase Price Allocation (PPA) non-cash accounting impacts related to the Rhodia acquisition.
The 3rd quarter 2011 figures were restated to show the income statement (a) as if the acquisition of Rhodia had become effective from 1st of January 2011, (b) harmonizing the accounting principles and (c) eliminating the Purchase Price Allocation (PPA) impacts.
| IFRS | Adjusted1 | Pro forma2 |
|||
|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | ||
| Sales | 10,126 | 5,020 | 10,126 | 9,991 | |
| Other non-core revenues | 265 | 17 | 265 | 295 | |
| Net sales | 9,861 | 5,003 | 9,861 | 9,696 | |
| Cost of goods sold | (8,106) | (3,996) | (8,106) | (7,790) | |
| Gross margin | 2,021 | 1,023 | 2,021 | 2,201 | |
| Commercial and administrative costs | (847) | (370) | (847) | (838) | |
| Research and development costs | (196) | (94) | (196) | (156) | |
| Other operating gains and losses | (108) | (1) | (9) | (34) | |
| Earnings from associates and joint ventures accounted for using the equity method |
159 | 36 | 159 | 53 | |
| REBITDA | 1,642 | 853 | 1,642 | 1,711 | |
| REBIT | 1,027 | 594 | 1,127 | 1,225 | |
| Non-recurring items | (93) | (30) | (48) | 14 | |
| EBIT | 935 | 563 | 1,079 | 1,239 | |
| Cost of borrowings | (154) | (108) | (154) | (159) | |
| Interest on lendings and short-term deposits | 13 | 31 | 13 | 21 | |
| Other gains and losses on net indebtedness | (3) | (10) | (3) | (28) | |
| Cost of discounting provisions | (143) | (37) | (143) | (98) | |
| Income/loss from available-for-sale investments | (1) | 1 | (1) | 1 | |
| Result before taxes | 646 | 441 | 790 | 976 | |
| Income taxes | (206) | (87) | (245) | (272) | |
| Result from continuing operations | 440 | 354 | 545 | 704 | |
| Result from discontinued operations | 1 | (38) | 1 | (38) | |
| Net income | 441 | 316 | 546 | 667 | |
| Non-controlling interests | (38) | (46) | (38) | (54) | |
| Net income Solvay share | 403 | 270 | 508 | 613 | |
| Basic earnings per share from continuing operations | 4.89 | 3.79 | 6.17 | 8.01 | |
| Basic earnings per share from discontinued operations | 0.01 | (0.46) | 0.01 | (0.47) | |
| Basic earnings per share | 4.90 | 3.33 | 6.18 | 7.55 | |
| Diluted earnings per share from continuing operations | 4.87 | 3.77 | 6.14 | 7.97 | |
| Diluted earnings per share from discontinued operations | 0.01 | (0.46) | 0.01 | (0.47) | |
| Diluted earnings per share | 4.88 | 3.31 | 6.15 | 7.51 |
Adjusted figures exclude Purchase Price Allocation (PPA) non-cash accounting impacts related to the Rhodia acquisition.
The 9 months 2011 figures were restated to show the income statement (a) as if the acquisition of Rhodia had become effective from 1st of January 2011, (b) harmonizing the accounting principles and (c) eliminating the Purchase Price Allocation (PPA) impacts.
The table hereafter reconciles IFRS results (which include PPA impacts related to the Rhodia acquisition) with Adjusted results (which exclude non cash PPA impacts) for the 3rd quarter and the nine months period of 2012.
| IFRS | PPA | Adjusted | IFRS | PPA | Adjusted | |
|---|---|---|---|---|---|---|
| Net Sales | Q3 2012 3,291 |
impacts1 | Q3 2012 3,291 |
9M 2012 9,861 |
impacts1 | 9M 2012 9,861 |
| REBITDA | 554 | 554 | 1,642 | 1,642 | ||
| REBIT | 352 | (31) | 383 | 1,027 | (99) | 1,127 |
| Non-recurring items | (54) | (54) | (93) | (45) | (48) | |
| EBIT | 298 | (31) | 329 | 935 | (144) | 1,079 |
| Net financial expenses | (98) | (98) | (288) | (288) | ||
| Result before taxes | 200 | (31) | 231 | 646 | (144) | 790 |
| Income taxes | (58) | 8 | (66) | (206) | 40 | (245) |
| Net result from continuining operations | 143 | (23) | 165 | 440 | (105) | 545 |
| Net result from discontinued operations | (2) | (2) | 1 | 1 | ||
| Net income | 141 | (23) | 163 | 441 | (105) | 546 |
| Non controlling interests | (15) | (15) | (38) | (38) | ||
| Basic earnings per share | 1.52 | 1.79 | 4.90 | 6.18 | ||
| Net income, Group share | 125 | (23) | 148 | 403 | (105) | 508 |
1 PPA impacts included (a) additional depreciation on fixed assets of EUR (99) million in the first nine months, EUR (31) million in the 3rd quarter 2012; (b) residual depreciation in Q1'12 of Rhodia inventory step up of EUR (45) million; and (c) EUR 40 million of associated tax impacts on the aforementioned items in the first nine months, EUR 8 million in the 3rd quarter 2012
Non-recurring items amounted to EUR (54) million. They primarily comprised EUR (36) million charges related to restructuring actions in the framework of the ongoing integration and cost savings programs, and EUR (12) million additional Health, Safety and Environment (HSE) provisions.
Net financial expenses amounted to EUR (98) million on an Adjusted and an IFRS basis. The cost of borrowings amounted to EUR (53) million. Gross financial debt (EUR 3,999 million) is for 78% covered at a fixed average rate of 5.6% with a duration of 4.23 years. Interest on cash deposits and investments amounted to EUR 3 million.
The cost of discounting provisions rose to EUR (50) million versus pro forma EUR (35) million last year. It includes the one-time effect of EUR (14) million caused by a reduction in discount rates for some HSE reserves versus the rates prevailing in Q2 '12.
Income taxes amounted to EUR (58) million in the IFRS accounts. On an Adjusted basis, income taxes totaled EUR (66) million representing a 28.6% effective tax rate. The EUR (8) million difference between IFRS and Adjusted figures reflects the tax impact of PPA adjustments.
Adjusted Net Income amounted to EUR 163 million compared to EUR 160 million pro forma last year. On an IFRS basis, Net Income amounted to EUR 141 million, the difference is explained by the after-tax global PPA impact. Results from discontinued operations in the quarter and year-to-date 2012 and 2011 recorded post-closure adjustments linked to the sale of the pharma operations.
Adjusted net Income, Group share amounted to EUR 148 million, resulting in EUR 1.79 Adjusted basic earnings per share. On an IFRS basis, net income, Group share amounted to EUR 125 million, the difference is explained by the after-tax global PPA impact.
| 3nd quarter | 9 Months | ||||
|---|---|---|---|---|---|
| Million EUR | 2012 | 2011 | 2012 | 2011 | |
| Net income | 141 | 86 | 441 | 316 | |
| Gains and losses on available-for-sale financial assets |
4 | (9) | 13 | (6) | |
| Gains and losses on hedging instruments in a cash flow hedge |
24 | (3) | 6 | (4) | |
| Actuarial gains and losses on defined benefit pension plans1 |
13 | (12) | (234) | (35) | |
| Currency translation differences | (105) | 116 | (78) | (81) | |
| Share of other comprehensive income of asso ciates and joint ventures accounted for using the equity method |
11 | (25) | 25 | (40) | |
| Income tax relating to components of other com prehensive income |
(4) | 5 | 16 | 14 | |
| Other comprehensive income, net of related tax effects |
(57) | 73 | (252) | (152) | |
| Comprehensive income attributed to | 83 | 159 | 190 | 164 | |
| Owners of the parent | 76 | 143 | 158 | 141 | |
| Non-controlling interests | 7 | 14 | 31 | 23 |
| Million EUR | September 30, 2012 | December 31, 2011 |
|---|---|---|
| Non-current assets | 12,008 | 12,064 |
| Intangible assets | 1,504 | 1,705 |
| Goodwill | 2,716 | 2,599 |
| Tangible assets | 5,550 | 5,652 |
| Available-for-sale investments | 64 | 80 |
| Investments in joint ventures and associates – equity me thod |
850 | 704 |
| Other investments | 123 | 125 |
| Deferred tax assets | 793 | 780 |
| Loans and other non-current assets | 408 | 420 |
| Current assets | 6,835 | 7,373 |
| Inventories | 1,544 | 1,578 |
| Trade receivables | 1,921 | 2,311 |
| Income tax receivables | 51 | 43 |
| Dividends receivable | 0 | 0 |
| Other current receivables - Financial instruments* | 1,007 | 464 |
| Other current receivables – Other | 837 | 938 |
| Cash and cash equivalents* | 1,470 | 1,943 |
| Assets held for sale | 5 | 95 |
| TOTAL ASSE TS |
18,844 | 19,437 |
| Total equity | 6,749 | 6,653 |
| Share capital | 1,271 | 1,271 |
| Reserves | 5,001 | 4,885 |
| Non-controlling interests | 477 | 497 |
| Non-current liabilities | 8,476 | 8,179 |
| Long-term provisions: employees benefits | 2,790 | 2,595 |
| Other long-term provisions | 1,293 | 1,325 |
| Deferred tax liabilities | 710 | 710 |
| Long-term financial debt* | 3,485 | 3,374 |
| Other non-current liabilities | 198 | 174 |
| Current liabilities | 3,620 | 4,605 |
| Short-term provisions: employees benefits | 62 | 39 |
| Other short-term provisions | 265 | 230 |
| Short-term financial debt* | 522 | 794 |
| Trade liabilities | 1,693 | 2,232 |
| Income tax payable | 140 | 51 |
| Dividends payable | 5 | 100 |
| Other current liabilities | 932 | 1,159 |
| TOTAL EQUI TY & LIA BILITIES |
18,844 | 19,437 |
*Net debt is the sum of Other current receivables- Financial Instruments Cash and cash equivalents, Long-term financial debt and Short-term financial debt
Equity attributable to equity holders of the parent
| Fair value | differences | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Million EUR | Share capital | Issue premiums | Retained earnings | Treasury shares | translation diff. Currency |
Available for sale investments |
Cash flow hedges | Defined benefit pension plans |
Total | Non-controlling interests |
Total equity |
| Balance – 31/12/2010 | 1,271 | 18 | 5,791 | (301) | (374) | 11 | 4 | (131) | 6,289 | 419 | 6,708 |
| Net profit for the period | 247 | 247 | 50 | 296 | |||||||
| Income and expenses directly allocated to equity |
42 | (8) | 8 | (86) | (44) | (10) | (54) | ||||
| Comprehensive income | 0 | 0 | 247 | 0 | 42 | (8) | 8 | (86) | 202 | 40 | 242 |
| Cost of stock options | 9 | 9 | 9 | ||||||||
| Dividends | (250) | (250) | (14) | (263) | |||||||
| Acquisition/sale of treasury shares |
10 | 10 | 10 | ||||||||
| Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control |
(100) | (100) | 52 | (48) | |||||||
| Other | (4) | (4) | 0 | (4) | |||||||
| Balance – 31/12/2011 | 1,271 | 18 | 5,693 | (292) | (332) | 3 | 12 | (217) | 6,156 | 497 | 6,653 |
| Net profit for the period | 403 | 403 | 38 | 441 | |||||||
| Income and expenses directly allocated to equity |
(47) | 13 | 4 | (214) | (244) | (7) | (252) | ||||
| Comprehensive income | 0 | 0 | 403 | 0 | (47) | 13 | 4 | (214) | 158 | 31 | 190 |
| Cost of stock options | 8 | 8 | 8 | ||||||||
| Dividends | (153) | (153) | (23) | (177) | |||||||
| Acquisition/sale of treasury shares |
111 | 111 | 111 | ||||||||
| Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control |
(3) | (3) | (30) | (33) | |||||||
| Other | (6) | (6) | 3 | (3) | |||||||
| Balance – 30/09/2012 | 1,271 | 18 | 5,942 | (180) | (379) | 16 | 16 | (431) | 6,271 | 477 | 6,749 |
| 3nd quarter | 9 months | ||||
|---|---|---|---|---|---|
| Million EUR | 2012 | 2011 | 2012 | 2011 | |
| EBIT | 295 | 152 | 932 | 520 | |
| Depreciation, amortization and impairments | 201 | 87 | 616 | 263 | |
| Changes in working capital | 154 | 91 | (167) | (203) | |
| Changes in provisions | (6) | (83) | (65) | (131) | |
| Dividends received from associates and joint ventures accounted for using the equity method |
24 | 7 | 48 | 37 | |
| Income taxes paid | (44) | (32) | (109) | (89) | |
| Others1 | (110) | (23) | (305) | (65) | |
| Cash flow from operating activities | 514 | 199 | 949 | 332 | |
| Acquisition (-) of subsidiaries | 0 | (3,953) | 0 | (3,953) | |
| Acquisition (+) of Rhodia's cash | 0 | 931 | 0 | 931 | |
| Acquisition (-) of investments - Other | (13) | (53) | (24) | (183) | |
| Sale (+) of subsidiaries | 0 | 0 | 0 | 0 | |
| Sale (+) of investments - Others | 5 | 1 | 178 | 1 | |
| Acquisition (-) of tangible and intangible assets | (176) | (111) | (500) | (252) | |
| Sale (+) of tangible and intangible assets | 10 | 0 | 75 | 5 | |
| Income from available-for-sale investments | 0 | 0 | 1 | 1 | |
| Changes in non-current financial assets | (2) | 28 | 11 | 57 | |
| Cash flow from investing activities | (176) | (3,157) | (259) | (3,393) | |
| Capital increase (+) / redemption (-) | 0 | 52 | (29) | 32 | |
| Acquisition (-) / sale (+) of treasury shares | 5 | (16) | 111 | 13 | |
| Changes in borrowings | (100) | 74 | (390) | 124 | |
| Changes in other current financial assets | (225) | 981 | (376) | 3,546 | |
| Cost of borrowings | (53) | (37) | (154) | (108) | |
| Interest on lendings and short-term deposits | 3 | 11 | 13 | 31 | |
| Other | 2 | (5) | (58) | (10) | |
| Dividends paid | (11) | 3 | (272) | (264) | |
| Cash flow from financing activities | (379) | 1,063 | (1,155) | 3,364 | |
| Net change in cash and cash equivalents | (41) | (1,895) | (464) | 302 | |
| Currency translation differences | (14) | 6 | (11) | (6) | |
| Others | 0 | 0 | 2 | 0 | |
| Opening cash balance | 1,525 | 4,139 | 1,943 | 1,954 | |
| Closing cash balance | 1,470 | 2,250 | 1,470 | 2,250 | |
| Free Cash Flow2 from continuing operations |
351 | 118 | 450 | 161 | |
| Free Cash Flow2 from discontinued operations |
(5) | (2) | 86 | (18) | |
| Total Free Cash Flow2 | 346 | 116 | 536 | 143 |
During Q3'12, other operating cash flows included non-cash earnings from equity associates EUR (71) million, non cash discounting costs EUR (50) million reflected in change in provisions, and other minor non cash elements EUR 9 million. For the first 9 months, other operating cash flows included non-cash earnings from equity associates EUR (159) million, non cash discounting costs EUR (140) million reflected in change in provisions, reclassification of capital gain EUR (116) million into investing cash flow, PPA impacts on revaluation of Rhodia inventories EUR 45 million, non recurring provisions EUR 34 million and other minor non cash elements EUR 31 million
Cash flow from operating activities (including dividends from associates and joint ventures) + cash flow from investing activities (excluding acquisitions and sales of subsidiaries and other investments).
| 3rd quarter | 9 months | ||||
|---|---|---|---|---|---|
| Million EUR | 2012 | 2011 | 2012 | 2011 | |
| Cash flow from operating activities | (5) | (2) | 133 | (18) | |
| Cash flow from investing activities | 0 | 0 | 0 | 0 | |
| Cash flow from financing activities | 0 | 0 | (47) | 0 | |
| Net change in cash and cash equivalents | (5) | (2) | 86 | (18) |
Cash flow from operating activities was EUR 514 million compared to EUR 199 million last year. Besides an EBIT of EUR 295 million it consisted of
Cash flow from investing activities as well as capital expenditures amounted to EUR (176) million.
Free Cash Flow was EUR 346 million, and included cash flow from discontinued operations for EUR (5) million linked to post-closing adjustments subsequent to the sale of the pharmaceutical activities.
| 3rd quarter | 9 months | ||||
|---|---|---|---|---|---|
| Million EUR | 2012 | 2011 | 2012 | 2011 | |
| Net sales | 3,291 | 1,626 | 9,861 | 5,003 | |
| Plastics | |||||
| Net sales | 1,056 | 974 | 3,143 | 3,070 | |
| Inter-segments sales | (62) | (54) | (200) | (206) | |
| External sales | 994 | 920 | 2,943 | 2,864 | |
| Chemicals | |||||
| Net sales | 800 | 734 | 2,351 | 2,217 | |
| Inter-segments sales | (42) | (28) | (98) | (77) | |
| External sales | 758 | 706 | 2,253 | 2,139 | |
| Rhodia | |||||
| Net sales | 1,543 | 4,672 | |||
| Inter-segments sales | (3) | (6) | |||
| External sales | 1,540 | 4,665 | |||
| REBITDA | 554 | 264 | 1,642 | 853 | |
| Plastics | 168 | 154 | 450 | 520 | |
| Chemicals | 145 | 117 | 439 | 382 | |
| Rhodia | 290 | 869 | |||
| New Business Development | (17) | (8) | (38) | (22) | |
| Corporate and business support | (32) | 1 | (78) | (27) | |
| REBIT | 352 | 178 | 1,027 | 594 | |
| Plastics | 117 | 107 | 304 | 377 | |
| Chemicals | 105 | 79 | 319 | 272 | |
| Rhodia | 182 | 527 | |||
| New Business Development | (17) | (8) | (39) | (22) | |
| Corporate and business support | (34) | (1) | (83) | (32) | |
| EBIT | 298 | 148 | 935 | 563 | |
| Plastics | 102 | 102 | 350 | 359 | |
| Chemicals | 99 | 76 | 307 | 286 | |
| Rhodia | 179 | 424 | |||
| New Business Development | (17) | (8) | (39) | (22) | |
| Corporate and business support | (65) | (23) | (107) | (60) | |
The consolidated financial statements were prepared in conformity with IFRS standards as currently adopted in the European Union. The same accounting policies have been implemented as for the latest annual financial statements. The primary variations in scope between the first nine months of 2011 and 2012 were due to:
• Treatment of the PipeLife stake in Solvay's accounts until its effective disposal in May 2012: PipeLife stake has been accounted for as an "investment held for sale" as of December 31st, 2011, following the decision to sell the 50% stake in PipeLife to Wienerberger in February 2012.
This results report contains regulated information and is established in compliance with IAS 34. A risk analysis is included in the annual report, which is available on www.solvay.com.
| Closing | Average | ||||||
|---|---|---|---|---|---|---|---|
| 1 Euro | 9 months 2012 |
9 months 2011 |
2011 | 9 months 2012 |
9 months 2011 |
2011 | |
| Pound Sterling | GBP | 0.798 | 0.867 | 0.835 | 0.812 | 0.871 | 0.868 |
| American Dollar | USD | 1.293 | 1.350 | 1.294 | 1.281 | 1.407 | 1.392 |
| Argentine Peso | ARS | 6.068 | 5.678 | 5.577 | 5.724 | 5.757 | 5.754 |
| Brazilian Real | BRL | 2.623 | 2.507 | 2.416 | 2.456 | 2.294 | 2.327 |
| Thai Baht | THB | 39.811 | 42.048 | 40.991 | 39.977 | 42.641 | 42.430 |
| Japanese Yen | JPY | 100.370 | 103.790 | 100.200 | 101.615 | 113.190 | 110.960 |
| Q3 2012 | YTD 2012 | Q3 2011 | YTD 2011 | |
|---|---|---|---|---|
| Number of shares issued at the end of the period | 84,701,133 | 84,701,133 | 84,701,133 | 84,701,133 |
| Average number of shares for IFRS calculation of earnings per share |
82,515,160 | 82,168,943 | 81,410,587 | 81,237,210 |
| Average number of shares for IFRS calculation of diluted income per share |
82,884,711 | 82,508,827 | 81,816,704 | 81,633,531 |
Solvay acquired 95.9% shares and voting rights of Rhodia and 97.51% "OCEANE" convertible bonds on September 7, 2011. Solvay implemented the squeeze-out for the remaining shares (4.1%) and convertible bonds on September 15, 2011.
This transaction was accounted for in accordance with IFRS 3 – "Business Combinations". According to this standard, the acquirer has from the acquisition date a period of maximum one year to finalize the recognition and measurement at fair value of the assets acquired and liabilities assumed.
During the measurement period, the acquirer shall retrospectively adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about the facts and circumstances that existed as at the acquisition date.
Thus, the provisional accounting recognized for the acquisition of Rhodia as presented in the 2011 annual financial statements were completed during the 3rd quarter of 2012. The adjustments retrospectively recorded at the acquisition date are detailed in the table below.
| Million EUR | Provisional allocation (as published in FY 2011) |
Adjustments | Final purchase price allocation |
Acquisition of 95,9% of total shares |
4,1% remaining shares squeeze out |
|---|---|---|---|---|---|
| Fixed assets | 2,164 | (12) | 2,152 | 2,064 | |
| Intangible assets | 1,607 | (84) | 1,523 | 1,460 | |
| Joint ventures - equity method | 104 | (2) | 102 | 97 | |
| Other long term assets | 120 | 120 | 115 | ||
| Working capital | 752 | (8) | 744 | 714 | |
| Assets held for sale | 34 | 34 | 33 | ||
| Provisions | (2,045) | (41) | (2,086) | (2,000) | |
| Contingent liabilities | (100) | 14 | (86) | (83) | |
| Deferred taxes | (504) | 14 | (490) | (470) | |
| Current taxes | (15) | (1) | (16) | (16) | |
| Long term financial assets | (72) | (72) | (69) | ||
| Financial Debt | (1,578) | (1,578) | (1,513) | ||
| Cash and cash equivalents | 931 | 931 | 893 | ||
| Net Assets | 1,398 | (120) | 1,278 | 1,225 | 52 |
| Purchase consideration | 3,876 | 3,876 | 3,876 | 137 | |
| Goodwill | 2,651 | ||||
| Reduction in equity | 85 | ||||
| Cash flow statement reconciliation | |||||
| Consideration paid for Rhodia acquisi tion, net of cash and cash equivalents acquired |
2,923 |
The goodwill primarily reflects the expected synergies in global procurement and logistics and in administrative and process efficiencies, as well as future developments of activities. Recurring yearly savings linked to synergies are estimated at EUR 255 million, a yearly run rate that is to be reached as at the start of 2015. Management's estimate of future synergies which are included in the goodwill are based on the expected cost reductions through integration of Solvay and Rhodia's best practices in terms of global procurement of raw materials and energy, logistics & packaging, general & IT expenses, technical goods and services.
The fair value of "loans and other non-current assets" and of "working capital" includes trade and other receivables for an amount of EUR 998 million. The gross contractual amount of these receivables is EUR 1,058 million, including EUR 60 million for which the collection is not expected.
In 2012, the goodwill allocation resulting from the acquisition of Rhodia (EUR 2,651 million) to CGUs (cash-generating units) and operating segments was completed as follows
| Operating segments | Goodwill allocated |
|---|---|
| Chemicals segment | 81 |
| Plastics segment | 345 |
| Rhodia segment | 456 |
| Cash Generating Units | Goodwill allocated |
| Novecare | 477 |
| Polyamides | 170 |
| Rare Earths | 161 |
| Specialty Polymers | 147 |
| Acetow | 120 |
| Soda ash and derivatives Europe | 120 |
| Aromas | 82 |
| Vinyls Europe | 77 |
| Silica | 72 |
| Coatis | 49 |
| Energy Services | 47 |
| Special chemicals | 42 |
| Eco Services | 42 |
| Soda ash and derivatives Nafta | 42 |
| Chlorin Europe | 42 |
| Hydrogen Peroxide Europe | 20 |
| Vinyls Asia | 18 |
| Hydrogen Peroxide Mercosul | 14 |
| Olefins | 11 |
| Hydrogen Peroxide Nafta | 7 |
| Hydrogen Peroxide Asia | 5 |
| Plastics integration | 4 |
| Total Goodwill | 2,651 |
The impairment test of the corresponding CGUs is performed at year-end.
Jean-Pierre Clamadieu, Chief Executive Officer, and Bernard de Laguiche, Chief Financial Officer, of the Solvay Group, declare that to the best of their knowledge:
Solvay SA/NV
Limited review report on the consolidated interim financial information for the nine-months period ended 30 September 2012
To the board of directors
We have performed a limited review of the accompanying consolidated statement of financial position, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated cash flow statement, the consolidated statement of changes in equity and selective notes (jointly the "interim financial information") of Solvay SA/NV ("the company") and its subsidiaries (jointly "the group") for the nine-months period ended 30 September 2012. The board of directors of the company is responsible for the preparation and fair presentation of this interim financial information. Our responsibility is to express a conclusion on this interim financial information based on our review.
The interim financial information has been prepared in accordance with international financial reporting standard IAS 34 – Interim Financial Reporting as adopted by the European Union.
Our limited review of the interim financial information was conducted in accordance with international standard ISRE 2410 – Review of interim financial information performed by the independent auditor of the entity. A limited review consists of making inquiries of group management and applying analytical and other review procedures to the interim financial information and underlying financial data. A limited review is substantially less in scope than an audit performed in accordance with the International Standards on Auditing (ISA). Accordingly, we do not express an audit opinion on the interim financial information.
Based on our limited review, nothing has come to our attention that causes us to believe that the interim financial information for the nine-months period ended 30 September 2012 is not prepared, in all material respects, in accordance with IAS 34 – Interim Financial Reporting as adopted by the European Union.
Diegem, 24 October 2012
The statutory auditor
DELOITTE Bedrijfsrevisoren / Reviseurs d'Entreprises
BV o.v.v.e. CVBA / SC s.f.d. SCRL Represented by Eric Nys
Adjusted net income (Solvay share) divided by the weighted average number of shares, after deducting own shares purchased to cover stock option programs
Net income (Solvay share) excluding Purchase Price Allocation (PPA) non-cash accounting impacts related to the Rhodia acquisition
Net result excluding Purchase Price Allocation (PPA) non-cash accounting impacts related to the Rhodia acquisition
REBIT excluding Purchase Price Allocation (PPA) non-cash accounting impacts related to the Rhodia acquisition
Net income (Solvay's share) divided by the weighted average number of shares, after deducting own shares purchased to cover stock option programs
Operating results
Cash flow from operating activities (including dividends from associates and joint ventures)+ cash flow from investing activities (excluding acquisitions and sales of subsidiaries and other investments).
International Financial Reporting Standards
Net financial expenses comprises cost of borrowings minus accrued interests on lendings and short-term deposits, plus other gains (losses) on net indebtedness and costs of discounting provisions (namely, related to Post-employment benefits and HSE liabilities)
Sales of goods and value added services corresponding to Solvay's know-how and core business. Net sales exclude other revenues primarily comprising commodity and utility trading transactions and other revenue deemed as incidental by the Group
Figures that represent (a) as if the acquisition had become effective from 1st of January 2011, (b) harmonizing accounting principles and (c) eliminating the Purchase Price Allocation (PPA) impacts.
Operating result, i.e. EBIT before non-recurring items
REBIT before depreciation and amortization
January 17, 2013: Payment of interim dividend for 2012 February 14, 2013: Announcement of the 4thquarter and full year 2012 results (at 07:30)
Media Relations Tel: +33 (0)1 53 56 59 62
E-mail: [email protected]
Media Relations Tel: +32 2 264 15 30
E-mail: [email protected]
Investor Relations Tel: +32 2 264 19 84 E-mail: [email protected]
Investor Relations Tel: +32 2 264 15 40 E-mail: [email protected]
E-mail: [email protected]
SOLVAY is an international chemical Group committed to sustainable development with a clear focus on innovation and operational excellence. It generates over 90% of its sales in markets where it is among the top three leaders. Solvay offers a broad range of products that contribute to improving the quality of life and the performance of its customers in markets such as consumer goods, construction, automotive, energy, water and environment, and electronics. The Group is headquartered in Brussels, employs about 31,000 people in 55 countries and generated EUR 12.7 billion in net sales in 2011. Solvay SA (SOLB.BE) is listed on NYSE Euronext in Brussels and Paris (Bloomberg: SOLB.BB - Reuters: SOLBt.BR).
Ce rapport est aussi disponible en français – Dit verslag is ook in het Nederlands beschikbaar
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.