Solvay SA

Earnings Release • Dec 3, 2013

Solvay provides additional 2012 and 2013 quarterly restated financial information

Brussels, December 4 th 2013 --- Solvay today published quarterly unaudited restated financial information for the first nine months of 2013 and the full year 2012 taking into account European Chlorovinyls' discontinued operations.

On May 7, 2013 Solvay and Ineos signed a non-binding letter of intent for the combination of their respective European Chlorovinyls activities into a 50/50 Joint Venture. The proposed transaction is subject to the applicable information/consultation procedures with employee representatives in the countries involved and to anti-trust approval from the relevant authorities. On September 17, 2013, Ineos and Solvay submitted their application for competition clearance to the European Commission. Given the advanced stage of the negotiations, Solvay management took the decision to classify those activities to be contributed to the Joint Venture as "Assets held for sale" and "Discontinued operations" as from the third quarter of 2013.

Solvay considers that this set of restated quarterly Profit and Loss financial statements data provides the most meaningful year-over-year economic performance comparison base going forward.

All data are restated for the Group's new business organization effective as from January 1st 2013, for the reporting of Solvay Indupa and the European Chlorovinyls activities as discontinued operations and for the application of IAS 19 revised. Adjusted figures exclude non cash Purchase Price Allocation accounting impacts related to Rhodia acquisition.

Net Sales

	2012					2013
Million EUR	Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3
Consumer Chemicals	603	636	680	646	2,565	609	599	580
Novecare	392	416	453	423	1,684	398	378	367
Coatis	125	124	135	122	506	122	128	122
Aroma Performance	87	97	92	100	376	89	93	91
Advanced Materials	702	729	685	626	2,743	639	659	651
Specialty Polymers	323	353	360	312	1,348	312	333	334
Silica	101	96	92	93	382	104	108	102
Rare Earth Systems	133	128	88	85	434	82	77	70
Special Chemicals	145	152	146	135	579	139	141	144
Performance Chemicals	755	792	817	798	3,162	764	788	788
Essential Chemicals	436	457	465	453	1,811	420	440	445
Acetow	143	157	156	160	616	163	167	163
Eco-Services	76	79	82	78	314	67	74	79
Emerging Biochemicals	100	99	115	108	421	114	108	101
Functional Polymers	511	491	458	427	1,888	468	483	428
Polyamide	455	436	412	385	1,688	413	427	380
Chlorovinyls	57	55	46	42	200	55	55	48
Corporate	41	40	31	45	157	17	38	10
Energy Services	40	39	31	44	154	17	38	10
Corporate and Business Service	1	1	1	0	3	1	(0)	0
Group Total	2,613	2,688	2,672	2,541	10,515	2,497	2,567	2,458

Adjusted REBITDA

	2012					2013
Million EUR	Q1 Q2 Q3 Q4 FY					Q1	Q2	Q3
Consumer Chemicals	102	153	159	103	518	113	92	77
Margin	17%	24%	23%	16%	20%	19%	15%	13%
Advanced Materials	151	172	168	136	627	156	161	170
Margin	22%	24%	25%	22%	23%	24%	24%	26%
Performance Chemicals	188	187	196	179	750	155	180	202
Margin	25%	24%	24%	22%	24%	20%	23%	26%
Functional Polymers	45	39	17	(1)	100	34	27	19
Margin	9%	8%	4%	n.m	5%	7%	6%	4%
Corporate	(12)	(39)	(39)	(10)	(99)	(46)	(30)	(29)
Group Total	474	513	502	407	1,896	411	429	439
Margin	18.1%	19.1%	18.8%	16.0%	18.0%	16.5%	16.7%	17.9%

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Million EUR (except for per-share figures in			2012		2013
EUR)	Q 1	Q 2	Q 3	Q 4	FY	Q 1	Q 2	Q 3
Sales	2,711	2,776	2,752	2,671	10,910	2,642	2,637	2,546
Other non-core revenues	98	88	79	130	395	145	71	88
Net sales	2,613	2,688	2,672	2,541	10,515	2,497	2,567	2,458
Cost of goods sold	(2,093)	(2,127)	(2,171)	(2,110)	(8,502)	(2,038)	(2,015)	(1,974)
Gross margin	618	649	581	561	2,409	604	622	572
Commercial and administrative costs	(258)	(271)	(257)	(289)	(1,076)	(309)	(290)	(293)
Research and development costs	(59)	(64)	(62)	(63)	(247)	(54)	(66)	(60)
Other operating gains and losses	1	(8)	25	17	35	3	(9)	49
Earnings from associates and joint ventures accounted
for using the equity method	29	58	71	25	183	23	25	18
Adjusted REBITDA	474	513	502	407	1,896	411	429	439
Adjusted Depreciation and amortization (recurring)	(143)	(149)	(144)	(157)	(593)	(145)	(146)	(148)
Adjusted REBIT	331	365	357	250	1,303	266	283	286
Non-recurring items	(69)	75	(44)	92	55	(40)	(97)	(33)
Adjusted EBIT	262	440	313	342	1,357	226	186	253
Cost of borrowings	(45)	(44)	(47)	(31)	(167)	(45)	(45)	(44)
Interest on lendings and short-term deposits	6	4	3	3	16	4	4	4
Other gains and losses on net indebtedness	(0)	(5)	2	(5)	(8)	(4)	1	(4)
Cost of discounting provisions	(36)	(60)	(54)	(51)	(200)	(37)	(13)	(16)
Income/loss from available-for-sale investments	(0)	(1)	(0)	(2)	(3)	0	2	(0)
Adjusted Result before taxes	187	335	218	257	997	144	135	194
Adjusted Income taxes	(72)	(83)	(60)	(77)	(291)	(56)	(20)	(69)
Adjusted Result from continuing operations	115	252	158	181	705	89	115	125
Result from discontinued operations	5	1	(0)	(4)	2	12	48	5
Adjusted Net income	119	253	158	176	707	101	163	129
Non-controlling interests	(9)	(14)	(15)	21	(17)	(16)	(14)	(11)
Adjusted Net income Solvay share	111	239	143	198	690	86	148	118
Adjusted Basic EPS from continuing operations	1.25	2.81	1.72	2.02	7.81	0.87	1.23	1.35
Adjusted Basic EPS	1.35	2.88	1.73	2.39	8.34	1.03	1.79	1.43
Adjusted Diluted EPS from continuing operations	1.25	2.81	1.71	2.00	7.77	0.86	1.21	1.33
Adjusted Diluted EPS	1.34	2.87	1.72	2.37	8.30	1.02	1.76	1.41

The fourth quarter and full year 2013 earnings will be released on February 26th, 2014.

As an international chemical group, SOLVAY assists industries in finding and implementing ever more responsible and value-creating solutions. The Group is firmly committed to sustainable development and focused on innovation and operational excellence. Solvay serves diversified markets, generating 90% of its turnover in activities where it is one of the top three worldwide. The group is headquartered in Brussels, employs about 29,000 people in 55 countries and generated 12.4 billion euros in net sales in 2012. Solvay SA (SOLB.BE) is listed on Nyse Euronext in Brussels and Paris (Bloomberg:SOLB:BB - Reuters: SOLB.BR).

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