Solvay SA

Foreign Filer Report • Mar 17, 2016

Press release

Solvay publishes supplementary unaudited pro forma financial information for 2015 following the Cytec acquisition

Brussels, March 17, 2016, 15:00 --- Solvay publishes today supplementary unaudited pro forma consolidated financial information for 2015, reflecting the impact of the Cytec acquisition as if it had taken place on January 1, 2015. This unaudited pro forma Information is presented for illustrative purposes only. Its purpose is to provide a reference frame for the Group's performance going forward. The information on the following pages comprises:

• Key financial indicators per quarter, on an "IFRS" and "Underlying" basis;
• Segment net sales and EBITDA per quarter on an "Underlying" basis;
• Income statement per quarter, on an "IFRS" and "Underlying" basis, including the bridges;
• Explanations on the bridge elements of the pro forma IFRS and underlying metrics: financing and acquisition-related costs, as well as PPA and other adjustments.

The pro forma financial information combines Solvay's consolidated income statement with Cytec's consolidated income statement, both determined on a stand-alone basis, after alignment of accounting policies and purchase price allocation impacts (i.e. amortization of intangible fair value step-ups and recognition in cost of goods sold of the inventory fair value step-up). The pro forma information also takes into account the estimated additional financing costs related to the acquisition as well as the acquisition related costs. However, expected synergies have not been reflected.

"Underlying" figures adjust IFRS figures for the non-cash Purchase Price Allocation (PPA) accounting impacts related to the Rhodia and Cytec acquisitions, for the coupons of perpetual hybrid bonds, classified as equity under IFRS but treated as debt in the underlying statements, and for other elements to produce a measure that would otherwise distort the evaluation of the Group's underlying performance. These underlying figures are intended to provide a more consistent and comparable indication of Solvay's economic performance.

From the first quarter of 2016 onwards, the Group's results will be presented on an IFRS and underlying basis only. The former definition of REBITDA, will equate to underlying EBITDA going forward.

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An international chemical and advanced materials company, Solvay assists its customers in innovating, developing and delivering high-value, sustainable products and solutions which consume less energy and reduce CO2 emissions, optimize the use of resources and improve the quality of life. Solvay serves diversified global end markets, including automotive and aerospace, consumer goods and healthcare, energy and environment, electricity and electronics, building and construction as well as industrial applications. Solvay is headquartered in Brussels with about 30,000 employees spread across 53 countries. It generated pro forma net sales of € 12.4 bn in 2015, with 90% made from activities where it ranks among the world's top 3 players. Solvay SA (SOLB.BE) is listed on Euronext in Brussels and Paris (Bloomberg: SOLB:BB - Reuters: SOLB.BR).

Caroline Jacobs Maria Alcón-Hidalgo Jodi Allen Geoffroy Raskin Bisser Alexandrov Media Relations Investor Relations Investor Relations Investor Relations Investor Relations

+32 2 264 1530 +32 2 264 1984 +1 973 357 3283 +32 2 264 1540 +32 2 264 3687

Pro forma 2015 key financial indicators	IFRS
(in € m)	Q1	Q2	Q3	Q4	FY
Net sales	3,104	3,135	3,162	2,977	12,378
EBIT	101	286	297	208	892
EBIT margin	3%	9%	9%	7%	7%
Net financial charges	(91)	(87)	(71)	(75)	(324)
Income taxes	(28)	(72)	(48)	84	(63)
Tax rate	n.m.	37%	19%	(81)%	12%
Result from continuing operations	(18)	127	178	217	504
Result from discontinued operations	21	31	(3)	(105)	(56)
Non-controlling interests	(15)	(21)	(12)	-	(48)
Net income, Solvay share	(12)	138	163	112	400
Basic EPS (in €)	(0.12)	1.33	1.57	1.07	3.85
Diluted EPS (in €)	(0.11)	1.32	1.56	1.07	3.83
Capex	(291)	(268)	(260)	(341)	(1,160)
Capex (continuing operations)	(264)	(243)	(252)	(333)	(1,092)
Free cash flow	(358)	192	245	413	492
Free Cash Flow (continuing operations)	(283)	137	240	406	500

Pro forma 2015 key financial indicators	Underlying
(in € m)	Q1	Q2	Q3	Q4	FY
Net sales	3,104	3,135	3,162	2,977	12,378
EBITDA	592	603	625	515	2,336
EBITDA margin	19%	19%	20%	17%	19%
EBIT	406	412	429	303	1,550
EBIT margin	13%	13%	14%	10%	13%
Net financial charges	(120)	(116)	(109)	(99)	(444)
Income taxes	(87)	(92)	(95)	(58)	(331)
Tax rate	31%	31%	30%	30%	30%
Result from continuing operations	198	204	226	145	774
Result from discontinued operations	25	33	-	1	59
Non-controlling interests	(21)	(21)	(13)	(11)	(65)
Net income, Solvay share	202	216	214	136	768
Basic EPS (in €)	1.95	2.08	2.06	1.31	7.40
Diluted EPS (in €)	1.94	2.07	2.05	1.30	7.35
Capex	(291)	(268)	(260)	(341)	(1,160)
Capex (continuing operations)	(264)	(243)	(252)	(333)	(1,092)
Free cash flow	(358)	192	245	413	492
Free Cash Flow (continuing operations)	(283)	137	240	406	500

Pro forma 2015 segment information		Underlying
(in € m)	Q1	Q2	Q3	Q4	FY
Net sales	3,104	3,135	3,162	2,977	12,378
Advanced Materials	1,108	1,138	1,166	1,091	4,503
Specialty Polymers	451	475	519	456	1,901
Composite Materials	300	297	293	279	1,169
Special Chem	229	234	226	223	912
Silica	127	131	129	134	521
Advanced Formulations	744	740	710	691	2,885
Novecare	503	482	466	443	1,895
Technology Solutions	157	163	155	156	631
Aroma Performance	84	95	89	91	360
Performance Chemicals	756	757	793	746	3,052
Soda Ash & Derivatives	384	385	403	382	1,554
Peroxides	136	134	152	136	558
Acetow	127	130	138	147	542
Coatis	110	108	100	81	398
Functional Polymers	494	499	489	444	1,926
Polyamide	375	383	368	322	1,448
Chlorovinyls	119	116	121	122	478
Corporate & Business Services	1	1	3	6	11
EBITDA	592	603	625	515	2,336
Advanced Materials	263	275	297	244	1,079
Advanced Formulations	135	139	130	118	522
Performance Chemicals	186	187	209	188	770
Functional Polymers	42	52	61	36	190
Corporate & Business Services	(35)	(50)	(71)	(70)	(225)
EBITDA margin	19%	19%	20%	17%	19%
Advanced Materials	24%	24%	25%	22%	24%
Advanced Formulations	18%	19%	18%	17%	18%
Performance Chemicals	25%	25%	26%	25%	25%
Functional Polymers	8.5%	10%	12%	8.0%	9.9%

Pro forma 2015 income statement	IFRS
(in € m)	Q1	Q2	Q3	Q4	FY
Sales	3,222	3,242	3,275	3,109	12,847
Revenues from non-core activities	118	107	113	132	470
Net sales	3,104	3,135	3,162	2,977	12,378
Cost of goods sold	(2,483)	(2,373)	(2,398)	(2,352)	(9,606)
Gross margin	738	870	877	757	3,241
Commercial & administrative costs	(374)	(399)	(380)	(396)	(1,548)
Research & innovation costs	(78)	(82)	(78)	(86)	(324)
Other operating gains & losses	(46)	(60)	(76)	(60)	(242)
Earnings from associates & joint ventures	10	4	(21)	29	21
Non-recurring items	(149)	(47)	(25)	(35)	(256)
EBIT	101	286	297	208	892
EBIT margin	3.3%	9.1%	9.4%	7.0%	7.2%
Net cost of borrowings	(64)	(61)	(51)	(59)	(235)
Cost of discounting provisions	(27)	(25)	(20)	(9)	(81)
Result from available-for-sale financial assets	-	-	-	(7)	(8)
Result before taxes	10	199	225	133	568
Income taxes	(28)	(72)	(48)	84	(63)
Tax rate	n.m.	37%	19%	(81)%	12%
Result from continuing operations	(18)	127	178	217	504
Result from discontinued operations	21	31	(3)	(105)	(56)
Net income	3	158	175	112	448
Non-controlling interests	(15)	(21)	(12)	-	(48)
Net income, Solvay share	(12)	138	163	112	400
Basic EPS from continuing operations (in €)	(0.27)	1.12	1.59	2.01	4.45
Basic EPS (in €)	(0.12)	1.33	1.57	1.07	3.85
Diluted EPS from continuing operations (in €)	(0.27)	1.11	1.58	2.00	4.42
Diluted EPS (in €)	(0.11)	1.32	1.56	1.07	3.83

Pro forma 2015 income statement	Underlying
(in € m)	Q1	Q2	Q3	Q4	FY
Sales	3,222	3,242	3,275	3,109	12,847
Revenues from non-core activities	118	107	113	132	470
Net sales	3,104	3,135	3,162	2,977	12,378
Cost of goods sold	(2,402)	(2,372)	(2,398)	(2,352)	(9,523)
Gross margin	820	870	877	757	3,324
Commercial & administrative costs	(360)	(385)	(366)	(381)	(1,491)
Research & innovation costs	(78)	(82)	(78)	(86)	(324)
Other operating gains & losses	13	-	(16)	-	(2)
Earnings from associates & joint ventures	10	8	13	13	43
EBITDA	592	603	625	515	2,336
EBITDA margin	19%	19%	20%	17%	19%
Depreciation & Amortization (recurring)	(187)	(191)	(196)	(212)	(786)
EBIT	406	412	429	303	1,550
EBIT margin	13%	13%	14%	10%	13%
Net cost of borrowings	(60)	(56)	(45)	(49)	(210)
Coupons on perpetual hybrid bonds	(28)	(28)	(28)	(28)	(112)
Interests and realized foreign exchange losses on RusVinyl (JV)	(6)	(6)	(10)	(5)	(27)
Cost of discounting provisions	(27)	(25)	(26)	(18)	(95)
Result before taxes	285	296	320	204	1,105
Income taxes	(87)	(92)	(95)	(58)	(331)
Tax rate	31%	31%	30%	30%	30%
Result from continuing operations	198	204	226	145	774
Result from discontinued operations	25	33	-	1	59
Net income	224	237	226	146	833
Non-controlling interests	(21)	(21)	(13)	(11)	(65)
Net income, Solvay share	202	216	214	136	768
Basic EPS from continuing operations (in €)	1.76	1.87	2.06	1.30	6.98
Basic EPS (in €)	1.95	2.08	2.06	1.31	7.40
Diluted EPS from continuing operations (in €)	1.75	1.85	2.04	1.29	6.93
Diluted EPS (in €)	1.94	2.07	2.05	1.30	7.35

f i P Q t t t 1 2 0 1 5 r o o r m a n c o m e s a e m e n	So	lva d-a sta y n	lon e	Cy +	d-a tec st an	lon e	ina F n- + =			for b ina ion Pro t ma co m
		P P A			P P A		ing & c is i acq u ion t		P P A		Oth d er a jus tm ent s & h bri d y	de Un r
( ) in € m	I F R S	im act p	A d j d te us	I F R S	im act p	A d j d te us	sts co	I F R S	im act p	A d j d te us	cou po ns	ly ing
Sa les	2, 76 4	-	2, 76 4	45 7	-	45 7		3, 22 2	-	3, 22 2	-	3, 22 2
fro iv it ies Re t ve nu es m no n-c ore ac	118	-	118	-	-	-		118	-	118	-	118
[ a ] les Ne t s a	2, 64 6	-	2, 64 6	45 7	-	45 7		3, 10 4	-	3, 10 4	-	3, 10 4
f g Co ds l d st o oo so	( ) 2, 0 84	-	( ) 2, 0 84	( ) 3 9 9	81	( ) 31 9		( ) 2, 48 3	81	( ) 2, 40 3	1	( ) 2, 40 2
Gro in ss ma rg	6 8 0	-	6 8 0	8 5	81	13 8		73 8	81	81 9	1	8 20
Co ia l & a dm in ist ive rat sts mm erc co	( ) 31 6	-	( ) 31 6	( ) 5 8	-	( ) 5 8		( ) 374	-	( ) 374	14	( ) 3 6 0
h & inn ion Re at sts sea rc ov co	( ) 67	-	( ) 67	( ) 11	-	( ) 11		( ) 78	-	( ) 78	-	( ) 78
he ing ins los Ot & t r o p era g a ses	( ) 11	27	16	( ) 35	3 2	( ) 3		( ) 46	6 0	13	-	13
[ ] fro b Ea ing iat & j int ntu rn s m ass oc es o ve res	10	-	10	-	-	-		10	-	10	-	10
[ c ] -d- f E B I T D A / R E B I T D A = g e-			0 2 5			91				9 2 5		9 2 5
[ c ] E B I T D A / R E B I T D A m in /a arg			% 19			% 20				% 19		% 19
[ ] (re ) iat ion & iza ion ing d De Am ort t p rec cu rr	( ) 20 1	27	( ) 174	( ) 137	113	( ) 24		( ) 3 3 8	14 0	( ) 19 8	11	( ) 187
[ e ] he d j lem Ot R E B I T D A a ust nt ts r me e en			( ) 4							( ) 4	4	-
[ ] f No ing ite n-r ecu rr ms	( ) 19	-	( ) 19	-	-	-	( ) 13 0	( ) 149	-	( ) 149	149	-
[ g ] E B I T	27 8	27	3 05	( ) 46	113	67	( ) 13 0	10 1	0 14	24 1	164	40 6
f Ne bo ing t c ost o rro s w	( ) 3 6		( ) 3 6	( ) 6	-	( ) 6	( ) 23	( ) 64	-	( ) 64	4	( ) 6 0
Co l hy br i d bo ds etu up on s o n p erp a n											( ) 28	( ) 28
d r l ize d for ig ha los Int sts ere an ea e n e xc ng e ses on [ ] ( ) iny l h Ru V J V s											( ) 6	( ) 6
f d isc ing is ion Co st nt o ou p rov s	( ) 25	-	( ) 25	( ) 2	-	( ) 2	-	( ) 27	-	( ) 27	-	( ) 27
fro for f Re lt i la b le- le ina ia l as set su m ava -sa nc s	-	-	-	-	-	-	-	-	-	-	-	-
[ ] for Re lt be i e t su ax es	217	27	24 5	( ) 54	113	9 5	( ) 3 15	10	0 14	0 15	135	28 5
[ ] Inc j e t om axe s	( ) 8 3	( ) 9	( ) 9 2	19	( ) 35	( ) 16	3 6	( ) 28	( ) 45	( ) 73	( ) 14	( ) 87
[ ] ( ) j / i- b- h Tax te ra	% 40		% 3 9	% 35		% 28		n.m		% 5 2		% 31
lt fro inu ing ion Re nt t su m co op era s	135	18	15 2	( ) 35	78	42	( ) 117	( ) 18	9 6	78	121	19 8
lt fro d d o Re isc inu ion t t su m on e p era s	21	-	21	-	-	-	-	21	-	21	5	25
Ne inc t om e	155	18	173	( ) 35	78	42	( ) 117	3	9 6	9 8	125	22 4
No l l ing int tro sts n-c on ere	( ) 15	-	( ) 15	-	-	-	-	( ) 15	-	( ) 15	( ) 6	( ) 21
Ne inc So lva ha t om e, y s re	14 0	18	15 8	( ) 35	78	42	( ) 117	( ) 12	9 6	84	119	20 2
( ) ic S fro inu ing ion in € Ba E P t t s m con op era s	1.4 9	0. 21	1.7 0					( ) 0. 27	0. 9 2	0. 65	1.11	1.7 6
( ) ic in € Ba E P S s	1.6 8	0. 22	1.9 0					( ) 0.1 2	0. 9 2	0. 81	1.1 5	1.9 5
( ) lut d fro D i E P S inu ing ion in € t t e m con op era s	1.4 8	0. 21	1.6 9					( ) 0. 27	0. 91	0. 65	1.1 0	1.7 5
( ) D i lut d E P S in € e	1.6 7	0. 22	1.8 9					( ) 0.1 1	0. 91	0. 8 0	1.14	1.9 4

f i P Q 2 2 0 1 5 t t t r o o r m a n c o m e s a e m e n	So	lva d-a sta y n	lon e	Cy +	d-a tec st an	lon e	ina F n- + =	Pro for b ina ion t ma co m
		P P A			P P A		ing & c is i acq u ion t		P P A		Oth d er a jus tm ent s & h bri d y	de Un r
( ) in € m	I F R S	im act p	d j d A te us	I F R S	im act p	d j d A te us	sts co	I F R S	im act p	d j d A te us	cou po ns	ly ing
Sa les	2, 78 2	-	2, 78 2	46 0	-	46 0		3, 24 2	-	3, 24 2	-	3, 24 2
Re fro iv it ies t ve nu es m no n-c ore ac	107	-	107	-	-	-		107	-	107	-	107
[ a ] les Ne t s a	2, 67 5	-	2, 67 5	46 0	-	46 0		3, 135	-	3, 135	-	3, 135
f g ds l d Co st o oo so	( ) 2, 0 6 0	-	( ) 2, 0 6 0	( ) 31 3	1	( ) 31 2		( ) 2, 37 3	1	( ) 2, 37 2	-	( ) 2, 37 2
in Gro ss ma rg	72 3	-	72 3	14 7	1	14 8		87 0	1	87 0	-	87 0
Co ia l & a dm in ist ive rat sts mm erc co	( ) 34 2	-	( ) 34 2	( ) 6 5	-	( ) 6 5		( ) 3 9 9	-	( ) 3 9 9	14	( ) 3 85
Re h & inn ion at sts sea rc ov co	( ) 71	-	( ) 71	( ) 11	-	( ) 11		( ) 8 2	-	( ) 8 2	-	( ) 8 2
Ot he ing ins & los t r o p era g a ses	( ) 24	27	4	( ) 3 6	3 3	( ) 3		( ) 6 0	6 0	-	-	-
[ ] ing fro iat & j int b Ea ntu rn s m ass oc es o ve res	4	-	4	-	-	-		4	-	4	4	8
[ c ] -d- f E B I T D A / R E B I T D A = g e-			5 0 0			10 2				6 0 3		6 0 3
[ c ] in E B I T D A / R E B I T D A m /a arg			19 %			22 %				19 %		19 %
(re ) [ ] De iat ion & Am iza ion ing d ort t p rec cu rr	( ) 20 5	27	( ) 177	( ) 9 5	34	( ) 25		( ) 26 4	61	( ) 20 3	11	( ) 191
[ e ] Ot he R E B I T D A a d j lem ust nt ts r me e en	-		( ) 7							( ) 7	7	-
[ ] ing ite f No n-r ecu rr ms	( ) 46	-	( ) 46	( ) 1	-	( ) 1	-	( ) 47	-	( ) 47	47	-
[ g ] E B I T	24 4	27	271	42	34	76	-	28 6	61	34 7	65	41 2
f bo Ne ing t c ost o rro w s	( ) 35		( ) 35	( ) 6	-	( ) 6	( ) 20	( ) 61	-	( ) 61	5	( ) 5 6
Co l hy br i d bo ds etu up on s o n p erp a n											( ) 28	( ) 28
Int d r l ize d for ig ha los sts ere an ea e n e xc ng e ses on ( ) [ ] Ru V iny l J V h s											( ) 6	( ) 6
Co f d isc ing is ion st nt o ou p rov s	( ) 23	-	( ) 23	( ) 2	-	( ) 2	-	( ) 25	-	( ) 25	-	( ) 25
lt fro i la b le- for le f ina ia l as Re set su m ava -sa nc s	-	-	-	-	-	-	-	-	-	-	-	-
[ ] lt be for i Re e t su ax es	18 5	27	213	34	34	6 8	( ) 20	19 9	61	26 0	3 6	29 6
[ ] Inc j e t om axe s	( ) 72	( ) 9	( ) 81	( ) 9	( ) 11	( ) 20	9	( ) 72	( ) 20	( ) 9 2	-	( ) 9 2
[ ( ) ] Tax j / i- b- h te ra	40 %		3 9 %	27 %		29 %		37 %		3 6 %		31 %
Re lt fro inu ing ion nt t su m co op era s	113	18	131	25	23	48	( ) 11	127	41	16 8	3 6	20 4
lt fro d isc inu d o ion Re t t su m on e p era s	3 3	-	3 3	( ) 1	-	( ) 1	-	31	-	31	1	3 3
inc Ne t om e	14 6	18	164	24	23	46	( ) 11	15 8	41	19 9	37	23 7
l l ing int No tro sts n-c on ere	( ) 21	-	( ) 21	-	-	-	-	( ) 21	-	( ) 21	-	( ) 21
inc lva ha Ne So t om e, y s re	125	18	14 3	24	23	46	( ) 11	13 8	41	178	3 8	216
( ) Ba ic E P S fro inu ing ion in € t t s m con op era s	1.2 2	0. 22	1.4 4					2 1.1	0. 3 9	1.5 1	0. 3 6	1.8 7
( ) Ba ic E P S in € s	1.5 0	0. 21	1.7 1					1.3 3	0. 3 9	1.7 2	0. 3 6	2.0 8
( ) i lut d S fro inu ing ion in € D E P t t e m con op era s	1.2 1	0. 22	1.4 3					1.11	0. 3 9	1.5 0	0. 3 6	1.8 5
( ) i lut d in € D E P S e	1.4 9	0. 21	1.7 0					1.3 2	0. 3 9	1.7 1	0. 3 6	2.0 7

f i P Q t t t 3 2 0 1 5 r o o r m a n c o m e s a e m e n	ina F lva d-a lon d-a lon So Cy sta tec st y n e an e + +				n- =	for b ina ion Pro t ma co m
		P P A			P P A		ing & c is i acq u ion t		P P A		Oth d er a jus tm ent s & h bri d y	de Un r
( ) in € m	I F R S	im act p	A d j d te us	I F R S	im act p	A d j d te us	sts co	I F R S	im act p	A d j d te us	cou po ns	ly ing
Sa les	2, 8 27	-	2, 8 27	44 7	-	44 7		3, 27 5	-	3, 27 5	-	3, 27 5
fro iv it ies Re t ve nu es m no n-c ore ac	113	-	113	-	-	-		113	-	113	-	113
[ a ] les Ne t s a	2, 714	-	2, 714	44 7	-	44 7		3, 16 2	-	3, 16 2	-	3, 16 2
f g Co ds l d st o oo so	( ) 2, 0 9 8	-	( ) 2, 0 9 8	( ) 3 01	-	( ) 3 0 0		( ) 2, 3 9 8	-	( ) 2, 3 9 8	-	( ) 2, 3 9 8
Gro in ss ma rg	73 0	-	73 0	14 7	-	14 7		87 7	-	87 7	-	87 7
Co ia l & a dm in ist ive rat sts mm erc co	( ) 3 26	-	( ) 3 26	( ) 5 3	-	( ) 5 3		( ) 3 8 0	-	( ) 3 8 0	14	( ) 3 6 6
h & inn ion Re at sts sea rc ov co	( ) 67	-	( ) 67	( ) 12	-	( ) 12		( ) 78	-	( ) 78	-	( ) 78
he ing ins los Ot & t r o p era g a ses	( ) 3 9	27	( ) 12	( ) 37	3 3	( ) 4		( ) 76	6 0	( ) 16	-	( ) 16
[ ] fro b Ea ing iat & j int ntu rn s m ass oc es o ve res	( ) 21	-	( ) 21	-	-	-		( ) 21	-	( ) 21	34	13
[ c ] -d- f E B I T D A / R E B I T D A = g e-			24 5			10 2				6 25		6 25
[ c ] E B I T D A / R E B I T D A m in /a arg			% 19			% 23				% 20		% 20
[ ] (re ) iat ion & iza ion ing d De Am ort t p rec cu rr	( ) 210	27	( ) 18 3	( ) 57	3 3	( ) 24		( ) 26 7	6 0	( ) 20 7	11	( ) 19 6
[ e ] he d j lem Ot R E B I T D A a ust nt ts r me e en	-		( ) 37							( ) 37	37	-
[ ] f No ing ite n-r ecu rr ms	( ) 61	-	( ) 61	( ) 4	-	( ) 4	41	( ) 25	-	( ) 25	25	-
[ g ] E B I T	215	27	24 2	40	3 3	73	41	29 7	6 0	35 7	73	42 9
f Ne bo ing t c ost o rro s w	( ) 3 0		( ) 3 0	( ) 6	-	( ) 6	( ) 15	( ) 51	-	( ) 51	6	( ) 45
Co l hy br i d bo ds etu up on s o n p erp a n											( ) 28	( ) 28
d r l ize d for ig ha los Int sts ere an ea e n e xc ng e ses on [ ] ( ) iny l h Ru V J V s											( ) 10	( ) 10
f d isc ing is ion Co st nt o ou p rov s	( ) 18	-	( ) 18	( ) 2	-	( ) 2	-	( ) 20	-	( ) 20	( ) 6	( ) 26
fro for f Re lt i la b le- le ina ia l as set su m ava -sa nc s	-	-	-	-	-	-	-	-	-	-	-	-
[ ] for Re lt be i e t su ax es	167	27	194	3 2	3 3	65	26	22 5	6 0	28 5	35	3 20
[ ] Inc j e t om axe s	( ) 49	( ) 9	( ) 5 8	( ) 5	( ) 10	( ) 15	6	( ) 48	( ) 20	( ) 67	( ) 27	( ) 95
[ ] ( ) j / i- b- h Tax te ra	% 26		% 27	% 15		% 23		% 19		% 22		% 3 0
lt fro inu ing ion Re nt t su m co op era s	118	18	13 6	27	23	5 0	3 2	178	40	218	8	22 6
lt fro d d o Re isc inu ion t t su m on e p era s	( ) 3	-	( ) 3	-	-	-	-	( ) 3	-	( ) 3	4	-
Ne inc t om e	115	18	13 3	27	23	5 0	3 2	175	40	215	11	22 6
No l l ing int tro sts n-c on ere	( ) 12	-	( ) 12	-	-	-	-	( ) 12	-	( ) 12	( ) 1	( ) 13
Ne inc So lva ha t om e, y s re	10 3	18	121	27	23	5 0	3 2	16 3	40	20 3	11	214
( ) ic S fro inu ing ion in € Ba E P t t s m con op era s	1.2 7	0. 22	1.4 9					1.5 9	0. 3 9	1.9 8	0. 07	2.0 6
( ) ic in € Ba E P S s	1.2 5	0. 21	1.4 6					1.5 7	0. 3 9	1.9 6	0.1 0	2.0 6
( ) lut d fro D i E P S inu ing ion in € t t e m con op era s	1.2 6	0. 21	1.4 7					1.5 8	0. 3 9	1.9 7	0. 07	2.0 4
( ) D i lut d E P S in € e	1.2 3	0. 20	3 1.4					6 1.5	0. 3 9	1.9 4	0.1 0	2.0 5

f i Q P 4 2 0 1 5 t t t r o o r m a n c o m e s a e m e n	So	lva d-a lon sta n e y			d-a tec st an	lon e	F ina n- + =	for b Pro ina ion t ma co m
		P P A			P P A		ing & c is i acq u ion t		P P A		Oth d er a jus tm ent s & h bri d y	de Un r
( ) in € m	S I F R	im act p	d j d A te us	S I F R	im act p	d j d A te us	sts co	S I F R	im act p	d j d A te us	cou po ns	ly ing
les Sa	2, 67 4	-	2, 67 4	43 5	-	43 5		3, 10 9	-	3, 10 9	-	3, 10 9
fro Re iv it ies t ve nu es m no n-c ore ac	13 2	-	13 2	-	-	-		13 2	-	13 2	-	13 2
[ a ] les Ne t s a	2, 2 54	-	2, 2 54	43 5	-	43 5		2, 97 7	-	2, 97 7	-	2, 97 7
Co f g ds l d st o oo so	( ) 2, 04 8	-	( ) 2, 04 8	( ) 3 04	-	( ) 3 04		( ) 2, 35 2	-	( ) 2, 35 2	-	( ) 2, 35 2
Gro in ss ma rg	6 26	-	6 26	131	-	131		75 7	-	75 7	-	75 7
ia l dm in ist ive Co & a rat sts mm erc co	( ) 34 3	-	( ) 34 3	( ) 5 3	-	( ) 5 3		( ) 3 9 6	-	( ) 3 9 6	15	( ) 3 81
h Re & inn ion at sts sea rc ov co	( ) 73	-	( ) 73	( ) 13	-	( ) 13		( ) 8 6	-	( ) 8 6	-	( ) 8 6
Ot he ing ins & los t r o p era g a ses	( ) 24	27	3	( ) 35	3 3	( ) 2		( ) 6 0	6 0	-	-	-
[ ] Ea ing fro iat & j int b ntu rn s m ass oc es o ve res	29	-	29	-	-	-		29	-	29	( ) 16	13
[ c ] / -d- f E B I T D A R E B I T D A = g e-			42 9			87				515		515
[ c ] in E B I T D A / R E B I T D A m /a arg			17 %			20 %				17 %		17 %
(re ) [ ] d De iat ion & Am iza ion ing ort t p rec cu rr	( ) 22 6	27	( ) 19 9	( ) 5 8	34	( ) 25		( ) 28 4	61	( ) 22 4	11	( ) 212
[ e ] Ot he R E B I T D A a d j lem ust nt ts r me e en			12			-				12	( ) 12	-
[ ] No ing ite f n-r ecu rr ms	( ) 119	-	( ) 119	( ) 6	-	( ) 6	9 0	( ) 35	-	( ) 35	35	-
[ g ] E B I T	9 6	27	123	23	34	5 6	9 0	20 8	61	26 9	35	3 0 3
f bo ing Ne t c ost o rro w s	( ) 45	-	( ) 45	( ) 6	-	( ) 6	( ) 8	( ) 5 9	-	( ) 5 9	10	( ) 49
l hy br i d bo ds Co etu up on s o n p erp a n											( ) 28	( ) 28
d r l d for ha los Int ize ig sts ere an ea e n e xc ng e ses on ( ) [ ] l h Ru V iny J V s											( ) 5	( ) 5
f Co d isc ing is ion st nt o ou p rov s	( ) 7	-	( ) 7	( ) 2	-	( ) 2	-	( ) 9	-	( ) 9	( ) 9	( ) 18
Re lt fro i la b le- for le f ina ia l as set su m ava -sa nc s	( ) 7	-	( ) 7	-	-	-	-	( ) 7	-	( ) 7	7	-
[ ] lt be for i Re e t su ax es	3 6	27	6 3	15	34	48	8 2	13 3	61	19 3	10	20 4
[ ] j Inc e t om axe s	10 6	( ) 9	97	( ) 8	( ) 10	( ) 17	( ) 14	84	( ) 19	65	( ) 124	( ) 5 8
[ ( ) ] j i- b- h Tax / te ra	n.m		n.m	5 3 %		3 6 %		( ) 81 %		( ) 40 %		3 0 %
lt fro inu ing ion Re nt t su m co op era s	14 3	18	16 0	7	24	31	67	217	42	25 9	( ) 113	14 5
Re lt fro d isc inu d o ion t t su m on e p era s	( ) 10 5	-	( ) 10 5	-	-	-	-	( ) 10 5	-	( ) 10 5	10 6	1
Ne inc t om e	3 8	18	5 6	7	24	31	67	112	42	15 3	( ) 7	14 6
l l ing int No tro sts n-c on ere	-	-	-	-	-	-	-	-	-	-	( ) 10	( ) 11
inc lva ha Ne So t om e, y s re	37	18	55	7	24	31	67	112	41	15 3	( ) 17	13 6
( ) fro Ba ic E P S inu ing ion in € t t s m con op era s	1.5 8	0. 20	1.7 9					2.0 1	0.4 0	2.4 1	( ) 1.11	1.3 0
( ) Ba ic E P S in € s	0.4 4	0. 21	0. 65					1.0 7	0.4 0	8 1.4	( ) 0.1 7	1.3 1
( ) D i lut d E P S fro inu ing ion in € t t e m con op era s	1.5 7	0. 21	1.7 8					2.0 0	0.4 0	2.4 0	( ) 1.11	1.2 9
( ) i lut d S in € D E P e	0.4 4	0. 22	0. 64					1.0 7	0.4 0	1.4 7	( ) 0.1 7	1.3 0

f i P F Y 2 0 1 5 t t t r o o r m a n c o m e s a e m e n	So	lva d-a sta y n	lon e	+	Cy	d-a tec st an	lon e	ina F n Pro for b ma co m + =			ina ion t
		P P A				P P A		ing & c is i acq u ion t		P P A		Oth d er a jus tm ent s & h bri d y	de Un r
( ) in € m	I F R S	im act p	d j d A te us	I F R	S	im act p	d j d A te us	sts co	I F R S	im act p	d j d A te us	cou po ns	ly ing
les Sa	04 11, 7	-	04 11, 7	1,	8 0 0	-	8 0 0 1,		12 84 7 ,	-	12 84 7 ,	-	12 84 7 ,
fro Re iv it ies t ve nu es m no n-c ore ac	0 47	-	0 47		-	-	-		0 47	-	0 47	-	0 47
[ a ] Ne les t s a	10 57 8 ,	-	10 57 8 ,	1,	8 0 0	-	1, 8 0 0		12 37 8 ,	-	12 37 8 ,	-	12 37 8 ,
Co f g ds l d st o oo so	( ) 8, 28 9	-	( ) 8, 28 9	( 1,	) 317	8 2	( ) 1, 23 6		( ) 9, 6 0 6	8 2	( ) 9, 5 24	1	( ) 9, 5 23
in Gro ss ma rg	2, 75 9	-	2, 75 9		48 2	8 2	5 64		3, 24 1	8 2	3, 3 23	1	3, 3 24
Co ia l & a dm in ist ive rat sts mm erc co	( ) 1, 3 27	-	( ) 1, 3 27	(	) 221	-	( ) 221		( ) 1, 54 8	-	( ) 1, 54 8	57	( ) 1, 49 1
Re h & inn ion at sts sea rc ov co	( ) 277	-	( ) 277		( ) 47	-	( ) 47		( ) 3 24	-	( ) 3 24	-	( ) 3 24
Ot he ing ins & los t r o p era g a ses	( ) 9 9	10 9	10	(	) 144	131	( ) 13		( ) 24 2	24 0	( ) 2	-	( ) 2
[ ] ing fro iat & j int b Ea ntu rn s m ass oc es o ve res	21	-	21		-	-	-		21	-	21	22	43
[ c ] -d- f E B I T D A / R E B I T D A = g e-			1, 95 5				3 81				2, 3 3 6	-	2, 3 3 6
[ c ] in E B I T D A / R E B I T D A m /a arg			18 %				21 %				19 %		19 %
(re ) [ ] De iat ion & Am iza ion ing d ort t p rec cu rr	( ) 84 2	10 9	( ) 73 3	(	) 311	213	( ) 9 8		( ) 3 1, 15	3 22	( ) 8 31	45	( ) 78 6
[ e ] Ot he R E B I T D A a d j lem ust nt ts r me e en			( ) 35								( ) 35	35	-
[ ] ing ite f No n-r ecu rr ms	( ) 24 5	-	( ) 24 5		( ) 11	-	( ) 11	-	( ) 25 6	-	( ) 25 6	25 6	-
[ g ] E B I T	8 3 3	10 9	94 1		5 9	213	27 2	-	8 9 2	3 22	1, 213	3 37	1, 55 0
f bo ing Ne t c ost o rro w s	( ) 14 6	-	( ) 14 6		( ) 23	-	( ) 23	( ) 6 6	( ) 23 5	-	( ) 23 5	25	( ) 210
l hy br d bo ds Co i etu up on s o n p erp a n												( ) 112	( ) 112
for Int d r l ize d ig ha los sts ere an ea e n e xc ng e ses on ( ) [ ] Ru V iny l J V h s												( ) 27	( ) 27
Co f d isc ing is ion st nt o ou p rov s	( ) 73	-	( ) 73		( ) 8	-	( ) 8	-	( ) 81	-	( ) 81	( ) 14	( ) 95
lt fro i la b le- for le f ina ia l as Re set su m ava -sa nc s	( ) 8	-	( ) 8		-	-	-	-	( ) 8	-	( ) 8	8	-
[ ] lt be for i Re e t su ax es	6 0 6	10 9	715		27	213	24 0	( ) 6 6	5 6 8	3 22	8 8 9	216	1, 10 5
[ ] Inc j e t om axe s	( ) 97	( ) 3 8	( ) 135		( ) 3	( ) 6 6	( ) 6 9	37	( ) 6 3	( ) 10 3	( ) 16 6	( ) 165	( ) 3 31
[ ( ) ] Tax j / i- b- h te ra	% 17		19 %		12 %		29 %		12 %		19 %		3 0 %
Re lt fro inu ing ion nt t su m co op era s	5 0 9	71	5 8 0		24	14 7	171	( ) 29	5 04	218	72 3	51	774
lt fro d isc inu d o ion Re t t su m on e p era s	( ) 55	-	( ) 55		( ) 1	-	( ) 2	-	( ) 5 6	-	( ) 5 6	115	5 9
inc Ne t om e	45 4	71	5 25		23	14 7	170	( ) 29	44 8	218	6 6 6	167	8 3 3
l l ing int No tro sts n-c on ere	( ) 48	-	( ) 48		-	-	-	-	( ) 48	-	( ) 48	( ) 17	( ) 65
inc lva ha Ne So t om e, y s re	40 6	71	47 7		23	14 7	170	( ) 29	40 0	218	61 8	15 0	76 8
( ) fro Ba ic E P S inu ing ion in € t t s m con op era s	5.5 7	0. 85	6.4 2						4.4 5	2.1 0	6.5 5	0.4 3	6. 9 8
( ) Ba ic E P S in € s	4.8 5	0. 85	5.7 0						3. 85	2.1 0	5. 9 6	1.4 4	7.4 0
( ) i lut d S fro inu ing ion in € D E P t t e m con op era s	5.5 3	0. 85	6. 3 8						4.4 2	2.0 9	6.5 1	0.4 2	6. 9 3
( ) i lut d in € D E P S e	4.8 1	0. 85	5. 6 6						3. 8 3	2.0 9	5. 9 2	1.4 3	7.3 5

i i i i i F & t t n a n c n g a c q s o n c o s s u			20 15			Ex lan ion at p s
( ) in € m	Q 1	Q 2	Q 3	Q 4	F Y
No ite	( ) 13 0		41	9 0		( ) m ha ing f fec ing lat d t he is it ion he P n € 13 0 Cy t o sts o t tec s t ts s e no n-r ecu rr co re e ac q u , a se cos
ing n-r ecu rr ms		-			-	i bu d t ho h w f fec ive ly inc d in d Q 1, Q 3 a Q 4 at tr te t t are o ug ere e urr e n
Ne f bo t c ost	( ) 23	( ) 20	( ) 15	( ) 8	( ) 6 6	( ) m d d l lat d t he f f A it ion int Cy is it ion ina ing € 8 ina ing st o t tec sts a ere ex p en se re e ac q u nc nc co ar e ;
ing o rro w s						lre dy lu de d he lva d-a lon f bo for inc in t So ing Q 4 sta et t o a a y n e n cos rro w s
Inc e t om axe s	3 6	9	6	( ) 14	37	f f t Ne d it r lat d t he de bt ina ing he Cy is it ion t t o t tec ax cre e e nc o ac q u

h d j P P A & t t t o e r a u s m e n s			20 15			lan ion Ex at p s
( ) in € m	Q 1	Q 2	Q 3	Q 4	F Y
Co f g ds l d st o oo so	8 2	1	-	-	8 3	d f € for fro ha l loc A j 8 2 m I F R S inv Cy ice ion ust nts tor ste tec at me o en y p- up s m p urc se p r a + ( ) d f € for lat d c fro l ler he log lux A j 1 m M & A r is it ion C ics F Ry ust nt ost ton me o e e s m sm a acq u s m , , , …
Co ia l & a dm in ist ive rat sts mm erc co	14	14	14	15	57	( ) ( for fro A d j M & A r lat d c inc lu d ing P P A l ler is it ion C he log ics F lux ust nt ost me e e s m sm a acq s m u , , ) Ry ton , …
he los Ot ing ins & t r o p era g a ses	6 0	6 0	6 0	6 0	24 0	I F R S P P A a d j f € he R ho d ia a is it ion d he Cy is it ion ust nts 10 9 m t € 1 31 t tec me o on cq u an m on ac q u , for int i b le a iza ion ha ts ort t an g sse am c rg es
Ea ing fro iat & j int ntu rn s m ass oc es o ve res	-	4	34	( ) 16	22	d j lat d t he iny l j int for d j ity bo k v lue d for Ne Ru V t a ust nt o t ntu ust nts to me re e s o ve re a me eq u o a an he las i f ica ion f f ina ia l ex de ly ing f ina ia l c ha t t to t rec s o nc p en ses un r ne nc rg es
(re ) iat ion & iza ion ing De Am ort t p rec cu rr	151	72	71	72	3 67	d f € he ho d he d I F R S P P A a j 10 9 m R ia a is it ion € 213 Cy is it ion € ust nts t t tec me o on cq u on ac q u an , ( ) l ler he log lux 45 is it ion C ics F Ry ton m on sm a acq u s m , , , …
Ot he R E B I T D A a d j lem ust nt ts r me e en	4	7	37	( ) 12	35	f € for for Ne d j 22 lat d t he Ru V iny l j int im irm d he t a ust nt o t ntu ts t me o m re e s o ve re p a en an las i f ica ion f f ina ia l ex de ly ing f ina ia l c ha No P P A- lat d M & A t to t rec s o nc p en ses un r ne nc rg es n- re e + ( ) im f € fro l ler is it ion C he log ics F lux Ry 13 act ton p o m m sm a acq u s m , , , …
ing ite No n-r ecu rr ms	149	47	25	35	25 6	d j for ing inc lu d ing lat d t he Cy is it ion A € 13 0 m ust nt sts o t tec me no n-r ecu rr co re e ac q u ,
f bo ing Ne t c ost o rro w s	4	5	6	10	25	d j for hy in f lat ion im in la A Ve ust nt act me p er p ne zu e
Co l hy br i d bo ds etu up on s o n p erp a n	( ) 28	( ) 28	( ) 28	( ) 28	( ) 112	las f de ly f l c ha f c l hy br d bo ds Re i ica ion ing ina ia i t t etu c s as un r ne nc rg es o ou p on s o n p erp a n , f las i ie d a ity de I F R S c s s e q un r u
d r l ize d for ig ha Int sts ere an ea e n e xc ng e ( ) los iny l Ru V J V ses on s	( ) 6	( ) 6	( ) 10	( ) 5	( ) 27	Re las i f ica ion f int d r l ize d for ig ha los E U R- de ina d de bt t sts te c s o ere an ea e n e xc ng e ses on no m lat d t Ru V iny l, fro ing fro iat & j int de ly ing f ina ia l ntu to t re e o s m ea rn s m ass oc es o ve res un r ne nc ha c rg es
Co f d isc ing is ion st nt o ou p rov s	-	-	( ) 6	( ) 9	( ) 14	d j for im f d isc ha iro l p is ion A ust nt act nt rat ta me p s o ou e c ng es on en v nm en rov s
lt fro i la b le- for le f ina ia l Re su m ava -sa nc ets ass	-	-	-	7	8	A d j for im irm i la b le- for le f ina ia l as ust nt t o set me p a en n a va -sa nc s
Inc e t om axe s	( ) 5 9	( ) 20	( ) 47	( ) 142	( ) 26 8	( ) m ( ) m f € f t he bov d d f € for Ta im 154 j A j 114 inc act ust nts ust nt t e t x p s o o a e a me me o ne om ax + f be its lat d t iou ne re e o p rev s y ea rs
Re lt fro d isc inu d o ion t t su m on e p era s	5	1	4	10 6	115	( ) m ( ) m A d j for im irm d o he lat d t So lva In du for ust nts € 9 6 t a t € 25 me p a en n r e xp en ses re e o y p a, los ing lat d t he P ha iv it ies d ive d in l l as for ice ost sts o t ct ste 20 10 € 7 m p -c co re e rm a a , a s w e p r d j lat d t he d isp l o f Eco Se ice ust nts o t a me re e os a rv s
l l ing int No tro sts n-c on ere	( ) 6	-	( ) 1	( ) 10	( ) 17	l l ing int f t he bo d j Im act tro sts ust nts p on no n-c on ere o a ve a me