2013-03-01 17:53:21 -
The full press release is available on www.solvac.be/
Embargo, 1 March 2013, 5.50 p.m. (GMT +1)
REGULATED INFORMATION
SOLVAC: STABLE CASH RESULT AND DIVIDEND IN 2012 COMPARED TO 2011
1. The Board of Directors has closed the consolidated financial statements of
Solvac on December 31, 2012. These statements have been submitted to the
Statutory Auditor and are presented in accordance with IFRS standards.
+------------------------------------------------------------------------------+
|CONSOLIDATED INCOME STATEMENT |
+-----------------------------------------------------------+----+-------------+
|EUR million |2011| 2012|
+-----------------------------------------------------------+----+-------------+
|Income from investments accounted for under the equity | 78 | 180 |
|method | | |
+-----------------------------------------------------------+----+-------------+
|Operating costs | -1 | -1 |
+-----------------------------------------------------------+----+-------------+
|Capital gain from sale of Solvay shares | 0 | 0 |
+-----------------------------------------------------------+----+-------------+
|Cost of borrowings | -5 | -5 |
+-----------------------------------------------------------+----+-------------+
|Net income | 72 | 174 |
+-----------------------------------------------------------+----+-------------+
|Net earnings per share (EUR)[1] |4.7 | 11.4 |
+-----------------------------------------------------------+----+-------------+
On December 31, 2012 Solvac recorded a consolidated net income of EUR 174
million (EUR 11.4 per share) against EUR 72 million (EUR 4.7 per share) over the
same period in 2011. For the first time, Solvay's income in 2012 included the
results from 12 months of Rhodia activities.
2. The cash income, fed by dividends from the investment in Solvay amounts to
EUR 78.4 million close to the 2011 level:
+-------------------------------------------------+------+------+
| EUR million | 2011 | 2012 |
+-------------------------------------------------+------+------+
| Cash income of which : | 78.2 | 78.4 |
+-------------------------------------------------+------+------+
| - final dividend Solvay (year 2010/2011) | 47.6 | 47.8 |
| | | |
+-------------------------------------------------+------+------+
| - interim dividend Solvay (year 2011/2012) | 30.6 | 30.6 |
| | | |
+-------------------------------------------------+------+------+
| Business expenses (including cost of borrowings | 5.5 | 5.7 |
+-------------------------------------------------+------+------+
| Cash result | 72.7 | 72.7 |
+-------------------------------------------------+------+------+
Following the acquisition of 23 500 Solvay shares on the stock market, Solvac
holds 30.18 % of the Solvay shares at the end of December 2012, as compared to
30.15 % at the end of December 2011.
The amount of the final dividend paid by Solvay is higher than last year, due to
the increased number of Solvay shares held by Solvac.
To the extent that the statutory accounts will allow it (see below under 3), the
proposed amount of dividends to be distributed by Solvac is determined by the
Board of Directors on the basis of this cash result and after coverage of the
costs (mainly cost of borrowings).
3. The Board of Directors of Solvac SA has issued the following figures for
2012:
+-------------------------------+----------+----------+
| EUR thousand | 2011 | 2012 |
+-------------------------------+----------+----------+
| Recurrent financial result | 73 406 | 73 465 |
+-------------------------------+----------+----------+
| Other recurrent result | -683 | -761 |
+-------------------------------+----------+----------+
| Recurrent result | 72 723 | 72 704 |
+-------------------------------+----------+----------+
| Capital gains | -- | -- |
+-------------------------------+----------+----------+
| Profit before taxes | 72 723 | 72 704 |
+-------------------------------+----------+----------+
| Profit after taxes | 72 723 | 72 703 |
+-------------------------------+----------+----------+
| Gross payment to shareholders | 69 269 | 69 164 |
+-------------------------------+----------+----------+
In the absence of extraordinary items both in 2011 and in 2012, the recurrent
result is identical to the profit before taxes. The profit after taxes amounts
to EUR 72.7 million in 2012, just as in 2011.
4. Two interim dividends were paid, respectively on October 25, 2012 and on
December 27, 2012, the latter in fact being the final dividend, to be
confirmed by the General Assembly. In total, for each share the following
amount was paid :
+--------------------------+-------+------+
| EUR | 2011 | 2012 |
+--------------------------+-------+------+
| Gross dividend per share | 4,53 | 4,53 |
+--------------------------+-------+------+
Concerning 2013 the Board of Directors took the decision that the first interim
dividend will be paid on 26 September 2013 and that the second interim dividend
will be paid on 27 December 2013.
NOTES TO THE FINANCIAL STATEMENTS
1. Financial statements
Deloitte will issue an unqualified audit report on the annual accounts as of
December 31, 2012 and confirmed that the accounting information in this press
release requires no comments on its part and is in agreement with these annual
accounts. The complete audit report related to the audit of the annual financial
information will be part of the annual report 2010 which will be published on
internet (www.solvac.be) on 29 March 2013.
2. Content
This press release contains regulated information and is established in
compliance with IAS 34. The risk analysis included in the annual report is
available on internet (www.solvac.be).
3. Solvac shares
+----------------------------------------------------------------+-------------+
|
| 2012 |
| 2011 | |
+--------------------------------+-------------------------------+-------------+
|Number of shares issued at the | 15 281 741 | 15 267 881*|
|end of the | | |
|period | | |
+--------------------------------+-------------------------------+-------------+
|Average number of shares for | 15 297 338 |15 273 681 |
|calculating IFRS | | |
|earnings per share | | |
+--------------------------------+-------------------------------+-------------+
|Average number of shares for | 15 297 338 |15 273 681 |
|calculating IFRS | | |
|diluted earnings per share | | |
+--------------------------------+-------------------------------+-------------+
*purchase with subsequent annulment of 13 860 own shares
4. Statement by responsible persons
Mr. JP. Delwart, Chairman of the Board and Mr. B. de Laguiche, Managing Director
of Solvac, confirm that to the best of their knowledge:
a) The summary financial information, prepared in conformity with applicable
accounting standards, reflects a true and fair view of the net worth, the
financial situation and results of the Solvac Group and of Solvac S.A.;
b) The intermediate report contains a faithful presentation of significant
events occurring in 2010 and their impact on the summary financial information;
c) There are no transactions with related parties.
Key dates for financial communications
* March 29, 2013: publication of 2012 annual report on www.solvac.be
* May 14, 2013: General Shareholders Meeting (3.30 pm)
* August 30, 2013: results from first half 2013 and announcement of first
interim dividend for 2013
* September 26, 2013: payment of first interim dividend for 2013
* December 13, 2013: announcement of second interim dividend for 2013
* December 27, 2013: payment of second interim dividend for 2013
For additional information, please contact
SOLVAC S.A.
Investor Relations
(Solvay Campus)
Rue de Ransbeek 310
1120 Brussels
Phone : 32/2/264.21.11
Fax 32/2/264.16.09
[1] The net earnings per share and the diluted net earnings per share are
identical. The number of shares used for per share calculation is 15 297 338 in
2011 and 15 273 681 in 2012.
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20130301 Solvac EN:
hugin.info/137319/R/1682519/550392.pdf
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