2013-02-14 07:33:02 -
Brussels, February 14(th), 2013
Highlights Q4 2012
· Net sales € 2,989 m, up 4% yoy with stable volumes, prices +2%, forex +2%
· Adj. REBITDA at € 430 m, up 22% yoy
· Specialty Polymers and Consumer Chemicals continued delivering yoy double-
digit growth, whilst Essential Chemicals remained very robust and Acetow &
· Difficult market conditions prevailed for Polyamide and Vinyls, and Rare
Earths still suffered from Lighting market's slow down
· Partial reversal of soda ash impairment of € 149 m
· Adj. EBIT at € 349 m compared to € 196 m last year
· Free Cash Flow of € 251 m
· Solvay Indupa reported as Assets held for
sale as from Q4'12
Highlights FY 2012
· Net sales up 2% yoy to € 12,435 m, with volumes (4)%, prices +2%, forex +3%
and scope +1%.
· Adj. REBITDA at € 2,067 m, up 2% yoy
· Confirmed pricing power
· Integration completed and faster delivery of cost efficiencies (€ 170 m in
2012 and € 400 m anticipated to 2014, vs 2010 cost base)
· Adj. EBIT at € 1,451 m compared to € 1,420 m last year
· Adj. Net Income (Group Share) of € 710 m compared to € 727 m in 2011 pro forma
· Free Cash Flow of € 787 m and improved Net Debt to € 1.1 bn versus € 1.8 bn in
Dividend proposed: EUR 3.20 gross per share, +4.3% compared to 2011
IFRS measures (non-PPA adjusted)
PPA charges relate to the impacts from the step-up of inventories and the
Depreciation & Amortization from Rhodia's revalued assets upon the acquisition.
Overall net after-tax impact amounted to € (126) m in 2012.
· EBIT: FY'12 at € 1,275 m vs € 555 m in 2011; Q4'12 at € 317 m versus € 7 m
last year quarter;
· Net Income (Group Share): FY'12 at € 584 m vs € 247 m in 2011; Q4'12 at €
m versus € (23) m the last year quarter;
Quote of the CEO
Despite the difficult trading conditions experienced by our cycle sensitive
businesses throughout the year, the mobilization of our teams and the strong
delivery in cost efficiencies and integration synergies allowed us to meet
profitability and exceed cash generation expectations. Beyond this performance,
2012 achievements were instrumental in strengthening Solvay's foundations. We
successfully completed the integration and the transformation of the Group, set
up a clear strategic vision and put in place a more agile and decentralized
organization to support our value creative ambition.
The macroeconomic environment remains contrasted in the beginning of the year,
in line with the preceding quarter. The situation in Asia is improving and North
America is pursuing its recovery path. However, the situation remains uncertain
in Latin America and challenging in Europe. In this context, the Group will
continue reshaping its business portfolio, optimizing its industrial footprint,
and enhancing the implementation of operational excellence initiatives across
the board. Solvay is committed to deliver on its €3 billion REBITDA ambition in
2016 at constant perimeter and will maintain selective investments to support
its growth engines.
- Solvay Indupa, Vinyls South America activity is reported as "Assets held for
sale" as from Q4'12. As a consequence and for comparability purposes, all
historical references within this report has been restated to present Solvay
Indupa as discontinued activities and as "Assets held for sale".
- 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.
- Adj. REBITDA: Operating result before depreciation and amortization, non-
recurring items, financial charges and income taxes Adjusted Profit & Loss
indicators exclude non-cash Purchase Price Allocation (PPA) accounting impacts
related to the Rhodia acquisition.
- 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).
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 harmonize accounting policies among the two Group Legacies.
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.
All period changes throughout this document are to be deemed on a yoy pro forma
2011 basis unless otherwise stated.
As an international chemical group, Solvay assists industry 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: SOLBt.BR).
For further details, please contact:
Lamia Narcisse Erik De Leye Maria Alcon-Hidalgo Patrick Verelst
Media Relations Media Relations Investor Relations Investor Relations
+33 1 53 56 59 62 +32 2 264 1530 +32 2 264 1984 +32 2 264 1540
You can find here the press release in PDF:
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Solvay S.A. via Thomson Reuters ONE