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Consolidated cash flow statement 66 EUR Million Notes 2006 2007 EBIT 956 1 223 Depreciation, amortization and impairments (16) 522 593 Changes in working capital -5 -319 Changes in provisions (17) 6 -140 Income taxes paid -211 -238 Others (18) -130 -266 Cash flow from operating activities 1 138 852 Acquisition (-) / sale (+) of investments (19) 172 5 Acquisition (-) / sale (+) of assets (19) -581 -433 Income from investments 19 24 Changes in financial receivables 29 -46 Effect of changes in method of consolidation 3 6 Cash flow from investing activities -358 -445 Variation of capital (increase / decrease) (20) -5 -19 Acquisition (-) / sale (+) of own shares (21) -7 -95 Changes in borrowings -458 188 Cost of borrowings -111 -106 Interest on lending and short-term deposits 28 23 Other operating gains and losses on net indebtedness 1 2 Dividends -227 -243 Cash flow from financing activities -780 -250 Net change in cash and cash equivalents 0 157 Currency translation differences -24 -15 Opening cash balance 457 433 Ending cash balance (29) 433 575 Explanatory notes are found after the financial statements. <strong>Solvay</strong> Global Annual Report 2007
Financial Goodwill EUR Million Notes 2006 2007 ASSETS Non-current assets 7 276 6 999 Intangible assets (22) 721 662 Consolidation differences (23) 1 214 1 210 Tangible assets (24) 3 869 3 885 Other investments (25) 790 466 Deferred tax assets (12b) 506 524 Financial receivables and other non-current assets (27) 176 252 Current assets 3 825 4 180 Inventories (26) 1 221 1 255 Trade receivables (27) 1 671 1 711 Income tax receivables 95 73 Other receivables (27) 405 566 Cash and cash equivalents (29) 433 575 Total assets 11 101 11 180 67 EQUITY & LIABILITIES Total equity 4 456 4 459 Share capital 1 271 1 271 Reserves 2 943 3 032 Minority interests 242 156 Non-current liabilities 3 966 3 963 Long-term provisions (28) 2 271 2 085 Deferred tax liabilities (12b) 137 245 Long-term financial debt (29) (30) 1 503 1 565 Other non-current liabilities 55 68 Current liabilities 2 679 2 758 Short-term provisions (28) 215 229 Short-term financial debt (29) (30) 188 317 Trade liabilities 1 269 1 246 Income tax payable 99 86 Other current liabilities 908 880 Total equity & liabilities 11 101 11 180 RATIOS Return on equity (ROE) 19.4 18.4 Net debt to equity ratio 28.2 29.3 ROE = net income of the Group / total equity before allocation of fair value differences directly to equity. Net debt to equity ratio = net debt / total equity. Net debt = short and long-term financial debt less cash and cash equivalents. Explanatory notes are found after the financial statements. <strong>Solvay</strong> Global Annual Report 2007
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Ready for tomorrow Growth, Competit
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Key figures - Solvay Group Financia
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2007 Highlights February Perfluorop
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Strategy Strategy of sustainable an
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Mission, Vision, Values Solvay is a
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Chairmen’s message Resources area
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Strategic Positions of Solvay Chemi
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Financial Statements part 1 Record
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Management Report EUR million 2006
Page 19 and 20: Management Report Capital expenditu
Page 21 and 22: Information for Shareholders Curren
Page 23 and 24: Pharmaceuticals Sector Joachim Adam
Page 25 and 26: Pharmaceuticals Sector Driving our
Page 27 and 28: Pharmaceuticals Sector Results in 2
Page 29 and 30: Pharmaceuticals Sector Suzanne Hatt
Page 31 and 32: Pharmaceuticals Sector Wolgang Kalb
Page 33 and 34: Pharmaceuticals Sector Research and
Page 35 and 36: Chemicals Sector On the path of gro
Page 37 and 38: Chemicals Sector Driving our strate
Page 39 and 40: Chemicals Sector expansions were su
Page 41 and 42: Chemicals Sector Chemicals 37 Ricca
Page 43 and 44: Chemicals Sector The “Organic”
Page 45 and 46: Plastics Sector Plastics 41 Our str
Page 47 and 48: Plastics Sector Driving our strateg
Page 49 and 50: Plastics Sector SOLVERA ® and FLUO
Page 51 and 52: Plastics Sector Despite considerabl
Page 53 and 54: Plastics Sector Dominique Marchand
Page 55 and 56: New Business Development Thierry De
Page 57 and 58: New Business Development organized
Page 59 and 60: Partnership Since 2004, Solvay has
Page 61 and 62: Sustainable Development The most im
Page 63 and 64: Sustainable Development The new riv
Page 65 and 66: Human Resources During the June 200
Page 67 and 68: Human Resources They are also the
Page 69: Financial Financial Statements The
Page 73 and 74: Financial Fair value differences Th
Page 75 and 76: Financial • IFRIC 14 IAS 19 The L
Page 77 and 78: Financial • the assets will gener
Page 79 and 80: Financial Notes to the financial st
Page 81 and 82: Financial (2) Financial data by reg
Page 83 and 84: Financial The EUR 123 million of as
Page 85 and 86: Financial (12b) Deferred taxes on t
Page 87 and 88: Financial (19) Acquisition / sale o
Page 89 and 90: Financial The 3-year vesting period
Page 91 and 92: Financial (23) Goodwill EUR Million
Page 93 and 94: Financial Finance leases EUR Millio
Page 95 and 96: Financial The table below shows the
Page 97 and 98: Financial The amounts recorded in t
Page 99 and 100: Financial Actuarial assumptions use
Page 101 and 102: Financial The amount of the provisi
Page 103 and 104: Financial Cash and cash equivalents
Page 105 and 106: Financial Managing the transactiona
Page 107 and 108: Financial Financial instruments IAS
Page 109 and 110: Financial (32) Contingent liabiliti
Page 111 and 112: Financial 1. Market & Growth - Stra
Page 113 and 114: Financial To manage legal risk Solv
Page 115 and 116: Financial • Product Development R
Page 117 and 118: Financial 2007 Consolidation Scope
Page 119 and 120: Financial List of fully consolidate
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Financial Solvay Healthcare Ltd, So
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Financial List of proportionately c
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Financial ARGENTINA Inergy Automoti
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Financial Income statement of Solva
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Financial Additional comment The pr
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Corporate Governance Report on the
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Corporate Governance Introduction T
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Corporate Governance June 2005 for
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Corporate Governance certainty the
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Corporate Governance Year of birth
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Corporate Governance which could po
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Corporate Governance attendance fee
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Corporate Governance They are not s
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Corporate Governance renewal of the
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Corporate Governance The Solvay sha
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Corporate Governance ANNEXE 2 COMPE
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“… I have always sought to serv
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Board of Directors 1. Mr. Aloïs Mi
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Executive Committee and General Man
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Financial Glossary ABAF: Belgian Fi
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Shareholders’ Diary - Tuesday May
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+1 - Solvay

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