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(13) Discontinued operations In 2006 the net income from discontinued operations consisted of the first quarter net profit of the industrial foils activity (EUR 2 million before and after taxes) and the capital gain on the sale of the industrial foils activity (EUR 102 million before taxes and 101 million after taxes). In 2007 the Group has no discontinued opertions as defined by IFRS 5. (14) Group net income Net income reached EUR 828 million, which is EUR 11 million (1.4 %) higher than net income in 2006 (EUR 817 million). This record result reflects excellent operating results and the positive balance of nonrecurrent items, notwithstanding the higher tax charge and the absence of income from discontinued operations (EUR 103 million in 2006). The minority interest in this net income figure is EUR 47 million compared with EUR 26 million in 2006. This increase is linked to the good results achieved by Group companies having minority shareholders, and in particular Financère Keyenveld thanks to the sale of the Sofina shares. (15) Diluted earnings per share The diluted earnings per share is obtained by dividing net income by the number of shares, increased by the number of potentially diluting shares attached to the issue of share options. Full data per share can be found in the management report. 82 Consolidated cash flow statement (16) Depreciation, amortization and impairments Total depreciation, amortization and impairments amount to EUR 593 million, up EUR 71 million on 2006 (EUR 522 million). Impairment losses in 2007 (EUR 123 million compared with EUR 48 million in 2006) are linked to the restructuring of the Fluor (EUR 65 million) and Molecular Solutions (EUR 16 million) activities and, for the Pharmaceuticals Sector, the writedown on an intangible asset (Odiparcil EUR 19 million) and the recognition of impairment losses in the context of the “INSPIRE” project (EUR 17 million). (17) Variation in provisions In 2007, the variation in provisions (including the variation in pension fund surpluses) in the cash flow statement is EUR 140 million. This variation represents the balance of new provisions and reversals and uses of existing provisions. The difference with the EUR 189 million variation in the balance sheet item is due to an exchange rate effect (EUR 54 million) and a change in consolidation scope (EUR 5 million). See note 28 on provisions. In 2006 the variation in provisions in the cash flow statement is EUR 6 million, close to the balance of new provisions and uses from existing provisions. (18) Other This item serves to take out of cash flow from operating activities those items already included in cash flow from investing activities (gains on the sales of assets). For 2007 the elimination relates essentially to the gains on the sales of the Caprolactones activity (EUR 151 million), the Sofina shares (EUR 73 million) and subscription rights to the capital increase in Fortis (EUR 37 million). Solvay Global Annual Report 2007
Financial (19) Acquisition / sale of assets and investments 2006 EUR Million Acquisitions Disposals Total Investments -217 389 172 Tangible/intangible assets -641 60 -581 Total -858 449 -409 2007 EUR Million Acquisitions Disposals Total Investments -132 137 5 Tangible/intangible assets -644 211 -433 Total -777 348 -429 In 2007, acquisitions of assets and investments amounted to EUR 777 million, down from EUR 858 million in 2006. The acquisitions of investments in 2007 consist mainly of the recognition of earn-outs payable to the former Fournier shareholders (EUR 30 million) and the acquisition of Quality Plastics in Ireland (EUR 21 million). The Group also subscribed to the capital increase of Fortis (EUR 37 million) and participated in the constitution of Rusvinyl in Russia (EUR 15 million). On the other hand, the Group increased its percentage held in Peroxythai (from 83.8 % to 100 %) and in Solvay Sisecam (from 71.3 % to 75 %). 83 The acquisition of tangible/intangible assets in 2007 relates to various projects, many of them extending over several years: the construction of a hydrogen peroxide unit in a joint venture with BASF and an oxychlorination unit at Zandvliet (Belgium), the conversion of mercury electrolysis units to membrane electrolysis and the extension of PVC manufacturing units at Santo Andre (Brazil), the capacity increase at the Devnya soda plant (Bulgaria), the construction of a fluorinated products manufacturing site at Onsan (Korea), the extension of the RADEL ® installation at Marietta (USA), modernization of the soda plant and building of a new calcium chloride production line at Rosignano (Italy) and the building of a PEEK (very high performance polymer) production unit at Panoli (India). Income from the disposal of investments amounts to EUR 137 million, coming mainly from the sale of the Sofina shares (EUR 99 million) and of subscription rights to the Fortis capital increase (EUR 37 million). Disposals of assets consist essentially of the sale of the Caprolactones activity (EUR 189 million). Solvay 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
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Management Report Capital expenditu
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Information for Shareholders Curren
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Pharmaceuticals Sector Joachim Adam
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Pharmaceuticals Sector Driving our
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Pharmaceuticals Sector Results in 2
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Pharmaceuticals Sector Suzanne Hatt
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Pharmaceuticals Sector Wolgang Kalb
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Pharmaceuticals Sector Research and
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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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