Form 20-F 2005

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18. Investments in joint ventures The aggregate amounts of assets, liabilities and profit or loss of the main joint ventures as included in the Consolidated Financial Statements are shown below: (in millions of euros) At December 31, 2005 At December 31, 2004 Assets Non-current assets 285 284 Current assets 161 132 Total current and non-current assets 446 416 Liabilities Non-current liabilities 120 143 Current liabilities 227 201 Total current and non-current liabilities 347 344 Net assets 99 72 (Year ended) Net sales 430 373 Other revenue 32 31 Operating profit/(loss) 42 39 Profit for the period 31 56 19. Non-current financial assets (in millions of euros) Loans and receivables Available-for-sale securities Other Total At December 31, 2005 Gross value 175 58 8 241 Provisions (37) (34) (6) (77) Net value 138 24 2 164 (in millions of euros) Loans and receivables Available-for-sale securities Other Total At December 31, 2005 Gross value 220 70 - 290 Provisions (35) (29) - (64) Net value 185 41 - 226 Non-current financial assets classified as loans and receivables breakdown as follows: at December 31, 2005: loans in the amount of €54 million, deposits and guarantees in the amount of €35 million and receivables in the amount of €49 million; at December 31, 2004: loans in the amount of €92 million, deposits and guarantees in the amount of €50 million and receivables in the amount of €43 million. Form 20 - F 2005 - Rhodia F-39
Available-for-sale assets are investments in non-consolidated companies as shown below: At December 31, 2005 At December 31, 2004 (in millions of euros) % held Value % held Value Phosphoric Fertilizers Industry (Greece) 8.41 4 8.41 9 Other (less than €5 million) - 20 - 32 Total 24 41 20. Deferred tax assets and liabilities The deferred taxes recognized as non-current assets or liabilities break down as follows: (in millions of euros) At December 31, 2005 At December 31, 2004 Deferred tax assets 83 99 Less than one year 40 53 More than one year 43 46 Deferred tax liabilities 34 55 Less than one year 7 24 More than one year 27 31 The deferred taxes shown on the face of the balance sheet arise from: Assets Liabilities Net (in millions of euros) 2005 2004 2005 2004 2005 2004 Differences between carrying and tax amounts of: - assets 61 97 (222) (160) (161) (63) - provisions 289 243 289 243 - other items 67 73 (186) (239) (119) (166) Tax losses 40 30 40 30 Deferred taxes 457 443 (408) (399) 49 44 Netting effect (374) (344) 374 344 Net deferred taxes 83 99 (34) (55) 49 44 At December 31, 2005, unrecognized deferred tax assets amount to €1,246 million, of which €599 million in tax loss carryforwards (€352 million at December 31, 2004) that may only be used within prescribed applicable limits. The tax losses of the French tax consolidation group may be carried forward indefinitely. At each period-end, Rhodia determines whether each tax entity is likely to generate taxable profits against which its deferred tax assets may be offset or to benefit from unrecognized available tax credits. To assess this probability, Rhodia considers in particular current and past results of the tax entities. In the event of recent losses not relating to non-recurring items, Rhodia considers whether the entities are presumed not to have future taxable profits available to reverse such tax assets or credits. This analysis led the Group not to recognize net deferred tax assets for the French tax entity. A similar approach was used for the US tax entity. Although a return to taxable profits was scheduled in 2006, the Group considered that historical losses prevailed over this forecast in order to assess the probability of using deferred tax assets over and above recognized liabilities. The losses incurred by the UK tax entity over the year resulted in the recognition of an impairment loss in the amount of €24 million, thus reducing the net deferred tax assets to zero at December 31, 2005. F-40 Form 20 - F 2005 - Rhodia
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Form 20-F 2005
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As filed with the Securities and Ex
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- We calculate the impact of “cha
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(in millions, except for per share
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Exchange Rate Information Fluctuati
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decrease in demand in certain secto
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We cannot assure you that we will n
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Our public debt ratings can affect
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Changes in these laws and regulatio
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subscription rights cannot be exerc
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Main Businesses This section gives
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Products Markets Brand names Compet
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Polyamide Polyamide recorded sales
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Engineering plastics are used for t
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It is expected that Eco Services’
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Furthermore, the synthesis business
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Any significant change in raw mater
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We remain dedicated to our zero-acc
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Property, Plant and Equipment The t
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The table below sets forth average
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The following paragraphs list the c
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The table below sets forth an analy
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Coatis Coatis net sales totaled €
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Abroad: closure of unprofitable pr
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Acetow Operating profit totaled €
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Profit/(loss) from discontinued ope
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High yield notes In order to extend
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Consolidated Balance Sheet Working
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The table below sets forth the matu
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Net loss: A reconciliation of the n
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Item 6. Directors, Senior Managemen
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Michel de Fabiani was named a Direc
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agreement to be authorized by the B
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our Company and the related compens
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Name (Age) Jean-Pierre Clamadieu (4
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Compensation According to French la
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The table below sets forth the tota
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Employee and Director share ownersh
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Options The table below sets forth
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On December 22, 2005, Sanofi-Aventi
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Item 8. Financial Information Finan
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Commercial Litigation Adisséo Arbi
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Protection Agency regarding future
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Item 9. The Offer and Listing Tradi
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Euronext Paris may temporarily rese
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However, these requirements do not
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In addition to rights to certain in
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Financial Statements and Other Comm
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Decreases in Share Capital Accordin
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Identification of shareholders Our
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French Insolvency Laws Rhodia S.A.
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period, creditors may not pursue an
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The following countries, French ove
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For purposes of the U.S.-France tax
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If you are an accrual method taxpay
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transactions), or at least 50% of t
Page 113 and 114: Interest Interest on 2003 Notes The
Page 115 and 116: Market Discount and Bond Premium If
Page 117 and 118: acquired the Euro Note. In addition
Page 119 and 120: Even aside from the effect of compe
Page 121 and 122: PART II Item 13. Defaults, Dividend
Page 123 and 124: Item 16D. Exemptions from the Listi
Page 125 and 126: Signature The registrant hereby cer
Page 127 and 128: RHODIA AND SUBSIDIARIES REPORT OF I
Page 129 and 130: RHODIA GROUP CONSOLIDATED BALANCE S
Page 131 and 132: RHODIA GROUP CONSOLIDATED STATEMENT
Page 133 and 134: RHODIA GROUP CONSOLIDATED STATEMENT
Page 135 and 136: RHODIA GROUP NOTES TO THE CONSOLIDA
Page 137 and 138: Associates The companies over which
Page 139 and 140: Dismantling costs Dismantling and r
Page 141 and 142: subsequent recognition: The allowan
Page 143 and 144: For quoted securities, fair value r
Page 145 and 146: 3.13. Borrowings All borrowings are
Page 147 and 148: The fair value of the options is me
Page 149 and 150: Notes to the consolidated income st
Page 151 and 152: Depreciation, amortization and impa
Page 153 and 154: 7. Depreciation, amortization and i
Page 155 and 156: Restructuring costs by business seg
Page 157 and 158: The effective tax rate for 2005 ref
Page 159 and 160: 12.4 Assets held for sale and assoc
Page 161 and 162: The impairment losses accounted for
Page 163: price corresponds to the market pri
Page 167 and 168: 23. Other current financial assets
Page 169 and 170: on June 17, 2005, signature of a ne
Page 171 and 172: Asset securitization programs Rhodi
Page 173 and 174: In addition, as from June 1, 2007,
Page 175 and 176: 27. Risk management and derivative
Page 177 and 178: At December 31, 2005 At December 31
Page 179 and 180: 27.3. Management of risk related to
Page 181 and 182: Actuarial assumptions These calcula
Page 183 and 184: The actual rate of return on plan a
Page 185 and 186: The cumulative effect on ordinary c
Page 187 and 188: Evolution in 2004 Charges for new m
Page 189 and 190: Estimated contingent liabilities be
Page 191 and 192: sought to exercise its call option,
Page 193 and 194: In 2004, in accordance with the aut
Page 195 and 196: Stock Option Plan 1998 Plan 1999/1
Page 197 and 198: 36. Use of estimates In order to pr
Page 199 and 200: Subsidiaries Country % RHODIA PPMC
Page 201 and 202: 38. Note on transition to IFRS 2004
Page 203 and 204: At January 1, 2004 At December 31,
Page 205 and 206: ) Operating profit/(loss) The follo
Page 207 and 208: Financial instruments Rhodia choose
Page 209 and 210: Cash flow provided from investing a
Page 211 and 212: Recognition of past service costs r
Page 213 and 214: Primester, a 50%-owned cellulose ac
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(xv) Recent accounting pronouncemen
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(ii) Shareholders’ deficit A reco
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(v) Discontinued operations—FAS 1
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(viii) Pension and retirement plans
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(in millions of euros) 2004 Restruc
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Printed on environmentally friendly
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Financial Communication Department
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Form 20-F 2005

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