Form 20-F 2005

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26.3. Analysis of borrowings by maturity At December 31, 2005 (in millions of euros) 2007 2008 2009 2010 After 2010 Total 2003 USD senior notes 166 166 2003 EUR senior notes 702 702 2003 USD subordinated notes 250 250 2003 EUR subordinated notes 233 233 2004 USD senior notes 338 338 2004 EUR senior notes 112 112 Securitization of receivables 6 7 13 Bilateral credit facilities 19 5 1 1 1 27 Finance lease debts 18 8 64 4 19 113 Other debts 2 1 1 2 15 21 Sub-total long term 45 21 66 1,325 518 1,975 At December 31, 2004 (in millions of euros) 2006 2007 2008 2009 After 2009 Total 2001 European Medium-Term Notes 304 304 2003 USD senior notes 143 143 2003 EUR senior notes 198 198 2003 USD subordinated notes 276 276 2003 EUR subordinated notes 297 297 2004 USD senior notes 448 448 2004 EUR senior notes 171 171 Other notes 25 7 32 Revolving syndicated and bilateral credit facilities 123 30 153 Finance lease debts 73 35 32 67 207 Other debts 8 4 1 1 7 21 Sub-total long term 533 69 33 68 1,547 2,250 26.4. Analysis of borrowings by currency (in millions of euros) At December 31, 2005 At December 31, 2004 Euro 1,714 1,609 US dollar 1,159 1,161 Pound sterling 39 119 Chinese yuan 26 33 Brazilian real 40 22 Korean won 15 17 Other 21 10 Total borrowings 3,014 2,971 Form 20 - F 2005 - Rhodia F-49
27. Risk management and derivative instruments Rhodia is exposed to market risks as a result of its commercial and business transactions. This exposure is mainly related to fluctuations in exchange and interest rates. At December 31, 2005, Rhodia held derivative instruments, some of which are designated as cash flow hedges, as well as non-hedging derivative instruments. Derivative instruments are recognized in the balance sheet at their fair value in the following amounts: (in millions of euros) At December 31, 2005 At December 31, 2004 Current assets Current liabilities Current assets Current liabilities Interest rate instruments 9 8 29 44 Foreign exchange instruments 32 5 5 4 Oil-based commodities instruments 1 1 2 1 Total 42 14 36 49 Calculation of the fair value of derivative instruments: The best indication of the fair value of a contract is the price which would be agreed to between a willing seller and buyer in an arm’s length transaction. At the trade date, it is generally the transaction price. Subsequently, the measurement of the contract should be based on observable market data which provide the most reliable indication of the fair value of a derivative instrument: options are measured based on valuation models (such as Black & Scholes) using quotes published on active markets and/or by obtaining quotations from third party financial institutions; foreign exchange and interest rate instruments are measured by discounting future cash flow payments; commodity-based derivatives are measured by counterparties based on market quotations. 27.1. Interest rate risk management Rhodia’s exposure to interest rate risk mainly relates to its net indebtedness and, to a lesser extent, its interest rate derivatives portfolio. Management of fixed and floating rates The breakdown of the Group’s debt (excluding accrued interest payable) between fixed and floating rates, and excluding its interest rate derivatives portfolio, is as follows: (in millions of euros) At December 31, 2005 At December 31, 2004 Floating rate 551 885 Fixed rate 2,440 2,054 Borrowings adjusted for accrued interest payable 2,991 2,939 Floating-rate cash and cash equivalents 808 480 Fixed-rate cash and cash equivalents 112 132 Cash and cash equivalents 920 612 Accrued interest payable 23 32 Accrued interest receivable (5) (5) Net indebtedness 2,089 2,354 F-50 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
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Interest Interest on 2003 Notes The
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Market Discount and Bond Premium If
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acquired the Euro Note. In addition
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Even aside from the effect of compe
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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 and 164: price corresponds to the market pri
Page 165 and 166: Available-for-sale assets are inves
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: In addition, as from June 1, 2007,
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
Page 215 and 216: (xv) Recent accounting pronouncemen
Page 217 and 218: (ii) Shareholders’ deficit A reco
Page 219 and 220: (v) Discontinued operations—FAS 1
Page 221 and 222: (viii) Pension and retirement plans
Page 223 and 224: (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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