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124 Solvay Global Annual Report 2007 STATUTORY AUDITOR’S REPORT To the shareholders’ meeting of Solvay S.A. on the consolidated financial statements for the year ended 31 December 2007. To the shareholders As required by law and the company’s articles of association, we are pleased to report to you on the audit assignment which you have entrusted to us. This report includes our opinion on the consolidated financial statements together with the required additional comment. Unqualified audit opinion on the consolidated financial statements We have audited the accompanying consolidated financial statements of SOLVAY S.A. (“the Company”) and its subsidiaries (jointly “the Group”), prepared in accordance with International Financial Reporting Standards as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium. Those consolidated financial statements comprise the consolidated balance sheet as at 31 December 2007, the consolidated income statement, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended, as well as the summary of significant accounting policies and other explanatory notes. The consolidated balance sheet shows total assets of 11 180 million EUR and a consolidated profit (Solvay share) for the year then ended of 781 million EUR. The financial statements of several significant entities included in the scope of consolidation which represent total assets of 221 million EUR and a total profit of 49 million EUR have been audited by other auditors. Our opinion on the accompanying consolidated financial statements, insofar as it relates to the amounts contributed by those entities, is based upon the reports of those other auditors. The Board of Directors of the company is responsible for the preparation of the consolidated financial statements. This responsibility includes among other things: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with legal requirements and auditing standards applicable in Belgium, as issued by the “Institut des Reviseurs d’Entreprises/Instituut der Bedrijfsrevisoren”. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement. In accordance with these standards, we have performed procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we have considered internal control relevant to the Group’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. We have assessed the basis of the accounting policies used, the reasonableness of accounting estimates made by the company and the presentation of the consolidated financial statements, taken as a whole. Finally, the Board of Directors and responsible officers of the company have replied to all our requests for explanations and information. We believe that the audit evidence we have obtained, together with the reports of other auditors on which we have relied, provides a reasonable basis for our opinion. In our opinion, and based upon the reports of other auditors, the consolidated financial statements give a true and fair view of the Group’s financial position as of 31 December 2007, and of its results and its cash flows for the year then ended, in accordance with International Financial Reporting Standards as adopted by the EU and with the legal and regulatory requirements applicable in Belgium.
Additional comment The preparation and the assessment of the information that should be included in the report on the consolidated financial statements are the responsibility of the Board of Directors. Our responsibility is to include in our report the following additional comment which does not change the scope of our audit opinion on the consolidated financial statements: • The directors’ report on the consolidated financial statements includes the information required by law and is in agreement with the consolidated financial statements. However, we are unable to express an opinion on the description of the principal risks and uncertainties confronting the Group, or on the status, future evolution, or significant influence of certain factors on its future development. We can, nevertheless, confirm that the information given is not in obvious contradiction with any information obtained in the context of our appointment. Diegem, 10 March 2008 The statutory auditor DELOITTE Reviseurs d’Entreprises SC s.f.d. SCRL Represented by Michel Denayer Financial 125 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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February Perfluoropolyether Solvay
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Strategy of sustainable and profita
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Solvay is an independent, ethical a
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Resources area, beginning with the
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Chemicals Sales: EUR 3.0 billion -
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Record operating result for Solvay
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EUR million 2006 2007 2007/2006 Gro
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Capital expenditures and Research a
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Current profit before taxes amounte
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Joachim Adam Scientific expert Phar
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Products Our present offering inclu
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Gerda Greeve Microbiological analys
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Suzanne Hattink Microbiological ana
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Wolgang Kalbe Technical Expert Adri
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Research and Development pipeline P
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On the path of growth Paolo Bartoli
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Energy All our extension projects i
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expansions were successfully brough
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New Calcium Chloride production pla
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The “Organic” cluster: Molecula
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Jean-Jacques Lootens Coating operat
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PVC In a context of high oil prices
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SOLVERA ® and FLUORLINK ® brand n
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Despite considerable capacity incre
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How do the Plastics Sector’s acti
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New Business Development Thierry De
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organized in November 2007 - each d
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Since 2004, Solvay has been working
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The most important development in t
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The new river port at the Rheinberg
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During the June 2006 strategic revi
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They are also the “architects”
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Financial Statements The following
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Goodwill EUR Million Notes 2006 200
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Fair value differences These record
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• IFRIC 14 IAS 19 The Limit on a
Page 77 and 78: • the assets will generate future
Page 79 and 80: Notes to the financial statements T
Page 81 and 82: (2) Financial data by region Group
Page 83 and 84: The EUR 123 million of asset impair
Page 85 and 86: (12b) Deferred taxes on the balance
Page 87 and 88: (19) Acquisition / sale of assets a
Page 89 and 90: The 3-year vesting period is follow
Page 91 and 92: (23) Goodwill EUR Million Total Gro
Page 93 and 94: Finance leases EUR Million Land and
Page 95 and 96: The table below shows the evolution
Page 97 and 98: The amounts recorded in the balance
Page 99 and 100: Actuarial assumptions used in deter
Page 101 and 102: The amount of the provisions reflec
Page 103 and 104: Cash and cash equivalents Cash and
Page 105 and 106: Managing the transactional exchange
Page 107 and 108: Financial instruments IAS 39 define
Page 109 and 110: (32) Contingent liabilities EUR Mil
Page 111 and 112: 1. Market & Growth - Strategic Risk
Page 113 and 114: To manage legal risk Solvay maintai
Page 115 and 116: • Product Development Risk is Sol
Page 117 and 118: 2007 Consolidation Scope The Group
Page 119 and 120: List of fully consolidated Group co
Page 121 and 122: Solvay Healthcare Ltd, Southampton
Page 123 and 124: List of proportionately consolidate
Page 125 and 126: ARGENTINA Inergy Automotive Systems
Page 127: Income statement of Solvay S.A. (su
Page 131 and 132: Report on the application of the Co
Page 133 and 134: Introduction This report presents t
Page 135 and 136: June 2005 for a three-year period b
Page 137 and 138: certainty the shareholders authoriz
Page 139 and 140: Year of birth Year of 1st appointme
Page 141 and 142: which could potentially affect the
Page 143 and 144: attendance fees for participating i
Page 145 and 146: They are not signed, but the Chairm
Page 147 and 148: enewal of their terms of office, on
Page 149 and 150: The Solvay share compared with the
Page 151 and 152: ANNEXE 2 COMPENSATION POLICY FOR GE
Page 153 and 154: “ … I have always sought to ser
Page 155 and 156: 1. Mr. Aloïs Michielsen (B) 2 0 0
Page 157 and 158: Executive Committee and General Man
Page 159 and 160: ABAF: Belgian Financial Analysts As
Page 161 and 162: Shareholders’ Diary - Tuesday May
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+1 - Solvay

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