+1 - Solvay

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SOLVAY An international Chemical and Pharmaceutical Group Sales: EUR 9.6 billion Operating result: EUR 1.2 billion Cash flow: EUR 1.4 billion Employing 28 340 people Present in 50 countries on every continent With 400 sales and production facilities 95% of sales come from outside Belgium and 49% from outside the European Union Stable or rising dividends every year for the past 26 years Operates in three Sectors: Pharmaceuticals, Chemicals and Plastics Listed on NYSE Euronext-Brussels Group Management Report and Financial Statements part 1 Activities Responsabilities Management Report and Financial Statements part 2 Contents 01 01 Highlights 02 Strategy – Mission, Vision, Values 06 Chairmen’s Message 08 Strategic positioning 10 10 Management Report 16 Financial Information per share 18 18 Pharmaceuticals Sector 30 Chemicals Sector 40 Plastics Sector 50 New Business Development 54 54 Partnership Solar Impulse 56 Sustainable Development 60 Human Resources 64 64 Table of contents 65 Financial Statements 127 Corporate Governance 150 General Managers 152 Executive Committee 154 Glossaries 156 Shareholders’ Diary
Key figures – <strong>Solvay</strong> Group Financial data 2003 2004 2005 2006 2007 EUR million EUR million USD million 7 Operating situation External sales 7 557 7 271 8 562 9 399 9 572 14 091 REBITDA1 1 101 1 146 1 338 1 568 1 662 2 447 REBIT2 673 741 912 1 099 1 192 1 755 REBIT as % of sales 9 % 10 % 11 % 12 % 12 % 12 % Net income 430 541 816 817 828 1 219 Total depreciation and amortization 3 429 449 464 522 593 873 Cash flow4 859 990 1 280 1 339 1 421 2 092 Capital expenditure 555 564 1 930 858 777 1 144 Research expenditure 404 408 472 563 556 818 Personnel costs5 1 802 1 698 1 920 2 136 2 081 3 063 Added value Financial situation 2 826 2 902 3 438 3 628 3 921 5 772 Shareholders’ equity 3 510 3 792 3 920 4 456 4 459 6 564 Net debt 1 120 795 1 680 1 258 1 307 1 924 Net debt/ shareholders’ equity 32 % 21 % 43 % 28 % 29 % 29 % Return on Equity (ROE) 12 % 15 % 22 % 19 % 18 % 18 % Gross distribution to <strong>Solvay</strong> shareholders Persons employed 199 210 221 232 240 353 Persons employed at January 16 30 139 26 926 28 730 29 258 28 340 – 1. REBITDA = REBIT before amortization. 2. REBIT = recurrent EBIT. 3. Including impairment of 1 in 2003, 23 in 2004, 20 in 2005, 48 in 2006 and 123 in 2007. 4. Net income plus total depreciation, amortization and impairment. 5. 2006 figure restated. 6. In full-time equivalents at January 1 of the following year. 7. Exchange rate: 1 EUR: 1,4721 USD at 31/12/2007. Expenditure for the future Total Group capital expenditure, acquisitions and R&D 2007 = EUR 1 333 million 2500 2250 2000 1750 1500 1250 1000 750 500 250 0 959 972 404 555 408 564 2 402 472 1 930 1 333 2003 2004 2005 2006 2007 2008 Budget � Capital expenditure & acquisitions � R&D 1 421 563 858 556 777 1 669 578 1 091 Total capital expenditure & acquisitions by Sector in 2007 [EUR million] 334 37 87 55 73 415 315 � Pharmaceuticals � Chemicals � Plastics � Corporate R&D by Sector in 2007 [EUR million] 17 � Pharmaceuticals � Chemicals � Plastics � Corporate
Page 1: Ready for tomorrow Growth, Competit
Page 5 and 6: February Perfluoropolyether Solvay
Page 7 and 8: Strategy of sustainable and profita
Page 9 and 10: Solvay is an independent, ethical a
Page 11 and 12: Resources area, beginning with the
Page 13 and 14: Chemicals Sales: EUR 3.0 billion -
Page 15 and 16: Record operating result for Solvay
Page 17 and 18: EUR million 2006 2007 2007/2006 Gro
Page 19 and 20: Capital expenditures and Research a
Page 21 and 22: Current profit before taxes amounte
Page 23 and 24: Joachim Adam Scientific expert Phar
Page 25 and 26: Products Our present offering inclu
Page 27 and 28: Gerda Greeve Microbiological analys
Page 29 and 30: Suzanne Hattink Microbiological ana
Page 31 and 32: Wolgang Kalbe Technical Expert Adri
Page 33 and 34: Research and Development pipeline P
Page 35 and 36: On the path of growth Paolo Bartoli
Page 37 and 38: Energy All our extension projects i
Page 39 and 40: expansions were successfully brough
Page 41 and 42: New Calcium Chloride production pla
Page 43 and 44: The “Organic” cluster: Molecula
Page 45 and 46: Jean-Jacques Lootens Coating operat
Page 47 and 48: PVC In a context of high oil prices
Page 49 and 50: SOLVERA ® and FLUORLINK ® brand n
Page 51 and 52: 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
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• the assets will generate future
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Notes to the financial statements T
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(2) Financial data by region Group
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The EUR 123 million of asset impair
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(12b) Deferred taxes on the balance
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(19) Acquisition / sale of assets a
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The 3-year vesting period is follow
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(23) Goodwill EUR Million Total Gro
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Finance leases EUR Million Land and
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The table below shows the evolution
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The amounts recorded in the balance
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Actuarial assumptions used in deter
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The amount of the provisions reflec
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Cash and cash equivalents Cash and
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Managing the transactional exchange
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Financial instruments IAS 39 define
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(32) Contingent liabilities EUR Mil
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1. Market & Growth - Strategic Risk
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To manage legal risk Solvay maintai
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• Product Development Risk is Sol
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2007 Consolidation Scope The Group
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List of fully consolidated Group co
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Solvay Healthcare Ltd, Southampton
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List of proportionately consolidate
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ARGENTINA Inergy Automotive Systems
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Income statement of Solvay S.A. (su
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Additional comment The preparation
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Report on the application of the Co
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Introduction This report presents t
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June 2005 for a three-year period b
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certainty the shareholders authoriz
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Year of birth Year of 1st appointme
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which could potentially affect the
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attendance fees for participating i
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They are not signed, but the Chairm
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enewal of their terms of office, on
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The Solvay share compared with the
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ANNEXE 2 COMPENSATION POLICY FOR GE
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“ … I have always sought to ser
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1. Mr. Aloïs Michielsen (B) 2 0 0
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Executive Committee and General Man
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ABAF: Belgian Financial Analysts As
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Shareholders’ Diary - Tuesday May
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