+1 - Solvay

More documents

Recommendations

Info

48 Solvay Global Annual Report 2007 Solvay holds a significant stake) also staged a significant earnings recovery in the second half of 2007, thanks to its excellent competitiveness, reliable installations and ability to react rapidly in a volatile market. The capacity expansions there – of VCM from 200 to 400 kt/year and of caustic soda from 130 to 260 kt/ year – were carried out on schedule and within budget, with the new units successively brought into operation from December 2006 onwards. A 80 kt/year expansion of PVC capacity is under way and should start production in mid-2008. It should be noted that the planned acquisition of Apex Petrochemicals has fallen through. The complete integration of Vinythai at 400 kt of PVC a year is currently under examination. The sixth report of Vinyl 2010, the Voluntary Accord of the PVC Industry, was published in May 2007, showing the industry to be on schedule towards achieving its objectives. Production levels, technology and applications for recycled PVC at the VINYLOOP ® unit at Ferrare continue to improve, despite a still-unattractive European economic environment for recycling projects. An additional EUR 8 million investment in improved technology, approved in 2006, will come onstream in early 2008. From then on it will be possible to recycle composite PVC waste to a quality close to that of the virgin product, making recycled PVC available for higher quality applications. Despite constantly high PVC prices and a certain slowing of activity at the end of the year, the results of our PVC compounds activities in Europe have continued to recover in three of our four subsidiaries thanks to new progress in sales and productivity. An ambitious growth plan, based on expanding sales in new countries and bringing new products to market, is currently being finalized. Earnings of Dacarto Benvic, our 50/50 partnership in Brazil with the Brazilian Carvalho family, remain good, with excellent market conditions enabling us to pass on most of the increases in PVC resin prices. In Russia, earnings of Soligran, our 50/50 partnership with the Nikos group, also progressed well in 2007 in a climate of good cooperation. More generally, in a context of high oil prices, PVC is proving increasingly competitive and ecoefficient with its low oil content and excellent recyclability. Pipelife (50/50 joint venture with Wienerberger in pipes and fittings) took full advantage in 2007 of a favourable economic climate and of the many measures taken in recent years to strengthen its competitiveness and innovation capacities. Pipelife remained very active in the building and infrastructure market (drains, irrigation, drainage, electrical protection, plumbing, etc.), in particular in Central Europe, Scandinavia and the Baltic states. Sales in Europe rose by 7% and the operating margin in 2007 was 15% higher than in 2006. In terms of competitiveness, Pipeline is capitalizing on the many cost-reduction and restructuring measures undertaken since 2001 (site closures, automation, productivity gains, internal and external benchmarking, etc.). At the beginning of 2008, restructuring started at the Zaragoza (Spain) site, with a view to reducing costs and concentrating on the most profitable markets. The growth in Pipelife’s activities has been boosted by: • the acquisition of Quality Plastics, not far from Cork (Ireland), strengthening its position on the hot & cold market (plumbing piping using specialty polymers) and rounding off its European coverage; • the start-up of a new plant south of Moscow (Russia) producing pipes and fittings for domestic applications, water distribution and sewage networks; • its investment at Debrecen (Hungary) in a production line for hot & cold piping for Central Europe. Innovation is a permanent feature of Pipelife’s activity, with at least 15% of sales each year coming from new products, new applications and new technologies.
How do the Plastics Sector’s activities respond to the challenges of sustainability? Some examples • stringent stability standards for high stability, long-life plastics, leading to economies of materials and hence resources; • weight reductions in transportation; • substitution of the most energy-consuming materials; • development of sophisticated applications that would be inconceivable without these new materials; • rainwater gathering and recycling; Dominique Marchand Senior Chemist • fuel systems offering recognized safety improvements, and which are more environmentally friendly (e.g. denoxification of diesel exhausts, superimpermeability against fugitive emissions, “flex-fuel” systems); • compliance with charters governing PVC production emissions, replacing cadmium and lead stabilizers as committed to by Solvay in the Vinyl 2010 Voluntary Accord; • the VINYLOOP ® process for PVC recycling (200 kt by 2015); • the VCM process using ethylene produced from cane sugar alcohol. Plastics Sector Solvay Global Annual Report 2007 Plastics 49 Handling nanoparticles in a controlled humidity environment. Development of transparent, UV-resistant polysulfones. Photograph taken on February 14, 2008 at Solvay Neder-over-Heembeek, Belgium.
Page 1 and 2: Ready for tomorrow Growth, Competit
Page 3 and 4: Key figures - Solvay Group Financia
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: Despite considerable capacity incre
Page 55 and 56: New Business Development Thierry De
Page 57 and 58: organized in November 2007 - each d
Page 59 and 60: Since 2004, Solvay has been working
Page 61 and 62: The most important development in t
Page 63 and 64: The new river port at the Rheinberg
Page 65 and 66: During the June 2006 strategic revi
Page 67 and 68: They are also the “architects”
Page 69 and 70: Financial Statements The following
Page 71 and 72: Goodwill EUR Million Notes 2006 200
Page 73 and 74: Fair value differences These record
Page 75 and 76: • 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 and 128:
Income statement of Solvay S.A. (su
Page 129 and 130:
Additional comment The preparation
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
show all

+1 - Solvay

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?