Financial Statements - Solvay

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118 Solvay Global Annual Report 2008 2008 Consolidation Scope The Group consists of Solvay SA and a total of 401 subsidiaries and associated companies in 50 countries. Of these, 170 are fully consolidated and 82 are proportionately consolidated, whilst the other 149 do not meet the criteria of signifi cance. In accordance with the principle of materiality, certain companies which are not of signifi cant size have not been included in the consolidation scope. Companies are deemed not to be signifi cant when they do not exceed any of the three following thresholds in terms of their contribution to the Group’s accounts: • sales of EUR 20 million, • balance sheet total of EUR 10 million, • headcount of 150 persons. Companies that do not meet these criteria are, nevertheless, consolidated where the Group believes that they have a potential for rapid development, or where they hold shares in other companies that are consolidated under the above criteria. Globally, the non-consolidated companies have no material impact on the consolidated data of the Group, their overall impact on the Group net profi t being of the order of 0.1 %. The full list of companies is fi led with the National Bank of Belgium as an attachment to the annual report, and can be obtained from the company head offi ce. List of companies entering or leaving the Group Ch = Chemicals Ph = Pharmaceuticals Pl = Plastics - = not allocated Companies entering the Group Country Company Sector Comments BELGIUM Innogenetics BV Ph purchase Solvay Nafta Development and Financing SA - new company NETHERLANDS Solvay Biologicals BV Ph meets the consolidation criteria Twebotube BV Pl purchase CZECH REPUBLIC Instaplast Praha AS Pl purchase SWEDEN Solvay Pharma AB Ph meets the consolidation criteria RUSSIA Inergy Automotive Systems OOO Pl meets the consolidation criteria EGYPT Alexandria Sodium Carbonate Co. Ch purchase UNITED STATES Ajedium Film Group, LLC Pl purchase Solvay Biologicals, LLC Ph new company Rocky Mountain Coal Company, LLC Ch new company INDIA Inergy Automotive Systems India Pvt Ltd Pl new company CHINA Inergy Automotive Systems Consulting (Beijing) Co. Pl meets the consolidation criteria
Companies leaving the Group Country Company Sector Comments BELGIUM Fournier Pharma SA/NV Ph liquidated FRANCE Synkem SAS Ph sold GERMANY Cavity GmbH & Co KG - absorbed by Solvay GmbH Hispavic GmbH Pl absorbed by Solvay GmbH Solvay Management Support GmbH - absorbed by Solvay GmbH Solvay Engineered Polymers GmbH Pl sold Solvay Salz Beteiligungs GmbH & Co KG - absorbed by Solvay GmbH SPAIN Laboratorios Fournier SA Ph absorbed by Solvay Pharma SA SWITZERLAND Girindus SA Ch liquidated PORTUGAL Thylmer Farmaceutica Lda Ph liquidated UNITED STATES Solvay Engineered Polymers, Inc. Pl sold Ajedium Film Group LLC Pl absorbed by Solvay Solexis, Inc. CANADA Solvay Engineered Polymers (Canada), Inc Pl sold MEXICO Solvay Engineered Polymers Mexico SA de CV Pl sold BRAZIL Solvay do Brasil Ltda Pl absorbed by Solvay Quimica Ltda renamed Solvay do Brasil Ltda AUSTRALIA Fournier Pharma Australia Pty Ltd Ph liquidated CHINA Changzhou Pipelife Reinforced Plastic Co Ltd Pl deconsolidated Sichuan Chuanxi Plastic Co Ltd Pl deconsolidated Change of consolidation method Country Company Sector Comments BELGIUM Solvic SA Pl fully consolidated SolVin SA Pl fully consolidated NETHERLANDS SolVin Holding Nederland BV Pl fully consolidated FRANCE SolVin France SA Pl fully consolidated ITALY SolVin Italia France SpA Pl fully consolidated GERMANY SolVin GmbH Pl fully consolidated SolVin Holding GmbH Pl fully consolidated SPAIN Vinilis SA Pl fully consolidated Hispavic Iberica SL Pl fully consolidated Financial 119 Solvay Global Annual Report 2008 Financial
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Managing Challenges Solvay Global A
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Key fi gures - Solvay Group Financi
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February 1 Caprolactones Solvay con
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Apart from increasing our competiti
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and optional overtime and taking of
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... and Long-Term Value Creation Th
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and using it without limits, the pi
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Chemicals Sales: EUR 3.1 billion -
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2008 : operating result down 19% on
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EUR million 2007 2008 2008/2007 GRO
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Balance sheet Total Equity stood at
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Current profi t before taxes amount
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Robot in Weesp. This 384 wells plat
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Key fi gures [EUR million] 2006 200
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Flagship Products in 2008 Therapeut
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Sales of less important products In
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Sodium bicarbonate. Sodium bicarbon
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natural resources and limit waste d
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The Organic cluster: Molecular Solu
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Solvay specialty polymers The outst
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Technological leadership through Re
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production capacities have been inc
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New Business Development OLED. Orga
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future) reacts with atmospheric oxy
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Increasing cultural diversity. Solv
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New career management process In 20
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The 5x5 Matrix The 5x5 Matrix is th
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Investors: responding to growing in
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Financial Statements The following
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Consolidated balance sheet EUR Mill
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Minority interests The increase in
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• IFRIC 15 Agreements for the con
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9. Research and Development costs R
Page 71 and 72: Key assumptions & key sources of es
Page 73 and 74: General description of the segments
Page 75 and 76: Information per primary segment for
Page 77 and 78: For the Pharmaceuticals Sector, whi
Page 79 and 80: - Current tax represents the tax pa
Page 81 and 82: Other information All the Group’s
Page 83 and 84: The acquisitions in 2008 consist ma
Page 85 and 86: Alexandria Sodium Carbonate On 17 O
Page 87 and 88: (20) Capital increase / redemption
Page 89 and 90: Consolidated balance sheet (22) Int
Page 91 and 92: (24) Tangible assets (including fi
Page 93 and 94: (26) Other investments EUR million
Page 95 and 96: (29) Provisions EUR Million Employe
Page 97 and 98: The amounts recorded in the balance
Page 99 and 100: Actuarial assumptions used in deter
Page 101 and 102: - the risks attached to ongoing lit
Page 103 and 104: Fair value of fi nancial debts For
Page 105 and 106: ) Balance sheet risk The Group’s
Page 107 and 108: Financial instruments IAS 39 defi n
Page 109 and 110: (32) Assets held for sale and liabi
Page 111 and 112: Management of Risks Acting responsi
Page 113 and 114: In reference to Raw Materials, in a
Page 115 and 116: Since 2007 a compliance organizatio
Page 117 and 118: Participation in venture capital fu
Page 119 and 120: Compensation report 1. Description
Page 121: affi liated to the Pension Regulati
Page 125 and 126: SolVin France SA, Paris 75 Pl Vival
Page 127 and 128: Solvay Soda Ash Joint Venture, Hous
Page 129 and 130: FINLAND Pipelife Finland OY, Oulu 5
Page 131 and 132: Summary fi nancial statements of So
Page 133 and 134: STATUTORY AUDITOR’S REPORT To the
Page 135 and 136: Report on the application of the Co
Page 137 and 138: Introduction This report presents t
Page 139 and 140: The Board of Directors noted their
Page 141 and 142: notice of the meeting by mail at th
Page 143 and 144: Year of birth Year of 1st appointme
Page 145 and 146: eing a non-executive director of a
Page 147 and 148: 4.5.2. The Audit Committee At Janua
Page 149 and 150: corresponding to the decision or re
Page 151 and 152: which remained valid for the 2008 f
Page 153 and 154: Manager, a member of the Executive
Page 155 and 156: EUR The Solvay share compared with
Page 157 and 158: ANNEX 1 Audit Committee Mission Sta
Page 159 and 160: during the 30 days preceding the st
Page 161 and 162: Executive Committee 1 | Christian J
Page 163 and 164: ABAF: Belgian Financial Analysts As
Page 165 and 166: Shareholders’ Diary - Tuesday May
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