Financial Statements - Solvay

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128 Solvay Global Annual Report 2008 Income statement of Solvay SA (summary) EUR Million 2007 2008 Operating income 770 813 Sales 309 405 Other operating income 461 408 Operating expenses -792 -942 Operating profi t / loss -22 -129 Financial gains / losses 127 505 Current profi t before taxes 105 376 Extraordinary gains / losses 330 -15 Profi t before taxes 435 361 Income taxes 44 15 Profi t for the year 479 376 Transfer to (-) / from (+) untaxed reserves - - Profi t available for distribution 479 376
STATUTORY AUDITOR’S REPORT To the shareholders’ meeting of Solvay SA on the consolidated fi nancial statements for the year ended 31 December 2008. 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 fi nancial statements together with the required additional comment. Unqualifi ed audit opinion on the consolidated fi nancial statements We have audited the accompanying consolidated fi nancial statements of SOLVAY SA (“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 fi nancial statements comprise the consolidated balance sheet as at 31 December 2008, the consolidated income statement, the consolidated statement of changes in equity and the consolidated cash fl ow statement for the year then ended, as well as the summary of signifi cant accounting policies and other explanatory notes. The consolidated balance sheet shows total assets of EUR 12 264 million and the consolidated income statement shows a consolidated profi t (Group share) for the year then ended of EUR 405 million. The fi nancial statements of several signifi cant entities included in the scope of consolidation which represent total assets of EUR 128 million and a total profi t of EUR 27 million have been audited by other auditors. Our opinion on the accompanying consolidated fi nancial 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 fi nancial statements. This responsibility includes among other things: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated fi nancial 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 fi nancial 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 fi nancial 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 fi nancial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated fi nancial 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 fi nancial 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 fi nancial statements, taken as a whole. Finally, the board of directors and responsible offi cers 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 fi nancial statements give a true and fair view of the Group’s fi nancial position as of 31 December 2008, and of its results and its cash fl ows 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. Financial 129 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
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Key assumptions & key sources of es
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General description of the segments
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Information per primary segment for
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For the Pharmaceuticals Sector, whi
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- 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 and 122: affi liated to the Pension Regulati
Page 123 and 124: Companies leaving the Group Country
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: Summary fi nancial statements of So
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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Financial Statements - Solvay

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