Financial Statements - Solvay

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24 Solvay Global Annual Report 2008 and Turkey, as well as numerous smaller markets in Asia, Eastern Europe and South America. In the coming years, we will strengthen our presence in these primary markets, which are growing faster than our traditional areas. In recent years, sales and marketing structures have been introduced in these new emerging countries and staffi ng increased. In 2008, around 20% of sales were generated in these countries, giving a strong boost to the geographic profi le of Solvay Pharmaceuticals’ income. Parallel with this, we have adjusted staffi ng in older, better established markets, where future growth is expected to be less, and pared it considerably in markets facing competition from generics. Continuing the good growth of products addressing urgent medical needs Solvay Pharmaceuticals’ present offerings include a certain number of products in so-called “urgent medical needs” areas. • Our fenofi brate franchise products improve the blood lipids profi les of patients at risk from cardiovascular disorders. Right now these conditions are among the main causes of mortality in both industrialized and developing countries. • Our CREON ® pancreatic enzymes are a world-leading product line used for treating, among other things, life-threatening cystic fi brosis in infants and adults. They are also used in treating pancreatic disorders, like infections or cancers. • DUODOPA ® offers treatment for late-stage Parkinson’s disease. The desired level of active ingredient is fed directly into the small intestine through a catheter. Solvay is also researching new treatments for Parkinson’s. • Our INFLUVAC ® range of fl u vaccines is another product that meets an urgent medical need. Vaccination against fl u is one of the World Health Organization’s main priorities. It contributes to fi ghting seasonal fl u and to preparing for the next pandemic, which is now expected at any time. As well as manufacturing these vaccines with chicken eggs, using a well-established process, we are completing validation of a new plant to produce vaccines using cell cultures. Solvay Pharmaceuticals results in 2008 Rising sales and profi ts in recent years Over the past 12 years, Solvay Pharmaceuticals’ sales have risen signifi cantly, from EUR 1 049 million in 1997 to EUR 2 699 million in 2008. This represents an average growth of 9% a year. In terms of profi ts, over the same period our REBIT has risen from EUR 118 million to EUR 509 million. This increase is paralleled by a strong improvement in the REBIT to sales ratio, from 11.2% in 1997 to 18.9% in 2008. In 2008, the Pharmaceuticals Sector achieved sales of EUR 2 699 million, despite the negative impact of the USD exchange rate. At a constant exchange rate, growth would have been signifi cantly more sustained, given that our US sales, expressed in USD, grew by 14% in 2008. In 2008, operating results (REBIT) once again exceeded those of previous years (up 11% to EUR 509 million). Certain historical records were achieved in 2008: • sales of cardiometabolic fenofi brate passed the EUR 500 million mark, up 18% from 2007; • worldwide sales of ANDROGEL ® (men’s health) exceeded EUR 330 million for the fi rst time, up 9% from 2007; • worldwide sales of CREON ® passed the milestone of EUR 200, up 9% from 2007. Distribution by geographic zones shows the predominance of Europe, with 46% of sales, closely followed by NAFTA in second position with 40%. Our emerging markets already represent almost 20% of sales, proving that our geographic diversifi cation is moving ahead, which is an important trend indicator for the future. Our Russian company has done particularly well. In 2008 it achieved a market share of 2.4%, the best score for any Solvay Pharmaceuticals entity. In Russia, now our third country in terms of sales, we are today among the top ten pharmaceuticals companies.
Flagship Products in 2008 Therapeutic Product Markets 2008 sales % of 2008 Change Change fi eld in EUR sales 2008/2007 2008/2007 million % (at constant exchange rates) Cardiometabolics TRICOR ® / LIPANTHYL ® / TRILIPIX Global 511 20% + 18% + 24 % Men’s health ANDROGEL ® North America + Central & Eastern Europe, Middle East, South Africa 337 13% + 9% + 17% Pancreatic enzymes CREON ® Global 217 8% + 9% + 13% Neuroscience SERC ® Europe + Export 165 6% + 10% + 10% Flu vaccines INFLUVAC ® Europe + Export 116 4% - 9% - 8% Cardiometabolics TEVETEN ® Global 1 116 4% + 9% + 9% Gastroenterology DUPHALAC ® Global 104 4% + 6% + 7% 1. Rights transferred in the USA to Biovail. Thanks to diversifi cation, seven of our products each produced sales of over EUR 100 million: the TRICOR ® / LIPANTHYL ® / TRILIPIX , fenofi brate franchise, ANDROGEL ® , CREON ® , SERC ® , INFLUVAC ® , DUPHALAC ® and TEVETEN ® . Among new and promising growth products, OMACOR ® and DUODOPA ® are leading the way: • The cardiometabolic product OMACOR ® generated EUR 47 million or 2% of total Pharmaceuticals Sector sales, up 43% from 2007. • DUODOPA ® , a neuroscience product with sales of EUR 42 million, also represents 2% of the total, and is up 65 % from 2007. Pharmaceuticals Sector 25 Solvay Global Annual Report 2008 Pharmaceuticals Sector
Page 1 and 2: Managing Challenges Solvay Global A
Page 3 and 4: Key fi gures - Solvay Group Financi
Page 5 and 6: February 1 Caprolactones Solvay con
Page 7 and 8: Apart from increasing our competiti
Page 9 and 10: and optional overtime and taking of
Page 11 and 12: ... and Long-Term Value Creation Th
Page 13 and 14: and using it without limits, the pi
Page 15 and 16: Chemicals Sales: EUR 3.1 billion -
Page 17 and 18: 2008 : operating result down 19% on
Page 19 and 20: EUR million 2007 2008 2008/2007 GRO
Page 21 and 22: Balance sheet Total Equity stood at
Page 23 and 24: Current profi t before taxes amount
Page 25 and 26: Robot in Weesp. This 384 wells plat
Page 27: Key fi gures [EUR million] 2006 200
Page 31 and 32: Sales of less important products In
Page 33 and 34: Sodium bicarbonate. Sodium bicarbon
Page 35 and 36: Key fi gures [EUR million] 2006 200
Page 37 and 38: natural resources and limit waste d
Page 39 and 40: The Organic cluster: Molecular Solu
Page 41 and 42: Solvay specialty polymers The outst
Page 43 and 44: Key fi gures [EUR million] 2006 200
Page 45 and 46: Technological leadership through Re
Page 47 and 48: production capacities have been inc
Page 49 and 50: New Business Development OLED. Orga
Page 51 and 52: future) reacts with atmospheric oxy
Page 53 and 54: Increasing cultural diversity. Solv
Page 55 and 56: New career management process In 20
Page 57 and 58: The 5x5 Matrix The 5x5 Matrix is th
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Page 61 and 62: Financial Statements The following
Page 63 and 64: Consolidated balance sheet EUR Mill
Page 65 and 66: Minority interests The increase in
Page 67 and 68: • IFRIC 15 Agreements for the con
Page 69 and 70: 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
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- Current tax represents the tax pa
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Other information All the Group’s
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The acquisitions in 2008 consist ma
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Alexandria Sodium Carbonate On 17 O
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(20) Capital increase / redemption
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Consolidated balance sheet (22) Int
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(24) Tangible assets (including fi
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(26) Other investments EUR million
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(29) Provisions EUR Million Employe
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The amounts recorded in the balance
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Actuarial assumptions used in deter
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- the risks attached to ongoing lit
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Fair value of fi nancial debts For
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) Balance sheet risk The Group’s
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Financial instruments IAS 39 defi n
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(32) Assets held for sale and liabi
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Management of Risks Acting responsi
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In reference to Raw Materials, in a
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Since 2007 a compliance organizatio
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Participation in venture capital fu
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Compensation report 1. Description
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affi liated to the Pension Regulati
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Companies leaving the Group Country
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SolVin France SA, Paris 75 Pl Vival
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Solvay Soda Ash Joint Venture, Hous
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FINLAND Pipelife Finland OY, Oulu 5
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Summary fi nancial statements of So
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STATUTORY AUDITOR’S REPORT To the
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Report on the application of the Co
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Introduction This report presents t
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The Board of Directors noted their
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notice of the meeting by mail at th
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Year of birth Year of 1st appointme
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eing a non-executive director of a
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4.5.2. The Audit Committee At Janua
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corresponding to the decision or re
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which remained valid for the 2008 f
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Manager, a member of the Executive
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EUR The Solvay share compared with
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ANNEX 1 Audit Committee Mission Sta
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during the 30 days preceding the st
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Executive Committee 1 | Christian J
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ABAF: Belgian Financial Analysts As
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Shareholders’ Diary - Tuesday May
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Financial Statements - Solvay

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