Financial Statements - Solvay

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SOLVAY An international Chemical and Pharmaceutical Group Sales: EUR 9.5 billion Operating result: EUR 1 billion Cash fl ow: EUR 0.9 billion Employing 29 433 people Present in 50 countries on every continent With 400 sales and production facilities with more than 95% of sales come from outside Belgium and about 50% from outside the European Union Stable or rising dividends for the past 27 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 Chairmen’s Message 04 Mission, Vision, Values, Strategy 10 Strategic positioning 12 12 Management Report 18 Financial Information per share 20 20 Pharmaceuticals Sector 28 Chemicals Sector 36 Plastics Sector 44 New Business Development 48 48 Human Resources 52 Sustainable Development 56 56 Table of contents 57 Financial Statements 131 Corporate Governance 156 Executive Committee 158 Glossaries 161 Shareholders’ Diary
Key fi gures – Solvay Group Financial data 2004 2005 2006 2007 2008 millions EUR millions EUR millions USD5 Operating situation Sales 7 271 8 562 9 399 9 572 9 490 13 207 REBITDA 1 1 146 1 338 1 568 1 662 1 436 1 999 REBIT 2 741 912 1 099 1 192 965 1 343 REBIT as % of sales 10% 11% 12% 12% 10% 10% Net income 541 816 817 828 449 625 Total depreciation and amortization 3 449 464 522 593 417 581 Cash fl ow 4 990 1 280 1 339 1 421 866 1 206 Capital expenditure 564 1 930 858 777 1 320 1 837 Research expenditure 408 472 563 556 564 785 Personnel costs 1 698 1 920 2 136 2 081 1 981 2 756 Added value 2 902 3 438 3 628 3 921 3 083 4 291 Financial situation Shareholders’ equity 3 792 3 920 4 456 4 459 4 745 6 604 Net debt 795 1 680 1 258 1 307 1 597 2 222 Net debt/ shareholders’ equity 21% 43% 28% 29% 34% 34% Return on Equity (ROE) 15% 22% 19% 18% 9% 9% Gross distribution to Solvay shareholders 210 221 232 240 241 335 Persons employed Persons employed at January 14 26 926 28 730 29 258 28 340 29 433 – 1. REBITDA = REBIT before depreciation and amortization. 2. REBIT = Recurrent EBIT. 3. Including impairment of: 23 in 2004, 20 in 2005, 48 in 2006, 123 in 2007 and 54 in 2008. 4. In full-time equivalents at January 1 of the following year; at December 31 of the same year as of 2008. 5. Exchange rate: 1 EUR : 1.3917 USD at 31/12/2008. 6. Net income + totale depreciation and amortization. Expenditure for the future Total Group capital expenditure, acquisitions and R&D 2008 = EUR 1 884 million 2500 2250 2000 1750 1500 1250 1000 750 500 250 0 972 408 564 2 402 472 1 930 1 421 563 858 1 333 2004 2005 2006 2007 2008 2009 Budget � Capital expenditure & acquisitions � R&D 556 777 1 884 564 1 320 1 228 590 638 Total capital expenditure & acquisitions by Sector in 2008 [EUR million] 11 393 37 79 410 428 506 � Pharmaceuticals � Chemicals � Plastics � Corporate R&D by Sector in 2008 [EUR million] 20 � Pharmaceuticals � Chemicals � Plastics � Corporate
Page 1: Managing Challenges Solvay Global A
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 and 28: Key fi gures [EUR million] 2006 200
Page 29 and 30: Flagship Products in 2008 Therapeut
Page 31 and 32: Sales of less important products In
Page 33 and 34: Sodium bicarbonate. Sodium bicarbon
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 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
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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
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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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