Financial Statements - Solvay

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30 Solvay Global Annual Report 2008 Weather the Storm, Looking Ahead Strategy Intensifying our geographic expansion through investment in fl agship products and high-growth regions; growing in specialties, mainly bicarbonate and fl uorinated and organic specialties; continuing our technological innovation; consolidating our competitiveness through operational excellence, world-class plants, and skilled management of energy and our product portfolio. Short-term initiatives Stricter control of operating costs has been introduced, and is reducing fi xed costs. Terminations of activities: > The sale of the Caprolactones activity was completed at the beginning of 2008; > The precipitated calcium carbonate activity was put up for sale. Restructuring plans: > The reorganization of the fl uorinated chemistry activities is under way: – closing of the Tarragona (Spain) production unit; – halting production of 134a at the Porto Marghera (Italy) site; – workforce reductions at Hannover, Bad Wimpfen and Frankfurt (Germany); > Closing of the chloromethane unit at Bussi sul Tirino (Italy); > Closing of the strontium carbonate production site at Reynosa (Mexico) by the Solvay- CPC joint venture; > Cost reduction measures under review at the Peptisyntha (Belgium) site. Raising sales prices: To curb the spectacular impact of rising energy costs, measures were taken to increase selling prices where contract provisions permitted: > Major price increases (+50% from 2007) were implemented in caustic soda starting in the second half of 2008; > In soda ash and sodium bicarbonate, price increases were initially limited to non-contract sales and cases in which contract terms permitted it (e.g. an energy clause in the USA); > In other activities, price increases were applied on a case by case basis.
Key fi gures [EUR million] 2006 2007 2008 Sales 2 998 3 031 3 096 REBIT 315 345 238 REBITDA 484 508 398 Depreciation 201 248 85 Capital expenditure 270 315 410 R&D 33 37 37 Headcount * 8 691 8 395 8 966 * Full-time equivalents at January 1 of the following year for 2006 and 2007; December 31 of the same year for 2008. Sales breakdown 2008: EUR 3 096 million By cluster and SBU Minerals cluster 40 % Soda Ash 46 % 6 % Advanced Functional Minerals Electrochemistry and Fluorinated Products cluster 26 % Electrochemicals 37 % 11 % Fluorinated Products Oxygen cluster 14 % Hydrogen peroxide Organic cluster 14 % 2 % By geographic area � Europe 61 % 56 % European Union (27) 5 % Other European countries � The Americas 28 % 19 % Nafta 9 % Mercosur � Asia-Pacifi c 7 % � Rest of the world 4 % Sales by customer segment 2008: EUR 3 096 million By customer segment Chemical industry Glass industry Paper 21 % 18 % 12 % Detergents, cleaning and hygiene products 10 % Human and animal food processing Construction and architecture Human health Electricity and electronics Water and environment Automobile industry Consumer goods Other industries 4 % 3 % 3 % 3 % 3 % 2 % 1 % 20 % 28 % 14 % 37 % 20 % 2 % 4 % 7 % 1 % 2 % 3 % 3 % 3 % 3 % 4 % 10 % 21 % 12 % 46 % 61 % 18 % Chemicals Sector 31 Solvay Global Annual Report 2008 Chemicals 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 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: 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 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
Page 59 and 60: Investors: responding to growing in
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
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
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(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
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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
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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