Financial Statements - Solvay

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38 Solvay Global Annual Report 2008 Robust and Ready Strategy Constantly reinforcing the robustness of our businesses; Focusing on: > Society’s fundamental long-term needs like water, energy savings, housing, health and well-being; > Attractive growth regions like the BRIC countries (Brazil, Russia, India, China) and central and eastern Europe; speeding growth by seizing opportunities in materials sciences; Keeping innovation and R&D as absolute priorities. Short-term initiatives Adapting SBU Specialty Polymers’ activities to the slowing in certain markets: > Cost control, adjusting production levels, price increases; > Sale of Solvay Engineered Polymers, which sold primarily to the automobile industry. Restructuring Inergy Automotive Systems to deal with the automobile crisis that appeared on the horizon in 2008: > Closing of the production units at Blenheim (Canada, in 2008) and Nucourt (France, planned for 2009); > shedding of 695 FTE in 2008. Vinyls: optimizing operating costs through greater integration; > concentration on highly competitive world-scale production units; > developing synergies in the chlorine chain with BASF at Antwerp (Belgium); > concentrating PVC compounds activities on three sites in Europe. Restructuring of Pipelife (pipes and fi ttings) in Spain and Ireland. The markets’ main growth drivers Innovation: the New Sales Ratio reached 31% in 2007. In the Specialties cluster: 5 to 10% average annual global growth Reducing weight and costs (substitution for metal, glass, etc.); Rising demand for healthcare and ageing populations; Environmental protection (water and gas treatment) and alternative energies; New products and technologies requiring ever higher performance materials. In the Vinyls cluster: 5% average annual global growth Strong growth in building construction and civil engineering in emerging countries; Growth in building renovation and civil engineering in developed countries.
Key fi gures [EUR million] 2006 2007 2008 Sales 3 800 3 950 3 695 REBIT 409 441 264 REBITDA 595 636 458 Depreciation 192 195 201 Capital expenditure 367 334 393 R&D 88 87 79 Headcount * 8 889 8 977 8 816 * 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 3 695 million By cluster and SBU Specialties 41 % 27 % Specialty Polymers 14 % Inergy Automotive Systems Vinyls cluster 59 % 47 % Vinyls 12 % Pipelife (pipes and fi ttings) By geographic area � Europe 60 % 56 % European Union (27) 4 % Other European countries � The Americas 26 % 12 % Nafta 14 % Mercosur � Asia-Pacifi c 12 % � Rest of the world 2 % Sales by customer segment 2008: EUR 3 695 million By customer segment Construction and architecture 33 % Automobile industry 21 % Electricity and electronics 10 % Water and environment 8 % Chemical industry 7 % Packaging 6 % Consumer goods 5 % Human health 3 % Other industries 7 % 47 % 26 % 6 % 7 % 8 % 12 % 12 % 7 % 3% 5 % 10 % 2 % 21 % 27 % 14 % 60 % 33 % Plastics Sector 39 Solvay Global Annual Report 2008 Plastics 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 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: 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
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
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
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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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