Financial Statements - Solvay

More documents

Recommendations

Info

58 Solvay Global Annual Report 2008 Consolidated cash fl ow statement EUR Million Notes 2007 2008 EBIT 1 223 985 Depreciation, amortization and impairments (15) 593 417 Changes in working capital (16) -319 356 Changes in provisions (17) -140 -167 Income taxes paid -238 -302 Other (18) -266 -12 Cash fl ow from operating activities 852 1 277 Acquisition (-) / sale (+) of investments (19) 5 -453 Acquisition (-) / sale (+) of assets (19) -433 -747 Income from investments 24 10 Changes in loans -46 -21 Effect of changes in method of consolidation 6 12 Cash fl ow from investing activities -445 -1 200 Capital increase (+) / redemption (-) (20) -19 -12 Acquisition (-) / sale (+) of treasury shares (21) -95 7 Changes in borrowings 188 578 Cost of borrowings -106 -138 Interest on lending and short-term deposits 23 26 Other 2 18 Dividends -243 -240 Cash fl ow from fi nancing activities -250 239 Net change in cash and cash equivalents 157 316 Currency translation differences -15 -8 Opening cash balance 433 575 Ending cash balance (30) 575 883 Explanatory notes are found after the fi nancial statements.
Consolidated balance sheet EUR Million Notes 2007 2008 ASSETS Non-current assets 6 999 7 752 Intangible assets (22) 662 726 Goodwill (23) 1 210 1 667 Tangible assets (24) 3 885 4 218 Available-for-sale investments (25) 318 30 Other investments (26) 148 187 Deferred tax assets (12b) 524 649 Loans and other non-current assets (28) 252 273 Current assets 4 180 4 513 Inventories (27) 1 255 1 255 Trade receivables (28) 1 711 1 666 Income tax receivables 73 92 Other receivables (28) 566 555 Cash and cash equivalents (30) 575 883 Assets held for sale (32) 0 61 Total assets 11 180 12 264 EQUITY & LIABILITIES Total equity 4 459 4 745 Share capital 1 271 1 271 Reserves 3 032 3 179 Minority interests 156 296 Non-current liabilities 3 963 4 185 Long-term provisions: employee benefi ts (29) 1 119 1 106 Other long-term provisions (29) 966 922 Deferred tax liabilities (12b) 245 258 Long-term fi nancial debt (30) (31) 1 565 1 852 Other non-current liabilities 68 46 Current liabilities 2 758 3 334 Short-term provisions: employee benefi ts (29) 68 43 Other short-term provisions (29) 161 80 Short-term fi nancial debt (30) (31) 317 627 Trade liabilities 1 246 1 337 Income tax payable 86 49 Other current liabilities 880 1 183 Liabilities associated with assets held for sale (32) 0 14 Total equity & liabilities 11 180 12 264 RATIOS Return on equity (ROE) 18.4 9.5 Net debt to equity ratio 29.3 33.7 ROE = net income of the Group / total equity before allocation of fair value differences directly to equity. Net debt to equity ratio = net debt / total equity. Net debt = short and long-term fi nancial debt less cash and cash equivalents. Explanatory notes are found after the fi nancial statements. Financial 59 Solvay Global Annual Report 2008 Financial
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 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
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: Financial Statements The following
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
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 and 132:
Summary fi nancial statements of So
Page 133 and 134:
STATUTORY AUDITOR’S REPORT To the
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
show all

Financial Statements - Solvay

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?