Financial Statements - Solvay

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60 Solvay Global Annual Report 2008 Statement of changes in equity EUR Million Equity attributable to equity holders of the parent Share capital Issue Retained Treasury Currency premiums earnings shares translation differences Fair value differences Total Minority interests Balance at 31/12/2006 1 271 18 3 283 -138 -420 200 4 214 242 4 456 Net profi t for the period 781 781 47 828 Income and expenses directly allocated to equity Total equity -119 -248 -367 -39 -406 Total comprehensive income 781 -119 -248 414 8 422 Cost of stock options 6 6 6 Dividends -236 -236 -12 -248 Acquisitions / sale of treasury shares -95 -95 -95 Other -1 -1 -82 -83 Balance at 31/12/2007 1 271 18 3 834 -233 -539 -48 4 303 156 4 459 Net profi t for the period 405 405 44 449 Income and expenses directly allocated to equity -82 62 -20 -9 -29 Total comprehensive income 405 -82 62 385 35 420 Cost of stock options 8 8 8 Dividends -246 -246 -11 -257 Acquisitions / sale of treasury shares 7 7 7 Other -8 -8 116 108 Balance at 31/12/2008 1 271 18 3 994 -226 -621 14 4 449 296 4 745 Currency translation differences The closing balance sheet exchange rate for the US dollar changed from 1.4721 at the end of 2007 to 1.3917 at the end of 2008. Despite the stronger dollar, the currency translation difference is negative, the main reason being the weakening of the Argentinian peso, the Brazilian real, the British pound and the Thai baht. The total difference amounts to EUR 91 million of which 82 million EUR for the Group’s share, which takes the balance of this item from EUR 539 million at the end of 2007 to EUR 621 million at the end of 2008. Fair value differences These differences represent the marking to market of available-for-sale investments and fi nancial derivatives used for hedging purposes. In 2008, the positive variation of EUR 62 million is due principally to the recycling to the income statement of the latent capital loss on our shareholding in Fortis (EUR 41 million) and to the reversal of the unrecognized loss allocated directly to equity at year end 2007 on Innogenetics shares in an amount of EUR 20 million as Innogenetics is fully consolidated and no longer classifi ed as an available-for-sale investment. The fair value differences also include the marking to market of fi nancial instruments accounted for according to IAS 39 as cash fl ow hedges. Only the effective part of the hedge is recognized in equity, with the balance being taken directly into income. The variation in this effective part, recognized among fair value differences, amounted to EUR 10 million at the end of 2008 (end 2007: EUR 7 million). When the fi nancial instrument designated as a hedge matures, its value recognized in equity is transferred to the income statement. In 2008, there was no transfer from equity to the income statement.
Minority interests The increase in the “other” caption is mainly due to the full consolidation of SolVin with minority interests (25 %) in an amount of EUR 128 million. Number of shares (in thousands) 1 Shares issued and fully paid in at 1/1/2008 84 701 Capital increase 0 Shares issued and fully paid in at 31/12/2008 84 701 Treasury shares held at 31/12/2008 2 568 Shares authorized but not yet issued 0 Par value (per share) 15 EUR / share 1. See the consolidated data per share in the fi nancial infromation per share given in the Management Report. Information on the dividend proposed to the Shareholders’ Meeting can be found in the Management Report. Financial 61 Solvay Global Annual Report 2008 Financial
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Managing Challenges Solvay Global A
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Key fi gures - Solvay Group Financi
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February 1 Caprolactones Solvay con
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Apart from increasing our competiti
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and optional overtime and taking of
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... 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 and 62: Financial Statements The following
Page 63: Consolidated balance sheet EUR Mill
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
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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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