Financial Statements - Solvay

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70 Solvay Global Annual Report 2008 Notes to the fi nancial statements The notes below are cross-referenced to the summary consolidated fi nancial statements. Consolidated income statement (1) Financial data by Business Segment The Sectors form the basis for the reporting by primary segments. The Pharmaceuticals, Chemicals and Plastics Sectors are extensively described in the general section of this report. The Corporate & Business Support (CBS) sector consists of the staff and installations of the various Group headquarters which are not specifi cally attributable to the other three sectors, along with certain sites where industrial operations have been discontinued. Information per primary segment for 2007 is presented below: 2007 EUR Million Income statement items Pharmaceuticals Chemicals Plastics Corporate & Business Support Consolidated Sales 2 591 3 315 4 462 0 10 367 - Inter-segment sales1 0 -284 -512 0 -795 External sales 2 591 3 031 3 950 0 9 572 Gross margin 1 847 636 847 0 3 330 REBIT 457 345 441 -51 1 192 Non-recurring items -71 2 -15 115 31 EBIT 386 346 426 64 1 223 Pharmaceuticals Chemicals Plastics Corporate Total from & Business continuing Cash fl ow items Support operations EBIT 386 346 426 64 1 223 Recurrent depreciation and amortization 102 163 194 11 470 Impairments 37 85 0 0 123 Changes in provisions and other non-cash items -141 -143 7 -129 -406 Changes in working capital -66 -199 -58 4 -319 Cash fl ow from operating activities before taxes 318 253 570 -51 1 090 Capital expenditures 73 315 334 55 777 Balance sheet and other items Pharmaceuticals Chemicals Plastics Corporate & Business Support Consolidated Investments2 2 385 1 940 1 915 109 6 349 Working capital3 297 627 619 -57 1 485 Provisions 368 818 265 863 2 315 Headcount at Jan. 1 of following year 9 178 8 395 8 977 1 790 28 340 1 Inter-segment transfer prices are based on market prices. 2 Non-current assets with the exception of deferred tax assets and other long-term receivables. 3 Short-term assets and liabilities and other non-current assets and liabilities, with the exception of dividends payable. In 2007, the Group had no discontinued operations as defi ned by IFRS 5.
Information per primary segment for 2008 is presented below: 2008 EUR Million Income statement items Pharmaceuticals Chemicals Plastics Corporate & Business Support Consolidated Sales 2 699 3 254 3 929 0 9 881 - Inter-segment sales1 0 -157 -234 0 -391 External sales 2 699 3 096 3 695 0 9 490 Gross margin 1 944 504 661 0 3 109 REBIT 509 238 264 -46 965 Non-recurring items -49 23 -5 51 20 EBIT 460 261 259 5 985 Pharmaceuticals Chemicals Plastics Corporate Total from & Business continuing Cash fl ow items Support operations EBIT 460 261 259 5 985 Recurrent depreciation and amortization 108 160 194 9 471 Impairments 13 -75 7 0 -54 Changes in provisions and other non-cash items -24 -47 -32 -76 -179 Changes in working capital 115 147 78 17 356 Cash fl ow from operating activities before taxes 673 445 506 -45 1 579 Capital expenditures 506 410 393 11 1 320 Balance sheet and other items Pharmaceuticals Chemicals Plastics Corporate & Business Support Consolidated Investments2 2 661 2 165 2 109 89 7 024 Working capital3 99 471 546 -64 1 053 Provisions 286 771 291 803 2 151 Headcount at Jan. 1 of following year 9 660 8 966 8 816 1 991 29 433 1 Inter-segment transfer prices are based on market prices. 2 Non-current assets with the exception of deferred tax assets and other long-term receivables. 3 Short-term assets and liabilities and other non-current assets and liabilities, with the exception of dividends payable. In 2008, the Group has no discontinued operations as defi ned by IFRS 5. Financial 71 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
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and using it without limits, the pi
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Chemicals Sales: EUR 3.1 billion -
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2008 : operating result down 19% on
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EUR million 2007 2008 2008/2007 GRO
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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 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: General description of the segments
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
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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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