Financial Statements - Solvay

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86 Solvay Global Annual Report 2008 (23) Goodwill EUR Million Total Gross carrying amount At 31 December 2006 1 214 Arising on acquisitions 32 Change in consolidation scope 0 Impairments -26 Currency translation differences -10 Other 0 At 31 December 2007 1 210 Arising on acquisitions 483 Change in consolidation scope -10 Impairments 0 Currency translation differences -10 Transfer to assets held for sale -4 Other -3 At 31 December 2008 1 667 In 2008, the increase in goodwill comes from: – the recognition of an earn-out and milestones payable to the former Fournier shareholders (EUR 200 million), – the acquisition of Innogenetics (EUR 212 million), – the acquisition of Alexandria Sodium Carbonate Co (EUR 66 million). The goodwill impairment tests did not lead to any impairment losses being recognized in 2008. For these tests, the Group prepares cash-fl ow forecasts based on the most recent fi nancial projections approved by executive management for the next fi ve years. For the following years, the extrapolation of the cash fl ows is based on a growth rate which does not exceed the average long-term growth rate of the markets in question. The forecasted cash fl ows for each of the cash-generating units concerned have been discounted to net present value at specifi c rates, based on external references and measuring the risks inherent to the specifi c sector and geographic location of the cash-generating units. These discount rates range between 8.3 % and 9.3 %, to which country risk premiums can in some cases be added (up to 6 %). The essential part of the goodwill comes from the Fournier acquisition (EUR 1 221 million) and from the Innogenetics acquisition (EUR 212 million). To the extent that this goodwill represents in each country synergies which will benefi t all Pharmaceuticals Sector products, goodwill cannot be allocated by product, but only by region. As a result, the cashgenerating units used for the annual impairment tests on this particular goodwill item are based on the regions.
(24) Tangible assets (including fi nance leases) EUR Million Land & Buildings Fixtures & Equipment Other tangible assets Properties under construction Gross carrying amount At 31 December 2006 2 117 7 455 97 545 10 214 Capital expenditures 43 259 3 317 623 Disposals and closures -31 -250 -3 0 -284 Changes in consolidation scope 7 13 0 1 21 Currency translation differences -34 -126 -4 -11 -174 Other 1 240 1 -285 -43 At 31 December 2007 2 104 7 591 95 567 10 358 Capital expenditures 27 193 4 446 670 Disposals and closures -28 -117 -8 -2 -154 Changes in consolidation scope 47 408 31 7 493 Currency translation differences -14 -115 0 -14 -144 Transfer to assets held for sale -35 -75 0 -3 -113 Other 22 382 -11 -372 20 At 31 December 2008 Accumulated depreciation 2 123 8 266 111 630 11 130 At 31 December 2006 -1 122 -5 154 -69 0 -6 345 Depreciation -57 -348 -6 0 -411 Impairments -21 -57 0 0 -78 Reversal of impairments 1 5 0 0 6 Disposals and closures 27 214 3 0 244 Changes in consolidation scope -2 -6 0 0 -8 Currency translation differences 13 67 3 0 83 Other 31 5 0 0 36 At 31 December 2007 -1 129 -5 274 -70 0 -6 472 Depreciation -54 -339 -4 -1 -398 Impairments -5 -23 -1 0 -29 Reversal of impairments 10 62 0 0 72 Disposals and closures 19 108 7 0 134 Changes in consolidation scope -33 -296 -17 0 -346 Currency translation differences 3 73 1 0 77 Transfer to assets held for sale 21 52 0 0 73 Other 14 -48 12 0 -22 At 31 December 2008 Net carrying amount -1 153 -5 685 -73 -1 -6 912 At 31 December 2006 995 2 301 28 545 3 869 At 31 December 2007 975 2 318 25 567 3 885 At 31 December 2008 970 2 581 37 629 4 218 Total Financial 87 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
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Current profi t before taxes amount
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Robot in Weesp. This 384 wells plat
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Key fi gures [EUR million] 2006 200
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Flagship Products in 2008 Therapeut
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Sales of less important products In
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Sodium bicarbonate. Sodium bicarbon
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Key fi gures [EUR million] 2006 200
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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
Page 87 and 88: (20) Capital increase / redemption
Page 89: Consolidated balance sheet (22) Int
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
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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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