Pharmaceuticals Sector - Solvay

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58 <strong>Solvay</strong> Global Annual Report 2005 Consolidated cash fl ow statement EUR million Notes 2004 2005 Cash fl ow from operating activities 970 969 EBIT 674 555 Depreciation, amortization and impairments (16) 449 464 Changes in working capital -131 59 Changes in provisions (17) 154 310 Income taxes paid -114 -236 (1) Other (18) -62 -183 Cash fl ow from investing activities -310 -692 Acquisition / sale of investments (19) 100 -211 Acquisition / sale of assets (19) -431 -505 Income from investments 15 23 Changes in fi nancial receivables 16 -7 Effect of changes in method of consolidation -10 8 Cash fl ow from fi nancing activities -445 -1 262 Variation of capital (increase / decrease) (20) -4 -803 Acquisition / sale of own shares (21) -3 -9 Changes in borrowings -123 -144 Charges on net indebtedness -91 -89 Dividends (22) -224 -217 Net change in cash and cash equivalents 215 -985 Currency translation differences -15 36 Opening cash balance 1 206 1 406 Ending cash balance (30) 1 406 457 (2) (1) Taxes paid for 2005 include, as well as income taxes on consolidated profi ts, income taxes relating to discontinued operations. (2) Including EUR 3 and 8 million of cash and cash equivalents from discontinued operations in 2004 and 2005, leaving EUR 1 403 and EUR 449 million of cash and cash receivables on the balance sheet. Explanatory notes are found after the fi nancial statements.
Consolidated balance sheet EUR million ASSETS Notes 2004 2005 Non-current assets 4 979 7 051 Intangible assets (23) 219 770 Goodwill (24) 142 1 079 Tangible assets (25) 3 331 3 784 Other investments (26) 590 706 Deferred tax assets (11) 556 510 Financial receivables and other non-current assets 141 202 Current assets 5 058 4 189 Inventories (27) 1 057 1 162 Trade receivables (28) 1 369 1 703 Income tax receivable 115 143 Other receivables 359 427 Cash and cash equivalents (30) 1 403 449 Assets held for sale (12) 755 305 Total de l’actif 10 037 11 240 EQUITY & LIABILITIES Shareholders’ equity 3 792 3 920 Capital and Reserves 2 882 3 774 Minority interests 910 146 Non-current liabilities 3 785 3 496 Long-term provisions (29) 1 769 2 310 Deferred tax liabilities (11) 131 154 Long-term fi nancial debt (30) (31) 1 849 984 Other non-current liabilities 36 48 Current liabilities 2 460 3 824 Short-term provisions (29) 180 209 Short-term fi nancial debt (30) (31) 349 1 145 Trade liabilities 991 1 278 Income tax payable 141 161 Other current liabilities (32) 636 883 Liabilities associated with assets held for sale (12) 163 148 Total equity & liabilities 10 037 11 240 RATIOS Return on equity (ROE) 14.6 21.8 Net debt to equity ratio 20.9 42.9 ROE = net income of the Group / total equity before direct allocation 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. <strong>Solvay</strong> Global Annual Report 2005 59
Page 1 and 2:
Driven by the future Growth, Compet
Page 3 and 4:
Highlights January 2005 Solvay fi n
Page 5 and 6:
Activities Group sales 2005 = EUR 8
Page 7 and 8:
Our Vision - Independent industrial
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here to stay, in our view irreversi
Page 11 and 12: Board of Directors and Corporate Go
Page 13 and 14: 4 Executive Committee and General M
Page 15 and 16: Such a strategy is possible only wi
Page 17 and 18: Specialities Solvay Specialties fro
Page 19 and 20: Key fi gures [EUR million] Pharmace
Page 21 and 22: Cardiometabolic Cardiovascular dise
Page 23 and 24: Cardiometabolics Fenofi brate, TRIC
Page 25 and 26: “ DUODOPA® entered Solvay’s pr
Page 27 and 28: Pharmaceuticals Sector Therapeutic
Page 29 and 30: Key fi gures [EUR million] Chemical
Page 31 and 32: Growth To speed up its growth, the
Page 33 and 34: Initiatives have also been launched
Page 35 and 36: “ The ‘Soil Remediation Reagent
Page 37 and 38: Key fi gures [EUR million] Plastics
Page 39 and 40: Innovation “Twin-Sheet Blow Mould
Page 41 and 42: Plastics 37 Solvay Global Annual Re
Page 43 and 44: which it was able to take advantage
Page 45 and 46: New Business Development Priority t
Page 47 and 48: Meeting The Science Days organized
Page 49 and 50: Human Resources The Group’s fi ve
Page 51 and 52: “ At the end of this seminar, all
Page 53 and 54: Sustainable Development 2005 saw th
Page 55 and 56: Accident frequency rate Persons wor
Page 57 and 58: Management Report New records for S
Page 59 and 60: Expenditure on the future by Sector
Page 61: Financial Statements The following
Page 65 and 66: IFRS valuation rules The main accou
Page 67 and 68: 9. Impairment Every year the Group
Page 69 and 70: Notes to the fi nancial statements
Page 71 and 72: (2) Financial data by region These
Page 73 and 74: and the estimated fi nancial conseq
Page 75 and 76: The deferred taxes recorded in the
Page 77 and 78: 2005 Millions EUR Acquisitions Disp
Page 79 and 80: Neopharma On January 19, 2005 the S
Page 81 and 82: (around 300 persons) with a view to
Page 83 and 84: In 2005 the impairment tests on goo
Page 85 and 86: Solvay Group purchased 100% of the
Page 87 and 88: Post-employment benefi t plans are
Page 89 and 90: Actuarial assumptions used in deter
Page 91 and 92: Analysis of total fi nancial debt b
Page 93 and 94: In this way, at the end of 2005, th
Page 95 and 96: The following amounts relating to J
Page 97 and 98: PORTUGAL Fournier Farmaceutica Port
Page 99 and 100: List of fully consolidated Group co
Page 101 and 102: Solvay Salz Holding GmbH, Hannover
Page 103 and 104: CANADA Fournier Pharma, Inc., Montr
Page 105 and 106: GREAT BRITAIN Inergy Automotive Sys
Page 107 and 108: Summary fi nancial statements of So
Page 109 and 110: Statutory auditor’s report to the
Page 111 and 112: The Solvay share compared with the
Page 113 and 114:
Contacts: The Investor Relations Te
Page 115 and 116:
Shareholders’ Diary - May 9, 2006
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Pharmaceuticals Sector - Solvay

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