Pharmaceuticals Sector - Solvay

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.
Solvay Global Annual Report 2005
59