Pharmaceuticals Sector - Solvay

2005 Millions EUR Acquisitions Disposals Total
Investments -1 342 1 131 -211
Tangible/intangible assets -589 84 -505
Total -1 931 1 215 -716
Acquisitions of assets and investments rose sharply in 2005 to EUR 1 931 million (2004: EUR 564 million) with
the acquisitions of Fournier (EUR 1 183 million), Neopharma (EUR 68 million) and Girindus (EUR 32 million).
The remaining acquisitions consist of increased holdings in certain consolidated companies and purchases of
investments which are individually not signifi cant.
Income from the sale of assets and investments rose sharply in 2005 to EUR 1 215 million, mainly from the sale of
our high density polyethylene investments to BP (EUR 1 021 million). This investment was recorded by the equity
method in 2004 and is therefore not included in the «Disposals of subsidiaries” table below.
The acquisitions and disposals of investments relate to the Group’s consolidated subsidiaries, to investments
accounted for by the equity method and to unconsolidated investments (those that the Group does not control and
those which do not reach the threshold of materiality for inclusion in the consolidation).
Acquisitions and disposals of consolidated subsidiaries in 2004 and 2005 are set out in the tables below:
Disposals of subsidiaries
EUR million 2004 2005
Non-current assets 73 19
Current assets 41 44
Non-current liabilities 30 6
Current liabililties 21 38
Net assets 63 19
Gain (loss) on disposal 48 71
Total consideration received (1) 111 90
bank balances and cash disposed of -2 0
net cash infl ow on disposal 109 90
1 not including any deferred payment
Acquisitions of subsidiaries
EUR million 2004 2005
Non-current assets 5 739
Current assets 4 475
Non-current liabilities 1 260
Current liabilities 2 371
Third party net assets 6
Net assets 6 577
Goodwill 5 890
Total consideration paid (1) 11 1 467
Bank balances and cash acquired -1 -184
Net cash outlay on acquisition 10 1 283
Solvay Global Annual Report 2005
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