Pharmaceuticals Sector - Solvay

More documents

Recommendations

Info

78 Solvay Global Annual Report 2005 Consolidated balance sheet The 2004 fi gures have been restated to refl ect the inclusion of the salt, industrial foils and high density polyethylene activities under “discontinued operations”. (23) Intangible assets EUR million Development costs Gross carrying amount Patents and trademarks Other intangible assets At 31 December 2004 61 327 37 425 Capital expenditures 5 11 2 18 Disposals -2 -1 -5 -8 Changes in consolidation scope 0 600 27 627 Currency translation differences 4 20 6 30 Other -2 -7 -4 -13 At 31 December 2005 Accumulated amortization 66 950 63 1 079 At 31 December 2004 -25 -164 -17 -206 Recurring amortization -11 -29 -3 -43 Non-recurring amortization 0 -9 0 -9 Reversal of non-recurring amortization 0 0 0 0 Disposals 1 -1 2 2 Currency translation differences -2 -9 -4 -15 Changes in consolidation scope 0 -31 -20 -51 Other 3 8 2 13 At 31 December 2005 Net carrying amount -34 -235 -40 -309 At 31 December 2004 36 163 20 219 At 31 December 2005 32 715 23 770 (1) Of which EUR 523 million from the Fournier acquisition, EUR 95 million from the Neopharma acquisition and EUR 8 million from the Girindus acquisition. (24) Goodwill EUR million Total Gross carrying amount At 31 December 2004 142 Arising on acquisitions and changes in consolidation scope 915 (1) Currency translation differences 22 At 31 December 2005 1 079 (1) Including EUR 874 million from the Fournier acquisition (see page 74). Solvay Pharmaceuticals’ cash generating units are defi ned as the long-term assets relating to each product family by region, with the regions corresponding to the Group’s reporting segments. Given that goodwill is linked to the synergies from which all Solvay and Fournier products will benefi t, the annual asset impairment tests will be done at the Solvay Pharmaceuticals regional level. The Group prepares cash fl ow forecasts based on the latest fi nancial projections approved by senior 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 cash fl ow forecasts have been discounted at 7%, which is close to the Group’s WACC (weighted average cost of capital) to compute the fair value of the cash generating unit. Total ( 1 )
In 2005 the impairment tests on goodwill did not give rise to any adjustment. (25) Tangible assets (including fi nance leases) EUR million Land & Buildings Fixtures & Equipment Other tangible assets Properties under construction Gross carrying amount At 31 December 2004 1 930 6 793 61 359 9 143 Capital expenditures 33 230 3 289 555 Disposals and closures -13 -79 -6 -1 -99 Changes in consolidation scope 72 135 20 10 237 Currency translation differences 60 284 4 16 364 Other 10 -28 21 -283 -280 At 31 December 2005 Accumulated depreciation 2 092 7 335 103 390 9 920 At 31 December 2004 -1 027 -4 747 -38 0 -5 812 Recurring depreciation -62 -317 -5 0 -384 Non-recurring depreciation -2 -13 0 0 -15 Reversal of non-recurring depreciation 1 3 0 0 4 Disposals and closures 9 70 6 0 85 Changes in consolidation scope -26 -74 -15 0 -115 Currency translation differences -21 -156 -3 0 -180 Other 34 261 -14 0 281 At 31 December 2005 -1 094 -4 973 -69 0 -6 136 Net carrying amount At 31 December 2004 903 2 046 23 359 3 331 At 31 December 2005 998 2 362 34 390 3 784 Finance leases EUR million Land and buildings Fixtures and equipment Net carrying amount of fi nance leases included in the table above 8 8 16 The carrying amount of lease obligations approximates to their fair value. Total Total Solvay Global Annual Report 2005 79
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
Page 9 and 10:
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 and 62: Financial Statements The following
Page 63 and 64: Consolidated balance sheet EUR mill
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: (around 300 persons) with a view to
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
show all

Pharmaceuticals Sector - Solvay

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?