Pharmaceuticals Sector - Solvay

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90 <strong>Solvay</strong> Global Annual Report 2005 Identical fi nancial instruments relating to the same operation are not included in the table below. EUR million Notional amount Foreign currency derivatives 2004 2005 Fair value Notional amount Fair value Foreign exchange contracts and swaps 358 5 624 -4 Options 154 2 Interest rate derivatives Swaps 1 004 3 1 029 1 Other 15 0 Other derivatives 0 0 0 0 Total derivative fi nancial instruments 1 362 8 1 822 -1 Credit risk management The Group is exposed to the risk of insolvency of the banks which owe it money, corresponding for example, but not exclusively, to deposits of whatever duration. The bank counterparty risk is managed centrally by setting bank ceilings based on counterparty quality as estimated by the rating agencies (Moody’s and Standard & Poors). The respecting of these limits is controlled at regular intervals. (32) Other current liabilities Other current liabilities rose by EUR 247 million compared with 2004. EUR 143 million of this increase is due to Fournier. (33) Commitments to acquire tangible and intangible assets EUR million 2004 2005 Commitments for the acquisition of tangible and intangible assets 25 26 of which: JV’s 4 1 (34) Contingent liabilities EUR million 2004 2005 Liabilities and commitments of third parties guaranteed by the company 130 151 Pledges given or irrevocably committed by Group companies on their own assets as security for their own or third-party liabilities and commitments Commitments resulting from technical guarantees attached to sales of goods or services 106 187 0 0 Additional milestones and earn-outs for Fournier 0 290 Litigation and other major commitments 34 31 Additional milestones (EUR 290 million) and future earn-outs depend on market conditions and future product performances. EUR 24 million under the litigation and other major commitments heading consists of a contingent liability linked to the supply of ethylene (2004: EUR 28 million).
The following amounts relating to Joint Ventures are included in the previous table. EUR million 2004 2005 Liabilities and commitments of third parties guaranteed by the company 1 2 Pledges given or irrevocably committed by Group companies on their own assets as security for their own or third-party liabilities and commitments 6 7 Commitments resulting from technical guarantees attached to sales of goods or services 0 0 Litigation and other major commitments 0 0 (35) Joint ventures The Joint Ventures are proportionately consolidated in the annual accounts at the following amounts (see the list of proportionately consolidated companies below). EUR million 2004 2005 Non-current assets 760 838 Current assets 532 638 Non-current liabilities 350 322 Current liabilities 423 481 Net sales (1) 1 768 1 970 Cost of sales (1) -1 449 -1 624 (1) 2004 fi gures have been restated for discontinued operations <strong>Solvay</strong> Global Annual Report 2005 91
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Driven by the future Growth, Compet
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Highlights January 2005 Solvay fi n
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Activities Group sales 2005 = EUR 8
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Our Vision - Independent industrial
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here to stay, in our view irreversi
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Board of Directors and Corporate Go
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4 Executive Committee and General M
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Such a strategy is possible only wi
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Specialities Solvay Specialties fro
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Key fi gures [EUR million] Pharmace
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Cardiometabolic Cardiovascular dise
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Cardiometabolics Fenofi brate, TRIC
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“ DUODOPA® entered Solvay’s pr
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Pharmaceuticals Sector Therapeutic
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Key fi gures [EUR million] Chemical
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Growth To speed up its growth, the
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Initiatives have also been launched
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“ The ‘Soil Remediation Reagent
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Key fi gures [EUR million] Plastics
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Innovation “Twin-Sheet Blow Mould
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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 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: In this way, at the end of 2005, th
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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