As published

In € million

 

 

 

2012

 

2013

 

2014

 

2015(1)

 

2016

(1)

2015 data are not presented on pro forma basis, i.e. excude Cytec.

(2)

Average of the quarters.

(3)

Underlying net debt includes the perpetual hybrid bonds, accounted for as equity under IFRS.

(4)

The 2016 underlying leverage ratio is calculated based on the underlying EBITDA including the discontinued operations Acetow and Vinythai. The 2015 underlying leverage ratio is calculated based on the underlying pro forma EBITDA, including Cytec.

(5)

The 2012 CFROI is calculated before discontinuation of Indupa.

Income statement data

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

a

 

12,831

 

10,367

 

10,629

 

11,047

 

11,403

Net sales

 

b

 

12,435

 

9,938

 

10,213

 

10,578

 

10,884

Underlying EBITDA

 

c

 

2,067

 

1,663

 

1,783

 

1,955

 

2,284

Underlying EBITDA margin

 

d

 

17%

 

17%

 

17%

 

18%

 

21%

IFRS EBIT

 

e

 

1,275

 

647

 

652

 

833

 

962

Underlying profit for the period

 

f

 

 

 

 

 

 

 

 

 

907

IFRS profit for the period

 

g

 

601

 

315

 

13

 

454

 

674

Underlying profit attributable to solvay share

 

h

 

 

 

 

 

622

 

680

 

846

IFRS profit attributable to Solvay share

 

i

 

584

 

270

 

80

 

406

 

621

Cash flow data

 

 

 

 

 

 

 

 

 

 

 

 

Capex

 

k

 

(785)

 

(810)

 

(987)

 

(1,037)

 

(981)

Capex from continuing operations

 

l

 

(785)

 

(708)

 

(861)

 

(969)

 

(929)

Cash conversion

 

m = (c+l)/c

 

62%

 

57%

 

52%

 

50%

 

59%

Free cash flow

 

n

 

787

 

524

 

656

 

387

 

876

Balance sheet data

 

 

 

 

 

 

 

 

 

 

 

 

Net working capital

 

p

 

1,379

 

1,217

 

1,101

 

1,557

 

1,396

Net working capital / sales

 

q = µ(p/a)(2)

 

12.4%

 

12.9%

 

13.5%

 

13.4%

 

15.3%

Underlying net debt(3)

 

r = s+t

 

(1,125)

 

(2,302)

 

(1,978)

 

(6,579)

 

(6,556)

Perpetual hybrid bonds

 

s

 

 

(1,200)

 

(1,200)

 

(2,200)

 

(2,200)

IFRS net debt

 

t

 

(1,125)

 

(1,102)

 

(778)

 

(4,379)

 

(4,356)

Total equity

 

u

 

6,574

 

7,453

 

6,778

 

9,668

 

9,956

Equity attributable to non-controlling interests

 

v

 

443

 

378

 

214

 

245

 

250

Perpetual hybrid bonds in equity

 

w

 

 

1,194

 

1,194

 

2,188

 

2,188

Equity attributable to Solvay share

 

x = u-v-w

 

6,131

 

5,881

 

5,369

 

7,234

 

7,518

Underlying leverage ratio(4)

 

y = -r/c

 

0.5

 

1.4

 

1.1

 

2.8

 

2.6

Other key data

 

 

 

 

 

 

 

 

 

 

 

 

CFROI(5)

 

A

 

6.5%

 

6.9%

 

6.9%

 

6.9%

 

6.3%

Research & innovation

 

B

 

(300)

 

(280)

 

(287)

 

(320)

 

(350)

Research & innovation intensity

 

C = -B/b

 

2.4%

 

2.8%

 

2.8%

 

3.0%

 

3.2%

The table above presents the historical figures of the Group as published at the reference date. These data have not been affected by possible subsequent restatements due to perimeter changes, IFRS/IAS standards evolution, etc.

Over the reference periods, the following main changes have intervened:

  • 2012:
    • Latin American chlorovinyls activities Indupa presented as discontinued and assets held for sale;
  • 2013:
    • European chlorovinyls activities presented as discontinued and assets held for sale;
    • Acquisition of Chemlogics, consolidated as from November 1;
  • 2014:
    • Application of IFRS 11;
    • Eco Services activities presented as discontinued and assets held for sale, and divested on December, 2;
  • 2015: 
    • European chlorovinyls activities contributed to the Inovyn joint venture (50% Solvay, 50% Ineos) on July 1;
    • Acquisition of 100% of the shares of Cytec Industries Inc. on December 9. Cytec opening balance sheet has been fully consolidated within the Solvay group as from December 31, 2015. Cytec’s results and cash flows for the period between December 9 and December 31 are not material, except for acquisition-related expenses presented as portfolio management and reassessment. Consequently, Cytec has not contributed to the Group’s profit or cash flows in 2015.
  • 2016: 
    • Divestment of Solvay's share in Inovyn joint venture on July, 7;
    • Acetow and Vinythai businesses presented as discontinued operations and as assets held for sale;
    • Divestment of Latin American chlorovinyls activities Indupa on December, 27.