In € million

 

 

 

IFRS(1)

 

Underlying

 

Notes

 

FY 2016

 

FY 2015 pro forma

 

% yoy

 

FY 2016

 

FY 2015 pro forma

 

% yoy

(1)

A full reconciliation of IFRS and underlying income statement data can be found in section 5 of the Business Review.

(2)

Recommended 2016 dividend, pending General Shareholders meeting on May 9, 2017.

(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.

(5)

The 2015 pro forma CFROI has not been restated for the discontinuation of Acetow and Vinythai.

Net sales

 

B1

 

10,884

 

11,415

 

(4.7)%

 

10,884

 

11,415

 

(4.7)%

Net operating costs, excluding depreciation & amortization

 

B2

 

(8,753)

 

(9,559)

 

8.4%

 

(8,600)

 

(9,290)

 

7.4%

EBITDA

 

B3

 

2,131

 

1,857

 

15%

 

2,284

 

2,125

 

7.5%

EBITDA margin

 

B3

 

 

 

 

 

 

 

21%

 

19%

 

2.4pp

Depreciation, amortization & impairments

 

B4

 

(1,169)

 

(1,103)

 

(6.0)%

 

(750)

 

(727)

 

(3.1)%

EBIT

 

 

 

962

 

754

 

28%

 

1,534

 

1,398

 

9.7%

Net financial charges

 

B5

 

(339)

 

(320)

 

(5.7)%

 

(469)

 

(441)

 

(6.4)%

Income taxes

 

B6

 

56

 

(35)

 

n.m.

 

(291)

 

(300)

 

3.2%

Tax rate

 

B6

 

 

 

 

 

 

 

28%

 

32%

 

(4.8)pp

Profit for the period from discontinued operations

 

B7

 

(6)

 

50

 

n.m.

 

133

 

175

 

(24)%

Profit for the period attributable to non-controlling interests (-)

 

 

 

(53)

 

(48)

 

11%

 

(61)

 

(65)

 

(6.6)%

Profit attributable to Solvay share

 

 

 

621

 

400

 

55%

 

846

 

768

 

10%

Basic earnings per share (in €)

 

B25

 

6.01

 

3.86

 

56%

 

8.19

 

7.40

 

11%

Dividend(2)

 

B26

 

3.45

 

3.30

 

4.5%

 

3.45

 

3.30

 

4,5%

Capex

 

B8

 

(981)

 

(1,160)

 

15%

 

(981)

 

(1,160)

 

15%

Capex from continuing operations

 

B8

 

(929)

 

(1,057)

 

12%

 

(929)

 

(1,057)

 

12%

Cash conversion

 

B8

 

 

 

 

 

 

 

59%

 

50%

 

9.0pp

Free cash flow

 

B9

 

876

 

492

 

78%

 

876

 

492

 

78%

Free cash flow from continuing operations

 

B9

 

736

 

394

 

87%

 

736

 

394

 

87%

Net working capital

 

B10

 

1,396

 

1,557

 

(10)%

 

1,396

 

1,557

 

(10)%

Net working capital / sales

 

B10

 

 

 

 

 

 

 

15.3%

 

13.4%

 

1.9pp

Net debt(3)

 

B11

 

(4,356)

 

(4,379)

 

 

(6,556)

 

(6,579)

 

Underlying leverage ratio(3)(4)

 

B11

 

 

 

 

 

 

 

2.60

 

2.82

 

(0.21)

CFROI(5)

 

B12

 

 

 

 

 

 

 

6.3%

 

6.1%

 

0.3pp

Research & innovation

 

B13

 

 

 

 

 

 

 

(350)

 

(361)

 

3.0%

Research & innovation intensity

 

B13

 

 

 

 

 

 

 

3.2%

 

3.2%

 

0.1pp