In € million

 

 

 

FY 2016

 

FY 2015 pro forma(1)

   

As publi­shed

 

Adjust­ment

 

As calcu­lated

 

As publi­shed

 

Adjust­ment

 

As calcu­lated

(1)

2015 data have not been restated but are provided on a pro forma basis.

(2)

The adjustment excludes earnings from associates & joint ventures.

(3)

The adjustment excludes discontinued operations.

(4)

Currently estimated at 2% of replacement value of fixed assets.

(5)

Currently estimated at 30% of underlying EBIT.

(6)

The adjustment reflects the quarterly average over the year.

(7)

The adjustment reflects the difference between the estimated replacement value of goodwill and fixed assets, and the accounting value. The changes over time come from foreign exchange variations, new investments and portfolio moves.

Underlying EBIT(2)

 

a

 

1,534

 

(69)

 

1,465

 

1,550

 

(43)

 

1,506

Underlying EBITDA(2)

 

b

 

2,284

 

(69)

 

2,214

 

2,336

 

(43)

 

2,292

Dividends received from associates & joint ventures(3)

 

c

 

22

 

 

22

 

13

 

 

13

Recurring capex(4)

 

d = -2%*k

 

 

 

 

 

(363)

 

 

 

 

 

(388)

Recurring income taxes(4)(5)

 

e = -30%*a

 

 

 

 

 

(439)

 

 

 

 

 

(452)

Recurring "CFROI" cash flow data

 

f = b+c+d+e

 

 

 

 

 

1,434

 

 

 

 

 

1,465

Tangible assets

 

g

 

6,472

 

 

 

 

 

6,946

 

 

 

 

Intangible assets

 

h

 

3,600

 

 

 

 

 

3,919

 

 

 

 

Goodwill

 

i

 

5,679

 

 

 

 

 

5,840

 

 

 

 

Replacement value of goodwill & fixed assets(6)(7)

 

j = g+h+i

 

15,751

 

4,669

 

20,420

 

16,705

 

5,193

 

21,898

of which fixed assets

 

k

 

 

 

 

 

18,134

 

 

 

 

 

19,422

Investments in associates & joint ventures(6)

 

l

 

497

 

(52)

 

445

 

398

 

12

 

410

Net working capital(6)

 

m

 

1,396

 

355

 

1,751

 

1,557

 

231

 

1,787

"CFROI" invested capital

 

n = j+l+m

 

 

 

 

 

22,615

 

 

 

 

 

24,095

CFROI

 

n = f/m

 

 

 

 

 

6.3%

 

 

 

 

 

6.1%

CFROI improved to 6.3%, versus 6.1% pro forma in 2015 on a non-restated basis. This reflects Solvay’s growing performance, despite a (0.2) pp impact from the discontinuation of Acetow and Vinythai.