1. NOTE B19 IFRS EBITDA
  2. NOTE B20 IFRS EBIT
  3. NOTE B21 IFRS net financial charges
  4. NOTE B22 IFRS income taxes
  5. NOTE B23 IFRS profit from discontinued operations
  6. NOTE B24 IFRS profit for the period

Besides IFRS accounts, Solvay also presents underlying Income Statement performance indicators to provide a more consistent and comparable indication of Solvay’s economic performance. These figures adjust IFRS figures for the non-cash Purchase Price Allocation (PPA) accounting impacts related to acquisitions, for the coupons of perpetual hybrid bonds, classified as equity under IFRS but treated as debt in the underlying statements, and for other elements to generate a measure that avoids distortion and facilitates the appreciation of performance and comparability of results over time. The 2016 data are compared to unaudited pro forma 2015 data including Cytec, as if the acquisition had taken place on January 1, 2015.

FY consolidated income statement

In € million

 

 

 

FY 2016

 

FY 2015 pro forma

 

Notes

 

IFRS

 

Adjust­ments

 

Under­lying

 

IFRS

 

Adjust­ments

 

Under­lying

Sales

 

 

 

11,403

 

 

11,403

 

11,882

 

 

11,882

of which revenues from non-core activities

 

 

 

519

 

 

519

 

467

 

 

467

of which net sales

 

 

 

10,884

 

 

10,884

 

11,415

 

 

11,415

Cost of goods sold

 

(B19) (B20)

 

(8,314)

 

84

 

(8,230)

 

(8,834)

 

83

 

(8,751)

Gross margin

 

 

 

3,090

 

84

 

3,173

 

3,048

 

83

 

3,131

Commercial & administrative costs

 

(B19) (B20)

 

(1,465)

 

50

 

(1,416)

 

(1,517)

 

57

 

(1,459)

Research & development costs

 

(B20)

 

(305)

 

3

 

(302)

 

(318)

 

 

(318)

Other operating gains & losses

 

(B20)

 

(222)

 

231

 

9

 

(228)

 

229

 

1

Earnings from associates & joint ventures

 

(B19)

 

85

 

(16)

 

69

 

21

 

22

 

44

Result from portfolio management & reassessments

 

(B19) (B20)

 

(164)

 

164

 

 

(212)

 

212

 

Result from legacy remediation & major litigations

 

(B19)

 

(56)

 

56

 

 

(41)

 

41

 

EBITDA

 

(B19)

 

2,131

 

152

 

2,284

 

1,857

 

268

 

2,125

Depreciation, amortization & impairments

 

(B20)

 

(1,169)

 

419

 

(750)

 

(1,103)

 

376

 

(727)

EBIT

 

(B20)

 

962

 

571

 

1,534

 

754

 

644

 

1,398

Net cost of borrowings

 

(B21)

 

(226)

 

 

(226)

 

(235)

 

25

 

(210)

Coupons on perpetual hybrid bonds

 

(B21)

 

 

(111)

 

(111)

 

 

(112)

 

(112)

Interests and realized foreign exchange gains (losses) on the RusVinyl joint venture

 

(B21)

 

 

(26)

 

(26)

 

 

(27)

 

(27)

Cost of discounting provisions

 

(B21)

 

(118)

 

12

 

(106)

 

(77)

 

(14)

 

(92)

Result from available-for-sale financial assets

 

(B21)

 

5

 

(5)

 

 

(8)

 

8

 

Profit for the period before taxes

 

 

 

624

 

441

 

1,065

 

434

 

524

 

957

Income taxes

 

(B22)

 

56

 

(347)

 

(291)

 

(35)

 

(265)

 

(300)

Profit for the period from continuing operations

 

 

 

680

 

94

 

774

 

399

 

259

 

657

Profit for the period from discontinued operations

 

(B23)

 

(6)

 

138

 

133

 

50

 

126

 

175

Profit for the period

 

(B24)

 

674

 

233

 

907

 

448

 

385

 

833

attributable to Solvay share

 

(B24)

 

621

 

225

 

846

 

400

 

368

 

768

attributable to non-controlling interests

 

(B24)

 

53

 

7

 

61

 

48

 

17

 

65