1. NOTE B18 IFRS EBITDA
  2. NOTE B19 IFRS EBIT
  3. NOTE B20 IFRS Net financial charges
  4. NOTE B21 IFRS Income taxes
  5. NOTE B22 IFRS Profit from discontinued operations
  6. NOTE B23 IFRS Profit for 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 relating 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.

FY consolidated income statement

In € million

 

 

 

FY 2017

 

FY 2016

 

Notes

 

IFRS

 

Adjust­ments

 

Under­lying

 

IFRS

 

Adjust­ments

 

Under­lying

Sales

 

 

 

10,891

 

 

10,891

 

10,045

 

 

10,045

of which revenues from non-core activities

 

 

 

766

 

 

766

 

476

 

 

476

of which net sales

 

 

 

10,125

 

 

10,125

 

9,569

 

 

9,569

Cost of goods sold

 

B18 B19

 

(7,805)

 

2

 

(7,803)

 

(7,213)

 

84

 

(7,129)

Gross margin

 

 

 

3,086

 

2

 

3,088

 

2,831

 

84

 

2,915

Commercial & administrative costs

 

B18 B19

 

(1,437)

 

42

 

(1,396)

 

(1,363)

 

50

 

(1,313)

Research & development costs

 

B19

 

(290)

 

3

 

(288)

 

(284)

 

3

 

(282)

Other operating gains & losses

 

B19

 

(154)

 

205

 

51

 

(200)

 

214

 

14

Earnings from associates & joint ventures

 

B18

 

44

 

27

 

71

 

85

 

(16)

 

69

Result from portfolio management & reassessments

 

B18 B19

 

(188)

 

188

 

 

(157)

 

157

 

Result from legacy remediation & major litigations

 

B18

 

(84)

 

84

 

 

(54)

 

54

 

EBITDA

 

B18

 

2,029

 

201

 

2,230

 

1,932

 

143

 

2,075

Depreciation, amortization & impairments

 

B19

 

(1,054)

 

350

 

(704)

 

(1,074)

 

402

 

(672)

EBIT

 

B19

 

976

 

551

 

1,527

 

858

 

545

 

1,403

Net financial charges

 

B20

 

(298)

 

(96)

 

(394)

 

(334)

 

(130)

 

(464)

Net cost of borrowings

 

B20

 

(201)

 

32

 

(170)

 

(224)

 

 

(224)

Coupons on perpetual hybrid bonds

 

B20

 

 

 

(111)

 

(111)

 

 

(111)

 

(111)

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

 

B20

 

 

 

(24)

 

(24)

 

 

(26)

 

(26)

Cost of discounting provisions

 

B20

 

(97)

 

8

 

(89)

 

(115)

 

12

 

(103)

Result from available-for-sale financial assets

 

B20

 

 

 

 

5

 

(5)

 

Profit for the period before taxes

 

 

 

678

 

455

 

1,133

 

524

 

415

 

939

Income taxes

 

B21

 

197

 

(496)

 

(299)

 

68

 

(340)

 

(272)

Profit for the period from continuing operations

 

 

 

875

 

(42)

 

834

 

592

 

75

 

667

Profit (loss) for the period from discontinued operations

 

B22

 

241

 

(82)

 

159

 

82

 

158

 

240

Profit for the period

 

B23

 

1,116

 

(124)

 

992

 

674

 

233

 

907

attributable to Solvay share

 

B23

 

1,061

 

(122)

 

939

 

621

 

225

 

846

attributable to non-controlling interests

 

B23

 

56

 

(2)

 

54

 

53

 

7

 

61

Basic earnings per share (in €)

 

 

 

10.27

 

 

 

9.08

 

6.01

 

 

 

8.19

of which from continuing operations

 

 

 

7.97

 

 

 

7.59

 

5.34

 

 

 

6.02

Diluted earnings per share (in €)

 

 

 

10.19

 

 

 

9.02

 

5.99

 

 

 

8.17

of which from continuing operations

 

 

 

7.92

 

 

 

7.53

 

5.33

 

 

 

6.01