As published

In € million

 

 

 

2014

 

2015(1)

 

2016

 

2017

 

2018

(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 2018 underlying leverage ratio is calculated based on the underlying EBITDA including the discontinued operations Polyamide. The 2017 underlying leverage ratio is calculated based on the underlying EBITDA including the discontinued operations Acetow, Vinythai and Polyamide.
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.

Income statement data

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

a

 

10,629

 

11,047

 

11,403

 

10,891

 

11,299

Net sales

 

b

 

10,213

 

10,578

 

10,884

 

10,125

 

10,257

Underlying EBITDA

 

c

 

1,783

 

1,955

 

2,284

 

2,230

 

2,230

Underlying EBITDA margin

 

d

 

17.5%

 

18.5%

 

21.0%

 

22.0%

 

21.7%

IFRS EBIT

 

e

 

652

 

833

 

962

 

976

 

986

Underlying profit for the period

 

f

 

 

 

 

 

907

 

992

 

1,131

IFRS profit for the period

 

g

 

13

 

454

 

674

 

1,116

 

897

Underlying profit attributable to Solvay share

 

h

 

 

 

680

 

846

 

939

 

1,092

IFRS profit attributable to Solvay share

 

i

 

80

 

406

 

621

 

1,061

 

858

Cash flow data

 

 

 

 

 

 

 

 

 

 

 

 

Capex

 

j

 

(987)

 

(1,037)

 

(981)

 

(822)

 

(833)

of which from continuing operations

 

k

 

(861)

 

(969)

 

(929)

 

(716)

 

(711)

Cash conversion

 

l = (c+k)/c

 

51.7%

 

50.4%

 

59.3%

 

67.9%

 

68.1%

Free cash flow

 

m

 

656

 

387

 

876

 

871

 

989

Free cash flow to Solvay shareholders

 

n

 

355

 

132

 

527

 

466

 

725

Balance sheet data

 

 

 

 

 

 

 

 

 

 

 

 

Net working capital

 

o

 

1,101

 

1,557

 

1,396

 

1,414

 

1,550

Net working capital / sales

 

p = µ(o/a)(2)

 

13.5%

 

13.4%

 

15.3%

 

13.8%

 

15.3%

Underlying net debt(3)

 

q = r+s

 

(1,978)

 

(6,579)

 

(6,556)

 

(5,346)

 

(5,105)

Perpetual hybrid bonds

 

r

 

(1,200)

 

(2,200)

 

(2,200)

 

(2,200)

 

(2,500)

IFRS net debt

 

s

 

(778)

 

(4,379)

 

(4,356)

 

(3,146)

 

(2,605)

IFRS equity

 

t

 

6,778

 

9,668

 

9,956

 

9,752

 

10,624

Equity attributable to non(controlling interests)

 

v

 

214

 

245

 

250

 

113

 

117

Perpetual hybrid bonds in equity

 

u

 

1,194

 

2,188

 

2,188

 

2,188

 

2,486

Equity attributable to Solvay share

 

w = t-u-v

 

5,369

 

7,234

 

7,518

 

7,451

 

8,021

Underlying leverage ratio(4)

 

x = -q/c

 

1.11

 

2.82

 

2.60

 

2.17

 

2.01

Other key data

 

 

 

 

 

 

 

 

 

 

 

 

CFROI

 

z

 

6.9%

 

6.9%

 

6.3%

 

6.9%

 

6.9%

Research & innovation

 

A

 

(287)

 

(320)

 

(350)

 

(325)

 

(352)

Research & innovation intensity

 

B = -A/b

 

2.8%

 

3.0%

 

3.2%

 

3.2%

 

3.4%

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 occurred:

  • 2012:
  • Latin American chlorovinyls activities (Indupa) presented as discontinued and assets and liabilities 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 Result from portfolio management and reassessment. Consequently, Cytec did not contribute 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.
  • 2017:
  • Vinythai transaction completed end of February;
  • Acetow transaction completed end of May;
  • Divestment of Polyamide business classified as discontinued operations and assets and liabilities held for sale at the end of September 2017.
  • 2018:
  • Divestment of Polyamide business still classified as discontinued operations and assets and liabilities held for sale at the end of September 2017.