In € million

 

 

 

IFRS

 

Underlying

 

Notes

 

FY 2018

 

FY 2017

 

% yoy

 

FY 2018

 

FY 2017

 

% yoy

(1)

Recommended dividend for 2018

(2)

Underlying net debt includes the perpetual hybrid bonds, accounted for as equity under IFRS

Net sales

 

B1

 

10,257

 

10,125

 

+1.3%

 

10,257

 

10,125

 

+1.3%

Net operating costs, excluding depreciation & amortization

 

B2

 

(8,327)

 

(8,095)

 

(2.9)%

 

(8,027)

 

(7,894)

 

(1.7)%

EBITDA

 

B3

 

1,930

 

2,029

 

(4.9)%

 

2,230

 

2,230

 

EBITDA margin

 

 

 

 

 

 

 

 

 

21.7%

 

22.0%

 

(0.3)pp

Depreciation, amortization & impairments

 

B4

 

(944)

 

(1,054)

 

+10%

 

(684)

 

(704)

 

+2.8%

EBIT

 

 

 

986

 

976

 

+1.1%

 

1,546

 

1,527

 

+1.3%

Net financial charges

 

B5

 

(194)

 

(298)

 

+35%

 

(326)

 

(394)

 

+17%

Income tax expenses

 

B6

 

(95)

 

197

 

n.m.

 

(305)

 

(299)

 

(2.0)%

Tax rate

 

B6

 

 

 

 

 

 

 

26.1%

 

27.5%

 

(1.4)pp

Profit from discontinued operations

 

B7

 

201

 

241

 

(17)%

 

216

 

159

 

+36%

(Profit) loss attributable to non(controlling interests)

 

 

 

(39)

 

(56)

 

(29)%

 

(40)

 

(54)

 

(26)%

Profit attributable to Solvay shareholders

 

 

 

858

 

1,061

 

(19)%

 

1,092

 

939

 

+16%

Basic earnings per share (in €)

 

B24

 

8.31

 

10.27

 

(19)%

 

10.57

 

9.08

 

+16%

of which from continuing operations

 

B24

 

6.37

 

7.97

 

(20)%

 

8.48

 

7.59

 

+12%

Dividend(1)

 

B25

 

3.75

 

3.60

 

+4.2%

 

3.75

 

3.60

 

+4.2%

Capex

 

B8

 

 

 

 

 

 

 

(833)

 

(822)

 

(1.4)%

of which from continuing operations

 

B8

 

 

 

 

 

 

 

(711)

 

(716)

 

+0.8%

Cash conversion

 

B8

 

 

 

 

 

 

 

0.7

 

0.7

 

+0.3pp

Free cash flow

 

B9

 

 

 

 

 

 

 

989

 

871

 

+14%

of which from continuing operations

 

B9

 

 

 

 

 

 

 

830

 

782

 

+6.1%

Free cash flow to Solvay shareholders

 

B9

 

 

 

 

 

 

 

725

 

466

 

+56%

of which from continuing operations

 

B9

 

 

 

 

 

 

 

566

 

377

 

+50%

Net working capital

 

B10

 

1,550

 

1,414

 

+9.6%

 

1,550

 

1,414

 

+9.6%

Net working capital / sales

 

B10

 

 

 

 

 

 

 

15%

 

14%

 

+1.5pp

Net financial debt(2)

 

B11

 

(2,605)

 

(3,146)

 

+17%

 

(5,105)

 

(5,346)

 

+4.5%

Underlying leverage ratio

 

B11

 

 

 

 

 

 

 

2.01

 

2.17

 

(15)pp

CFROI

 

B12

 

 

 

 

 

 

 

6.9%

 

6.9%

 

Research & innovation

 

B13

 

 

 

 

 

 

 

(352)

 

(325)

 

(8.3)%

Research & innovation intensity

 

B13

 

 

 

 

 

 

 

3.4%

 

3.2%

 

+0.2pp