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 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.

FY consolidated income statement

In € million

 

FY 2018

 

FY 2017

 

IFRS

 

Adjust­ments

 

Under­lying

 

IFRS

 

Adjust­ments

 

Under­lying

(1)

The comparative figures of non-core revenues and costs of goods sold have been restated for an amount of €93 million, following a change in presentation of revenues from non-core activities

Sales(1)

 

11,299

 

 

11,299

 

10,984

 

 

10,984

of which revenues from non-core activities(1)

 

1,042

 

 

1,042

 

859

 

 

859

of which net sales

 

10,257

 

 

10,257

 

10,125

 

 

10,125

Cost of goods sold(1)

 

(8,264)

 

2

 

(8,262)

 

(7,898)

 

2

 

(7,896)

Gross margin

 

3,035

 

2

 

3,037

 

3,086

 

2

 

3,088

Commercial costs

 

(373)

 

 

(373)

 

(400)

 

 

(400)

Administrative costs

 

(1,006)

 

35

 

(971)

 

(1,037)

 

42

 

(996)

Research & development costs

 

(297)

 

3

 

(294)

 

(290)

 

3

 

(288)

Other operating gains & losses

 

(123)

 

197

 

74

 

(154)

 

206

 

51

Earnings from associates & joint ventures

 

44

 

30

 

74

 

44

 

27

 

71

Result from portfolio management & reassessments

 

(208)

 

208

 

 

(188)

 

188

 

Result from legacy remediation & major litigations

 

(86)

 

86

 

 

(84)

 

84

 

EBITDA

 

1,930

 

301

 

2,230

 

2,029

 

201

 

2,230

Depreciation, amortization & impairments

 

(944)

 

260

 

(684)

 

(1,054)

 

350

 

(704)

EBIT

 

986

 

560

 

1,546

 

976

 

551

 

1,527

Net cost of borrowings

 

(118)

 

 

(118)

 

(201)

 

31

 

(170)

Coupons on perpetual hybrid bonds

 

 

(112)

 

(112)

 

 

(111)

 

(111)

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

 

 

(21)

 

(21)

 

 

(24)

 

(24)

Cost of discounting provisions

 

(77)

 

3

 

(74)

 

(97)

 

8

 

(89)

Profit for the period before taxes

 

791

 

429

 

1,220

 

678

 

455

 

1,133

Income taxes

 

(95)

 

(210)

 

(305)

 

197

 

(496)

 

(299)

Profit for the period from continuing operations

 

697

 

219

 

915

 

875

 

(42)

 

834

Profit (loss) for the period from discontinued operations

 

201

 

15

 

216

 

241

 

(82)

 

159

Profit for the period

 

897

 

234

 

1,131

 

1,116

 

(124)

 

992

attributable to Solvay shareholders

 

858

 

234

 

1,092

 

1,061

 

(122)

 

939

attributable to non-controlling interests

 

39

 

 

40

 

56

 

(2)

 

54

Basic earnings per share (in €)

 

8.31

 

 

 

10.57

 

10.27

 

 

 

9.08

of which from continuing operations

 

6.37

 

 

 

8.48

 

7.97

 

 

 

7.59

Diluted earnings per share (in €)

 

8.27

 

 

 

10.52

 

10.19

 

 

 

9.02

of which from continuing operations

 

6.34

 

 

 

8.44

 

7.92

 

 

 

7.53