EBITDA on an IFRS basis totaled €1,930 million, versus €2,230 million on an underlying basis. The difference of €301 million is explained by the following adjustments to IFRS results, which are done to improve the comparability of underlying results:

  • €30 million in “Earnings from associates & joint ventures” for Solvay’s share in the financial charges of the Rusvinyl joint venture and the foreign exchange losses on the €-denominated debt of the joint venture, following the 15% devaluation of the Russian ruble over the period. These elements are reclassified in “Net financial charges”;
  • €185 million to adjust for the “Result from portfolio management and reassessments”, excluding depreciation, amortization and impairment elements. This result comprises €(184) million of restructuring costs, almost entirely related to the cost booked for the Group simplification plan of €(177) million;
  • €86 million to adjust for the “Result from legacy remediation and major litigations”, primarily environmental expenses.