In € million

 

2018

 

2017

ASSETS

Fixed assets

 

13,883

 

12,996

Start-up expenses and intangible assets

 

172

 

176

Tangible assets

 

55

 

50

Financial assets

 

13,656

 

12,770

Current assets

 

5,457

 

7,177

Inventories

 

0

 

1

Trade receivables

 

886

 

1,033

Other receivables

 

4,061

 

5,875

Short-term investments and cash equivalents

 

492

 

230

Accrued income and deferred charges

 

18

 

38

Total assets

 

19,340

 

20,173

SHAREHOLDERS’ EQUITY AND LIABILITIES

Shareholders’ equity

 

11,207

 

11,077

Capital

 

1,588

 

1,588

Issue premiums

 

1,200

 

1,200

Reserves

 

1,982

 

1,982

Net income carried forward

 

6,436

 

6,307

Provisions and deferred taxes

 

323

 

254

Financial debt

 

3,015

 

3,248

due in more than one year

 

2,050

 

2,450

due within one year

 

965

 

798

Trade liabilities

 

80

 

144

Other liabilities

 

4,670

 

5,410

Accrued charges and deferred income

 

45

 

40

Total shareholders’ equity and liabilities

 

19,340

 

20,173

The decrease of the total assets (€ 833 million) is the combination of an increase of financial assets (€ 886 million) and a decrease of current assets (€ 1,720 million):

  • Financial assets increase (€ 886 million) end of the year 2018 results mainly from the increased investment held in Solvay Holding Inc through the contribution to Solvay Holding Inc of Ausimont shares as follows:
  • the acquisition from Solvay France for € 516 million of 33.4% of Ausimont shares that were subsequently contributed for the same value; and
  • the contribution of 66.6% of Ausimont shares previously held by Solvay SA, realizing a capital gain of € 367 million.
  • The currents assets decrease results mainly from significant reimbursements of loans and of trade receivables by the affiliates.

In the liabilities, the financial debt totals € 3,015 million (versus € 3,248 million at the end of 2017). The decrease of € (233) million is due to:

  • the repayment of EMTN bonds (€ (382) million), replaced by subordinated bonds (€ 300 million); and
  • the net repayment of commercial paper (€ (154) million).

Other liabilities include current accounts towards affiliates, as well as the dividends to be paid in 2019 (€ 397 million).