- 1 NOTE B1 Net sales
- 2 NOTE B2 Underlying raw material & energy costs
- 3 NOTE B3 Underlying EBITDA
- 4 NOTE B4 Underlying depreciation & amortization
- 5 NOTE B5 Underlying net financial charges
- 6 NOTE B6 Underlying income taxes
- 7 NOTE B7 Underlying profit from discontinued operations
- 8 NOTE B8 CAPEX
- 9 NOTE B9 Free Cash Flow
- 10 NOTE B10 Net working capital
- 11 NOTE B11 Underlying net debt
- 12 NOTE B12 CFROI
- 13 NOTE B13 Research & Innovation
Full year net sales were stable, supported by positive forex conversion effects. Organically, net sales were down ‑2.2%, with lower volumes being partly compensated by higher prices.
The slight reduction in scope is mainly related to the divestment of remaining soda ash related activities in Egypt in October 2018.
Volumes were down ‑3.9%, as demand fell in the automotive, electronics and oil & gas markets, which represents about 25% of Solvay’s sales. This was partly offset by the strong demand for composite materials in aerospace applications. Demand for soda ash and peroxide proved resilient.
Prices increased by +1.7%, benefiting from higher prices for soda ash and peroxides.
 Organic growth excludes forex conversion and scope effects, as well as the effect from the implementation of IFRS 16. Reported growth compares to the published 2018 pro forma figures, adjusted for the implementation of IFRS 16.
 Scope effects include acquisitions and divestments of smaller businesses not leading to the restatement of previous periods.