Solvay
2019 Annual Integrated Report

GRI Disclosures

In € million

2019

2018

ASSETS

 

 

Fixed assets

13,286

13,883

Start-up expenses and intangible assets

164

172

Tangible assets

64

55

Financial assets

13,058

13,656

Current assets

5,080

5,457

Inventories

 

 

Trade receivables

862

886

Other receivables

3,861

4,061

Short-term investments and cash equivalents

338

492

Accrued income and deferred charges

19

18

Total assets

18,366

19,340

SHAREHOLDERS' EQUITY AND LIABILITIES

 

 

Shareholders' equity

11,337

11,207

Capital

1,588

1,588

Issue premiums

1,200

1,200

Reserves

1,982

1,982

Net income carried forward

6,566

6,436

Provisions and deferred taxes

309

323

Financial debt

3,353

3,015

due in more than one year

2,652

2,050

due within one year

701

965

Trade liabilities

84

80

Other liabilities

3,256

4,670

Accrued charges and deferred income

27

45

Total shareholders' equity and liabilities

18,366

19,340

The decrease of the total assets (€ (974) million) is the combination of:

  • a decrease of financial assets by € (598) million, resulting mainly from the net impact of:
  • equity reductions in Solvay Finance Luxembourg (€ (1,720) million), in Belgian subsidiaries (€ (376) million) and in Solvay GmbH (€ (41) million);
  • the increase of the investment held in Solvay Holding Inc through capital contributions of € 1,616 million;
  • a decrease of current assets by € (377) million, resulting mainly from:
  • the decrease of other receivables (€ (200) million) following the reimbursement of loans by the affiliates and movements of current accounts towards affiliates; and
  • the decrease of the cash at bank (€ (154) million).

The financial debt totals € 3,353 million (compared to € 3,015 million at the end of 2018). The increase of € 338 million is due to:

  • the repayment of intercompany debt for € (700) million;
  • the issuance of Senior bonds (€ 600 million); and
  • the increase of commercial paper (€ 454 million).

After taking into the account the “Short term investments and cash equivalents” as well as the intercompany loans in “Other receivables”, net financial debt amounts to € 1,944 million (against € 2,561 million at the end of 2018). The decrease in net financial debt results mainly from intercompany flows (dividends, capital increases and decreases).

Other liabilities include current accounts towards affiliates, as well as the dividends to be paid in 2020 (€ 397 million).

Shareholders equity increases by € 130 million due to the excess of the profit for the year over the dividend.