SOLVAY GROUP - SOLVAY'S FY 2011 AND 4Q11 RESULTS
(Thomson Reuters ONE) -
SOLVAY GROUP
SOLVAY'S FULL YEAR 2011 AND 4th QUARTER RESULTS
The business review shown below on pages 4 to 15 is based on pro forma figures.
Those pro forma figures show the income statement (1) as if the acquisition of
Rhodia had become effective from the 1st of January 2010, (2) harmonizing the
accounting rules and (3) eliminating the Purchase Price Allocation (PPA)
impacts.
The PPA impacts are created by the reevaluation of assets, liabilities and
contingent liabilities of Rhodia at fair value at acquisition date (IFRS 3).
This pro forma presentation shows the evolution of the economic performance of
the Solvay Group on a full year basis in 2011 and on a comparable basis with
2010.
Pro forma 2011: REBITDA of EUR 2 068 million, an improvement in each Sector of
activity; Pro forma Free Cash Flow of EUR 656 million
* Overall sustained level of activity with sales volumes up by 3% with
constant perimeter
* Strong improvement in REBITDA of 11% to EUR 2 068 million
* Good generation of Free Cash Flow: EUR 656 million on a pro forma basis
4th quarter of 2011: REBITDA of EUR 355 million and Free Cash Flow of EUR 246
million
* Good overall resilience in sales; significant slowdown in demand for Vinyls
in Europe, and to a lesser extent, in Polyamide Materials
* First contribution of Rhodia to REBITDA amounted to EUR 231 million
* Group REBITDA down by 23% on a pro forma basis primarily due to Vinyls in
Europe
* Priority given to cash: significant decrease of inventories with a negative
impact on result estimated to EUR 50 million; Free Cash Flow generation of
EUR 246 million.
* Net result: EUR 122 million
Dividend proposed: EUR 3.0667 gross per share, stable compared to 2010
Quote CEO
The first contribution by Rhodia to the Group's quarterly results is
substantial. It confirms the ambition pursued to create a leading chemical
player serving highly diversified markets globally, with reduced cyclical
exposure. With 2/3 of its sales in resilient market segments and 40% in fast
growing regions, Solvay is well positioned to capture growth opportunities in
promising business segments responding to the industry's undergoing megatrends.
Potential cost savings will be an additional source of value creation.
Outlook
In an uncertain economic environment in Europe and in some segments of the
demand, but differentiated from one world region to another, overall market
conditions seem to progressively recover. In this context, Solvay emphasizes a
stringent operational and financial management. As a major player in chemistry
and a global leader in its activities, Solvay enjoys solid competitive
advantages. The good progress with Rhodia integration and the deployment of
Horizon are essential levers.
Enclosed is the press release announcing Solvay's full year 2011 and fourth
quarter 2011 results.
Press release and slides are available on
www.solvay.com
Press Release:
http://hugin.info/133981/R/1586336/497201.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Solvay S.A. via Thomson Reuters ONE
[HUG#1586336]
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