Solvay group: 1st quarter 2013 results
(Thomson Reuters ONE) -
Brussels, May 13, 2013
Highlights Q1 2013
Group net sales down (3)% YoY at ? 3,010 m with volumes down (2)%, prices stable
and forex impacts slightly negative
* REBITDA at ? 454 m, down (12)% YoY against demanding comparables, up 6%
versus Q4'12
- Growth engines segments, Consumers Chemicals and Advanced Materials,
posted continuous growth with REBITDA up 10% and 3%, respectively, despite
the absence of favorable price conditions enjoyed last year
- Performance Chemicals down (17)% mainly due to low volumes in Essential
Chemicals while Acetow posted a new record
- Functional Polymers down (14)% suffering from persisting depressed demand
and poor margins at both Polyamide and Vinyls
- In Energy Services, as expected, lower volumes of CER in its phase-down
- Overall satisfactory pricing power.
* EBIT at ? 250 m vs ? 287 m in Q1'12 (IFRS EBIT at ? 217 m vs ? 207 m in
Q1'12)
* Net income at ? 101 m vs ? 119 m in Q1'12. Net income (Group share) at ? 86
m vs ? 110 m in Q1'12 (IFRS Net income (Group share) at ? 63 m vs ? 50 m in
Q1'12)
* Free Cash Flow ? (17) m ; Net Debt ? 1,313 m, up ? 188 m vs. YE'12
Non-binding letter of intent signed with Ineos for the combination of our
respective European Chlorovinyls activities into a 50/50 JV
Quote of the CEO
Europe's economic slowdown weighed on demand and trading conditions impacting
all of our activities in the region. Our businesses in North America and Asia
performed well, but remained subdued in Latin America. Meanwhile, our growth
engines continued to deliver. Furthermore, we made significant headway in
strengthening our foundations, while our efficiency programs remained on track.
The planned chlorovinyls joint venture with Ineos will be a major step in the
reshaping of our portfolio and one that will substantially enhance our business
profile.
Outlook
For the moment, we do not observe any significant improvement in the
macroeconomic and business environment compared to the preceding months. Even if
this challenging context were to persist throughout the year, Solvay is
confident in its ability to improve its REBITDA in 2013 compared to last year's,
excluding the impacts of the exceptional pricing of guar and the sale of carbon
credits (combined totaling ? 190 m in 2012). Moreover, Solvay remains committed
to its ambition for 2016 while speeding up its transformation through value-
creation initiatives.
Footnotes:
All references to 2012 P&L data are to be deemed restated for the new business
organization effective as from January 1st 2013, the reporting of Solvay Indupa
as discontinued operations and for the application of IAS 19 revised. All P&L
indicators referred to this document are to be deemed adjusted, unless otherwise
stated as IFRS accounts. Adjusted indicators exclude non-cash PPA accounting
impacts related to the Rhodia acquisition.
As an international chemical group, SOLVAY assists industries in finding and
implementing ever more responsible and value-creating solutions. The Group is
firmly committed to sustainable development and focused on innovation and
operational excellence. Solvay serves diversified markets, generating 90% of its
turnover in activities where it is one of the top three worldwide. The group is
headquartered in Brussels, employs about 29,000 people in 55 countries and
generated 12.4 billion euros in net sales in 2012. Solvay SA SOLB.BE) is listed
on Nyse Euronext in Brussels and Paris (Bloomberg: SOLB.BB - Reuters: SOLBt.BR).
Lamia Narcisse Caroline Jacobs Maria Alcon-Hidalgo Edward Mackay
Media Relations Media Relations Investor Relations Investor Relations
+33 1 53 56 59 62 +32 2 264 1530 +32 2 264 1984 +32 2 264 36 87
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Source: Solvay S.A. via Thomson Reuters ONE
[HUG#1701102]
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Datum: 13.05.2013 - 18:01 Uhr
Sprache: Deutsch
News-ID 259296
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