Solvay: 2nd quarter & 1st half year 2013 results
(Thomson Reuters ONE) -
Brussels, July 31, 2013
Q2 Highlights
- Group net sales down (4)% YoY at ? 3,062 m, with volumes (1)%, prices (2)%
and forex (1)%
- REBITDA at ? 487 m, down (14)% YoY against last year's demanding comparables
/> Consumer Chemicals at ? 92 m, (40)% YoY, no longer benefiting from last year's
exceptional peak guar prices, and suffering from strong temporary destocking in
derivatized guar (? (60)m combined impact); (19)% QoQ
/> Advanced Materials at ? 160 m, (7)% YoY, but up 3% QoQ, with continued
strength at Specialty Polymers and Silica but lower performance at Rare Earths
/> Performance Chemicals at ? 180 m, (4)% YoY, but marked QoQ improvement of
16%, both evolutions driven primarily by Essential Chemicals
/> Functional Polymers at ? 79 m, (9)% YoY, due to margin erosion and large
maintenance turnaround at Polyamide; 10% QoQ
- All remaining 3.5 mt CER hedged for 2013 sold
- Important non-recurring items of ? (97) m, mainly restructuring charges for
integration and Soda Ash
- EBIT at ? 223 m against ? 474 m in Q2'12 (IFRS EBIT at ? 173 m vs ? 441 m in
Q2'12)
- Net income Group share at ? 148 m against ? 239 m in Q2'12; IFRS Net income
Group share at ? 109 m vs ? 217 m in Q2'12; EPS at ? 1.79 against ? 2.88 last
year
- Free Cash Flow ? 71 m; Net Debt ? 1,572 m, up ? 259 m from Q1'13 level
Quote of the CEO
Solvay continued to face challenging trading conditions during the second
quarter. Moreover, temporary destocking in the derivatized guar business and
decisions by some of our customers to delay investments, have weighed on several
of our "growth engines" businesses. In this context, the Group has forged ahead
with its efficiency programs to improve its competitive position, particularly
in its soda ash and polyamide activities. We are making good progress in the
planned creation of our chlorovinyls joint venture with Ineos and, pending anti-
trust clearance, we aim at closing the deal by the end of this year. These
developments will significantly contribute to the reshaping of our portfolio and
represent a major step towards our 2016 goals.
Outlook
While we see some weak signs of improvement, this has yet to be confirmed in our
order book. In a more challenging economic context, Solvay is confident in its
ability to generate a REBITDA in 2013 comparable 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). Our relentless execution of the operational
excellence programs and accelerated transformation of the company will put us
on a strong footing for when demand recovers.
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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http://hugin.info/133981/R/1719932/572517.pdf
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Source: Solvay S.A. via Thomson Reuters ONE
[HUG#1719932]
Unternehmensinformation / Kurzprofil:
Datum: 31.07.2013 - 07:29 Uhr
Sprache: Deutsch
News-ID 283264
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Town:
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Kategorie:
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