SOLVAY GROUP 4TH QUARTER & FULL YEAR 2014 FINANCIAL REPORT
(Thomson Reuters ONE) -
Press release CEO comments on results Toolkit Investors & Analysts
Q4 highlights - Strong Results
* Group net sales at ? 2,574 m, up 8.9% yoy, with volumes 3.7%, forex 2.9%
and price 2.2%
* REBITDA at ? 414 m, up 10.5% yoy. Margins widened to 16.1% of net sales,
up 30 basis points yoy
* Advanced Formulations at ? 109 m was up 33% yoy, driven by sound
volumes, pricing power, solid double-digit growth contribution by
Chemlogics and forex tailwinds;
* Advanced Materials at ? 172 m was up 11% yoy, supported by strong
innovation-driven volume growth;
* Performance Chemicals at ? 190 m was up 6% yoy, underpinned by pricing
and operational efficiency progress;
* Functional Polymers at ? 15 m was up 17% yoy, supported by high
manufacturing yields, broad excellence initiatives delivery and
pricing;
* Corporate and Business Services widened 33% yoy to ? (72) m due
principally to the anticipated back-end loaded phasing of corporate
programs;
* Various exceptional items booked over the quarter, mainly: Non-cash
impairment charges of ? (134) m, mostly related to RusVinyl; Deferred Tax
Assets recognition of ? 110 m and capital gain on Eco Services disposal ?
177 m
* Adjusted Net Income Solvay share at ? 208 m versus ? 25 m in 2013
* Free Cash Flow at ? 542 m; net debt down at ? 778 m from ? 1,665 m in Q3
2014
FY highlights - Momentum & Delivery
· Group net sales at ? 10,213 m, up 5% yoy, with volumes 3.6%, forex (1.4)%,
scope 2.4% and stable prices 0.5%
· REBITDA at ? 1,783 m, up 11% yoy driven by volume growth (organic and
external), pricing power and excellence initiatives; margins widened to 17.5%
of net sales, up 90 basis points compared to last year
· Adjusted EBIT at ? 761 m, up 3.7% yoy; Adjusted Result from continuing
operations at ? 333 m, up 6.7% yoy
· IFRS Net income Solvay share at ? 80 m versus ? 270 m in 2013.
· Adjusted Net Income Solvay Share at ? 156 m versus ? 378 m in 2013. 2014
contained material exceptional elements largely linked to the Group's active
portfolio management (c.f. Details in page 14).
· Free Cash Flow generation at ? 656 m +35% yoy; net debt decreased ? 363 m
from 2013 year-end
· DIVIDEND increase proposed: ? 3.40 gross per share, up 6.3% compared to last
year
Quote of the CEO
Solvay posted solid results throughout the year, benefiting from its ongoing
transformation, its upgraded portfolio and operational delivery. We progressed
in reshaping our business profile towards a high-end solutions provider.
Robust demand for our innovative products and solutions boosted our growth
engines. Excellence measures delivered on all fronts, compensating for a
higher cost base and securing our pricing power. Overall, Solvay posted
double-digit operating profit growth in 2014, expanded margins in all of its
businesses and generated a strong free cash flow.
Outlook
Solvay is confident to sustain recent momentum. The levers of the
transformation continue to be deployed and Solvay is currently well-positioned
to meet its 2016 ambitions.
Follow us on Twitter (at)SolvayGroup
FORENOTE
The U.S.-based Eco Services business has been disposed as of December
1st, 2014 and has been reported under Assets Held for Sale and Discontinued
Operations as from the third quarter of 2014. For comparative purposes, 2013
and 2014 Income and Cash Flow Statements data have been restated for Eco
Services' business discontinuation as well as for the updated reallocation of
shared functions costs from the Corporate & Business Services segment into the
Global Business Units.
2013 and 2014 Financial Statements reflect the Group's application of IFRS 11.
Furthermore, Solvay presents Adjusted Income Statement performance indicators
that exclude non-cash Purchase Price Allocation (PPA) accounting impacts
related to the Rhodia acquisition.
To read the press release in PDF:
http://hugin.info/133981/R/1897241/673403.pdf
This announcement is distributed by GlobeNewswire on behalf of
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Solvay S.A. via GlobeNewswire
[HUG#1897241]
Unternehmensinformation / Kurzprofil:
Datum: 26.02.2015 - 06:59 Uhr
Sprache: Deutsch
News-ID 374355
Anzahl Zeichen: 5240
contact information:
Town:
Brussels
Kategorie:
Business News
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