SOLVAY GROUP: 1st quarter 2015 business review
(Thomson Reuters ONE) -
Brussels, May 6(th), 2015
Q1 highlights
* Group net sales at ? 2,646 m, up 6.4% yoy, with volumes (1.7)%, forex 8.5%,
scope (0.5)% and prices stable.
* REBITDA at ? 502 m, up 12% yoy, mainly supported by forex which benefited
all business segments. Margins widened to 19% of net sales, up 100 basis
points, reflecting sustained pricing power of ? 34 m.
* Advanced Formulations at ? 95 m was down (2.5)% yoy, mainly due to the
substantial decline in oil prices impacting Novecare's Oil & Gas markets
and causing one-off inventories devaluation;
* Advanced Materials at ? 203 m was up 19% yoy, supported by robust volume
growth;
* Performance Chemicals at ? 195 m was up 14% yoy, underpinned by strong
pricing which largely offset a significant volume decline at Acetow
following ongoing destocking in the industry;
* Functional Polymers at ? 30 m was down (24)% yoy, primarly linked to
the divestment of Benvic;
* Corporate and Business Services' net cost fell to ? (21) m, from ? (29)
m last year. It included a favorable one-off impact related to changes
in the U.S. post retirement Medicare insurance policy;
* IFRS Net income Solvay share at ? 140 m versus ? 88 m in 2014. Adjusted Net
Income Solvay share at ? 158 m versus ? 106 m in Q1 2014.
* Free Cash Flow at ? (344) m; net debt up at ? 1,417 m from ? 778 m at year
end 2014.
Quote of the CEO
Solvay's earnings performance in the first quarter reflects foreign exchange
tailwinds. Headwinds in Oil & Gas and in Acetate tow markets were overcome by
sustained demand for our innovation-driven solutions and pricing power
underpinned by continued delivery of our excellence programs. Recent
acquisitions are being integrated successfully while the creation of the planned
European PVC joint venture is progressing well.
Outlook
Looking ahead, based on current conditions, Solvay is confident of its capacity
to generate solid REBITDA growth in 2015.
FORENOTE
Besides IFRS accounts, Solvay also presents Adjusted Income Statement
performance indicators that exclude non-cash Purchase Price Allocation (PPA)
accounting impacts related to the Rhodia acquisition.
To read the presentation in PDF
Follow us on twitter (at)SolvayGroup
As an international chemical group, SOLVAY assists industries in finding and
implementing ever more responsible and value-creating solutions. Solvay
generates 90% of its net sales in activities where it is among the world's top
three players. It serves many markets, varying from energy and the environment
to automotive and aeronautics or electricity and electronics, with one goal: to
raise the performance of its clients and improve society's quality of life. The
group is headquartered in Brussels, employs about 26,000 people in 52 countries
and generated 10.2 billion euros in net sales in 2014. Solvay SA (SOLB.BE) is
listed on EURONEXT Brussels and EURONEXT Paris (Bloomberg: SOLB:BB -
Reuters: SOLB.BR).
Lamia Narcisse Caroline Jacobs Maria Alcon Geoffroy Edward Mackay
Media Relations Media Relations Investor Raskin Investor
+33 1 53 56 59 62 +32 2 264 1530 Relations Investor Relations
+32 2 264 1984 Relations +32 2 264 3687
+32 2 264 1540
To read the full press release in PDF:
http://hugin.info/133981/R/1918968/686956.pdf
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Source: Solvay S.A. via GlobeNewswire
[HUG#1918968]
Unternehmensinformation / Kurzprofil:
Datum: 06.05.2015 - 07:01 Uhr
Sprache: Deutsch
News-ID 391198
Anzahl Zeichen: 4641
contact information:
Town:
Brussels
Kategorie:
Business News
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