Solvay restates 2015 and 2016 financial information following recent portfolio transformation steps
(Thomson Reuters ONE) -
Brussels, January 17, 2017, 07:30 --- Solvay publishes today restated
consolidated financial information for 2015 and the first nine months of 2016.
The restatement reflects the reclassification of the Acetow and Vinythai
businesses in discontinued operations following the recent announcement of their
divestment.
Solvay announced in December 2016 the agreement to sell its cellulose acetate
tow business Acetow for an enterprise value of about ? 1 billion, as well as a
definitive agreement to sell its 59% stake in its Asian PVC activity Vinythai
for an enterprise, based on an enterprise value of ? 435 million. These
transactions are expected to close in the first half of 2017. The sale of the
Latin American PVC activity Indupa, which was closed in December 2016, has no
impact on the restatement as it had been discontinued previously.
The table below summarizes the changes to underlying( [1]) pro forma( [2]) key
figures.
Underlying key| 2015 FY pro forma | 2016 9M |
figures | | |
| | |
| As Restate- Restated| As Restate- Restated|
(in ? m) | published ment | published ment |
---------------+-------------------------------+-------------------------------+
Net sales | 12,378 (962) 11,415| 8,798 (680) 8,117|
---------------+-------------------------------+-------------------------------+
of which | | |
Performance | 3,052 (526) 2,526| 2,228 (392) 1,837|
Chemicals | | |
---------------+-------------------------------+-------------------------------+
of which | | |
Functional | 1,926 (437) 1,490| 1,367 (289) 1,078|
Polymers | | |
---------------+-------------------------------+-------------------------------+
EBITDA | 2,336 (211) 2,125| 1,918 (162) 1,756|
---------------+-------------------------------+-------------------------------+
of which | | |
Performance | 770 (142) 628| 640 (112) 527|
Chemicals | | |
---------------+-------------------------------+-------------------------------+
of which | | |
Functional | 190 (49) 141| 204 (34) 170|
Polymers | | |
---------------+-------------------------------+-------------------------------+
of which | | |
Corporate & | (225) (20) (245)| (138) (15) (153)|
Business | | |
Services | | |
---------------+-------------------------------+-------------------------------+
EBITDA margin | 19% 19%| 22% 22%|
---------------+-------------------------------+-------------------------------+
Capex | (1,160) - (1,160)| (679) - (679)|
---------------+-------------------------------+-------------------------------+
of which from | | |
continuing | (1,092) 35 (1,057)| (666) 25 (641)|
operations | | |
---------------+-------------------------------+-------------------------------+
Cash | 53% 50%| 65% 63%|
conversion | | |
---------------+-------------------------------+-------------------------------+
Free cash flow| 492 - 492| 464 - 464|
---------------+-------------------------------+-------------------------------+
of which from | | |
continuing | 500 (106) 394| 477 (104) 374|
operations | | |
---------------+-------------------------------+-------------------------------+
The net sales and EBITDA restatements in the Performance Chemicals and
Functional Polymers segments reflect respectively the discontinuation of the
Acetow and Vinythai businesses. The EBITDA restatements in the Corporate &
Business Services segment result from residual costs that were previously
allocated to these discontinued business activities. Cost reduction measures to
absorb these residual costs will continue to feature prominently in Solvay's
excellence programs.
The 2016 fourth quarter and full year results will be published on February 24
on this restated basis. The balance sheet will reflect Acetow and Vinythai
assets and liabilities moved into assets held for sale and associated
liabilities. The 2016 outlook for underlying EBITDA growth and free cash flow
are unaffected by the restatements.
More detailed figures are provided in the following pages and comprise:
* Restated income statement, capex and free cash flow from continuing
operations, as well as cash flow from discontinued operations per quarter,
both on an IFRS basis and on an underlying pro forma basis;
* Restated net sales, EBITDA and EBIT per quarter, as well as capex for the
full year 2015, on an underlying pro forma basis per segment;
* Reconciliation per quarter of "as published" figures with restated figures
on an IFRS basis, on an IFRS pro forma basis and on an underlying pro forma
basis. For reconciliation purposes the 2015 tables also includes the
previously published impact from the Cytec acquisition, which is not
affected by the restatements.
The restated IFRS full year 2015 figures have been audited. Other figures are
provided on an unaudited basis, i.e. quarterly IFRS 2015 and 2016 figures, as
well as 2015 pro-forma figures.
Please click on the link at the bottom of this message to read the complete
press release.
[1] Besides IFRS accounts, Solvay presents underlying income statement
performance indicators to provide a more consistent and comparable indication of
the Group's financial performance. These adjust IFRS figures for the non-cash
Purchase Price Allocation (PPA) accounting impacts related to acquisitions, for
the coupons of perpetual hybrid bonds, which are classified as dividends under
IFRS but treated as financial charges in the underlying statements, and for
other elements to produce a measure that would otherwise distort the analysis of
the Group's underlying performance.
[2] Solvay presents pro forma financial information on an unaudited basis for
2015, as if the acquisition of Cytec had taken place on January 1, 2015. It
combines Solvay's and Cytec's income and cash flow statements on a stand-alone
basis, after alignment of accounting policies and purchase price allocation
impacts (i.e. amortization of intangible fair value step-ups and recognition in
cost of goods sold of the inventory fair value step-up). The pro forma
information also takes into account the estimated additional financing costs
related to the acquisition as well as the acquisition related costs. However,
expected synergies have not been reflected.
Follow us on twitter (at)SolvayGroup
+------------------------------------------------------------------------------+
|An international chemical and advanced materials company, Solvay assists its|
|customers in innovating, developing and delivering high-value, sustainable|
|products and solutions which consume less energy and reduce CO2 emissions,|
|optimize the use of resources and improve the quality of life. Solvay serves|
|diversified global end markets, including automotive and aerospace, consumer|
|goods and healthcare, energy and environment, electricity and electronics,|
|building and construction as well as industrial applications. Solvay is|
|headquartered in Brussels with about 30,900 employees spread across 53 |
|countries. It generated pro forma net sales of ? 11.4 bn in 2015, with 90% |
|made from activities where it ranks among the world's top 3 players. Solvay SA|
|(SOLB.BE) is listed on Euronext in Brussels and Paris (Bloomberg: SOLB.BB -|
|Reuters: SOLB.BR). |
+------------------------------------------------------------------------------+
Caroline Jacobs Kimberly Jodi Allen Geoffroy Bisser
Stewart Raskin Alexandrov
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To read the complete press release with all the annexes in PDF:
http://hugin.info/133981/R/2071515/778428.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Solvay S.A. via GlobeNewswire
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