SOLVAY GROUP FINANCIAL REPORT - FOURTH QUARTER & FULL YEAR 2016 - HIGHLIGHTS

Brussels, February 24, 2017  16% EBITDA increase in the fourth quarter with growth in all segments Solid full-year performance with 7.5% EBITDA increase,  leading to 21% record margin and free cash flow of € 876 millionFull-year dividend (1)  raised 4.5% to € 3.45 gross per...

London, 24/02/2017 (informazione.it - comunicati stampa - industria)

Brussels, February 24, 2017 

              

(1) Recommended dividend pending General Shareholders meeting.
(2) The underlying and IFRS data compare to unaudited pro forma figures of the same period in 2015, as if the Cytec acquisition had occurred on January 1, 2015.
(3) Underlying net debt includes the perpetual hybrid bonds, accounted for as equity under IFRS.

 

Solvay remains well on track to achieve its mid-term objectives. For 2017, Solvay expects underlying EBITDA to grow by mid-single digit, mainly driven by Advanced Materials and Advanced Formulations, and to generate more than € 800 million of free cash flow from continuing operations.

 

 

(1) The underlying and IFRS data compare to unaudited pro forma figures of the same period in 2015, as if the Cytec acquisition had occurred on January 1, 2015. 
(2) A more detailed outlook may be found on page 8 of this report.

 

Forenote

Following the announcements at the end of 2016 of the intended divestments of the Acetow and Vinythai businesses, these businesses are reclassified as discontinued operations and as assets held for sale. For comparative purposes, the 2015 income statement has been restated. These figures were published on January 17.

The results of former Cytec are consolidated in the Group's income and cash flow statements since January 1, 2016. Comparative information for the fourth quarter and full year 2015 is presented on an unaudited pro forma basis as if the acquisition of Cytec had taken place on January 1, 2015.

Besides IFRS accounts, Solvay also presents underlying Income Statement performance indicators to provide a more consistent and comparable indication of the Group's financial performance. The underlying performance indicators adjust IFRS figures for the non-cash Purchase Price Allocation (PPA) accounting impacts related to acquisitions, for the coupons of perpetual hybrid bonds, classified as equity under IFRS but treated as debt in the underlying statements, and for other elements that would distort the analysis of the Group's underlying performance. The comments on the results made on pages 2 to 9 are on an underlying basis, unless otherwise stated.

 

 

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Solvay is a multi-specialty chemical company, committed to developing chemistry that addresses key societal challenges. Solvay innovates and partners with customers in diverse global end markets. Its products and solutions are used in planes, cars, smart and medical devices, batteries, in mineral and oil extraction, among many other applications promoting sustainability. Its lightweighting materials enhance cleaner mobility, its formulations optimize the use of resources and its performance chemicals improve air and water quality. Solvay is headquartered in Brussels with around 27,000 employees in 58 countries. Pro forma net sales were € 10.9 billion in 2016, with 90% from activities where Solvay ranks among the world's top 3 leaders. Solvay SA (SOLB.BE) is listed on Euronext Brussels and Paris (Bloomberg: SOLB.BB - Reuters: SOLB.BR) and in the United States its shares (SOLVY) are traded through a level-1 ADR program.