Historical key financial data - 2017 Annual Integrated Report

As published

In € million

2013

2014

2015⁽¹⁾

2016

2017

(1)	2015 data are not presented on pro forma basis, i.e. excude Cytec.
(2)	Average of the quarters.
(3)	Underlying net debt includes the perpetual hybrid bonds, accounted for as equity under IFRS.
(4)	The 2016 underlying leverage ratio is calculated based on the underlying EBITDA including the discontinued operations Acetow and Vinythai. The 2015 underlying leverage ratio is calculated based on the underlying pro forma EBITDA, including Cytec.

Income statement data

Sales

10,367

10,629

11,047

11,403

10,891

Net sales

9,938

10,213

10,578

10,884

10,125

Underlying EBITDA

1,663

1,783

1,955

2,284

2,230

Underlying EBITDA margin

17%

18%

21%

22%

IFRS EBIT

647

652

833

962

976

Underlying profit for the period

907

992

IFRS profit for the period

315

454

674

1,116

Underlying profit attributable to Solvay share

507

622

680

846

939

IFRS profit attributable to Solvay share

270

406

621

1,061

Cash flow data

Capex

(810)

(987)

(1,037)

(981)

(822)

of which from continuing operations

(708)

(861)

(969)

(929)

(716)

Cash conversion

m = (c+l)/c

57%

52%

50%

59%

68%

Free cash flow

524

656

387

876

871

Balance sheet data

Net working capital

1,217

1,101

1,557

1,396

1,414

Net working capital/sales

q = µ(p/a)⁽²⁾

12.9%

13.5%

13.4%

15.3%

13.8%

Underlying net debt⁽³⁾

r = s+t

(2,302)

(1,978)

(6,579)

(6,556)

(5,346)

Perpetual hybrid bonds

(1,200)

(2,200)

IFRS net debt

(1,102)

(778)

(4,379)

(4,356)

(3,146)

Total equity

7,453

6,778

9,668

9,956

9,752

Equity attributable to non-controlling interests

378

214

245

250

113

Perpetual hybrid bonds in equity

1,194

2,188

Equity attributable to Solvay share

x = u-v-w

5,881

5,369

7,234

7,518

7,451

Underlying leverage ratio⁽⁴⁾

y = -r/c

1.4

1.1

2.8

2.6

2.2

Other key data

CFROI

6.9%

6.3%

6.9%

Research & innovation

(280)

(287)

(320)

(350)

(325)

Research & innovation intensity

C = -B/b

2.8%

3.0%

3.2%

The table above presents the historical figures of the Group as published at the reference date. These data have not been affected by possible subsequent restatements due to perimeter changes, IFRS/IAS standards evolution, etc.

Over the reference periods, the following main changes have occurred:

2012: Latin American chlorovinyls activities (Indupa) presented as discontinued and assets held for sale

2013:
- European chlorovinyls activities presented as discontinued and assets held for sale
- Acquisition of Chemlogics, consolidated as from November 1

2014:
- Application of IFRS 11
- Eco Services activities presented as discontinued and assets held for sale, and divested on December 2

2015:
- European chlorovinyls activities contributed to the Inovyn joint venture (50% Solvay, 50% Ineos) on July 1
- Acquisition of 100% of the shares of Cytec Industries Inc. on December 9. Cytec opening balance sheet has been fully consolidated within the Solvay group as from December 31, 2015. Cytec’s results and cash flows for the period between December 9 and December 31 are not material, except for acquisition-related expenses presented as portfolio management and reassessment. Consequently, Cytec did not contribute to the Group’s profit or cash flows in 2015.

2016:
- Divestment of Solvay's share in Inovyn joint venture on July 7
- Acetow and Vinythai businesses presented as discontinued operations and as assets held for sale
- Divestment of Latin American chlorovinyls activities (Indupa) on December 27

2017:
- Vinythai transaction completed end of February
- Acetow transaction completed end of May
- Divestment of Polyamide business classified as discontinued operations and assets and liabilities held for sale at the end of September 2017.