EBITDA on an IFRS basis totaled €2,029 million, versus €2,230 million on an underlying basis. The difference of €201 million is explained by the following adjustments to IFRS results, the purpose of which is to improve the comparability of underlying results:

  • 2 million for legacy acquisition costs, in this case the Chemlogics retention premiums, which are adjusted in "Commercial & administrative costs".
  • 27 million in “Earnings from associates & joint ventures” for Solvay’s share in the financial charges of the Rusvinyl joint venture and the foreign exchange losses on the €-denominated debt of the joint venture, following the devaluation of the Russian ruble over the year. These elements are reclassified in “Net financial charges”.
  • 88 million to adjust for the “Result from portfolio management and reassessments”, excluding depreciation, amortization, and impairment elements. This result comprises €(48) million of restructuring costs and the €(72) million impact from the deconsolidation of the Venezuelan silica plant, of which €(60) million came from recycling currency translation adjustments through the P&L. These impacts were mitigated by €32 million net capital gains on multiple smaller divestments.
  • 84 million to adjust for the “Result from legacy remediation and major litigations”, mainly on environmental expenses.