- 1 NOTE B1 Net sales
- 2 NOTE B2 Underlying raw material & energy costs
- 3 NOTE B3 Underlying EBITDA
- 4 NOTE B4 Underlying depreciation & amortization
- 5 NOTE B5 Underlying net financial charges
- 6 NOTE B6 Underlying income taxes
- 7 NOTE B7 Underlying profit from discontinued operations
- 8 NOTE B8 CAPEX
- 9 NOTE B9 Free Cash Flow
- 10 NOTE B10 Net working capital
- 11 NOTE B11 Underlying net debt
- 12 NOTE B12 CFROI
- 13 NOTE B13 Research & Innovation
Net sales were up +1.3% for the full year. Organic sales growth of +5.7% was driven by both volumes and prices, which more than offset forex conversion and scope effects.
The reduction in scope had a -1.0% effect and comprised the divestments of the polyolefin cross-linkable compounds in Advanced Materials and formulated resins businesses, as well as part of the phosphorous business in Advanced Formulations.
Forex conversion had an adverse effect of -3.2%, mainly related to the depreciation of the U.S. dollar in the first half of the year, as well as that of the Brazilian real.
Volumes were up +3.3% overall. In Advanced Materials strong growth for Solvay’s polymers and composites technologies in aeronautics, automotive and healthcare, was tempered by lower demand in smart devices and fluorinated gases used in insulation. Volumes in Advanced Formulations were up across business units, although growth in the shale oil & gas stimulation market in North America declined significantly in the fourth quarter. In Performance Chemicals, higher demand for peroxides and recovery in Coatis’ domestic Latin American market supported volume growth, more than compensating for slightly lower soda ash volumes at the start of the year.
Prices rose +2.2% overall, partially reflecting higher raw material costs. In Advanced Formulations, pricing strength was recovered in the first nine months but turned negative in the fourth quarter following the oil and gas decline. In Performance Chemicals increases in peroxides and the Coatis business, offset the anticipated decrease in soda ash.
 Scope effects include acquisitions and divestments of smaller businesses not leading to the restatement of previous periods.