- Index
- 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
In € million |
|
FY 2019 |
FY 2018 PF |
Cost of borrowings |
|
(139) |
(147) |
Interest on lendings & deposits |
|
15 |
13 |
Other gains & losses on net indebtedness |
|
(4) |
(1) |
Net cost of borrowings |
a |
(128) |
(134) |
Coupons on perpetual hybrid bonds |
b |
(105) |
(112) |
Interests and realized foreign exchange gains (losses) on the RusVinyl joint venture |
c |
(18) |
(21) |
Cost of discounting provisions |
d |
(85) |
(74) |
Result from equity instruments measured at fair value through other comprehensive income |
e |
4 |
– |
Net financial charges |
f = a+b+c+d+e |
(332) |
(342) |
Underlying net financial charges reduced vs 2018PF mainly following (a) the repayment at maturity, in June 2018, of the EMTN bond (€ 382 million balance with a coupon of 4.625%), and (b) the early repayment in 2019 of the US$ 800 million Senior US$ bonds of Solvay Finance America LLC, with the issuance of a 10-year Senior bond (€ 600 million) with a 0.5% yearly coupon. Solvay also modified the quantum of hybrid financing, calling a €700 million hybrid bond at 4.20% in May 2019, partly pre-financed by a €300 million hybrid bond at 4.25% issued in November 2018. Discounting costs Increased as a result of the applicable discount rates for post-employment provisions.