Historical key financial data - 2019 Annual Integrated Report

As published

In € million

2015⁽¹⁾

2016⁽¹⁾

2017⁽¹⁾

2018⁽¹⁾

2019

(1)	These data are not presented on pro forma basis, i.e: excluding Cytec for 2015 and impacts of IFRS16 Leases for 2018
(2)	Average of the quarters
(3)	Underlying net debt includes the perpetual hybrid bonds, accounted for as equity under IFRS
(4)	As net debt at the end of the period does not yet reflect the net proceeds to be received on the divestment of discontinued operations, whereas the underlying EBITDA excludes the contribution of discontinued operations, the underlying EBITDA is adjusted to calculate the leverage ratio. Polyamide’s underlying EBITDA was added.

Income statement data

Sales

11,047

11,403

10,891

11,299

11,227

Net sales

10,578

10,884

10,125

10,257

10,244

Underlying EBITDA

1,955

2,284

2,230

2,322

Underlying EBITDA margin

18.5%

21.0%

22.0%

21.7%

22.7%

IFRS EBIT

833

962

976

986

316

Underlying profit for the period

907

992

1,131

1,113

IFRS profit for the period

454

674

1,116

897

157

Underlying profit attributable to Solvay share

680

846

939

1,092

1,075

IFRS profit attributable to Solvay share

406

621

1,061

858

118

Cash flow data

Capex

(1,037)

(981)

(822)

(833)

(967)

of which from continuing operations

(969)

(929)

(716)

(711)

(826)

Cash conversion

l = (c+k)/c

50.4%

59.3%

67.9%

68.1%

64.4%

FCF

387

876

871

989

1,072

FCF to Solvay shareholders

132

527

466

725

801

Balance sheet data

Net working capital

1,557

1,396

1,414

1,550

1,560

Net working capital/sales

p = µ(o/a)⁽²⁾

13.4%

15.3%

13.8%

15.3%

16.0%

Underlying net debt⁽³⁾

q = r+s

(6,579)

(6,556)

(5,346)

(5,105)

(5,386)

Perpetual hybrid bonds

(2,200)

(2,500)

(1,800)

IFRS net debt

(4,379)

(4,356)

(3,146)

(2,605)

(3,586)

IFRS equity

9,668

9,956

9,752

10,624

9,625

Equity attributable to non-controlling interests

245

250

113

117

110

Perpetual hybrid bonds in equity

2,188

2,486

1,789

Equity attributable to Solvay share

w = t-u-v

7,234

7,518

7,451

8,021

7,725

Underlying leverage ratio⁽⁴⁾

x = -q/c

2.82

2.60

2.17

2.01

2.00

Other key data

CFROI

6.9%

6.3%

6.9%

6.5%

Research & innovation

(320)

(350)

(325)

(352)

(336)

Research & innovation intensity

B = -A/b

3.0%

3.2%

3.4%

3.3%

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, changes in definition of APM, etc.

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

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 Result from 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.
2018:
Divestment of Polyamide business still classified as discontinued operations and assets and liabilities held for sale since September 2017.
2019:
Implementation of IFRS 16.
Divestment of Polyamide business still classified as discontinued operations and assets and liabilities held for sale since September 2017. The transaction was closed on January 31, 2020.