- NOTE B18 IFRS EBITDA
- NOTE B19 IFRS EBIT
- NOTE B20 IFRS Net financial charges
- NOTE B21 IFRS Income taxes
- NOTE B22 IFRS Discontinued operations
- NOTE B23 IFRS Profit for period
Besides IFRS accounts, Solvay also presents alternative performance indicators to provide a more consistent and comparable indication of the Group’s underlying financial performance and financial position, as well as cash flows. These indicators provide a balanced view of the Group’s operations and are considered useful to investors, analysts and credit rating agencies as these measures provide relevant information on the Group’s past or future performance, position or cash flows. These indicators are generally used in the sector it operates in and therefore serve as a useful aid for investors to compare the Group’s performance with its peers. The underlying performance indicators adjust IFRS figures for the non-cash Purchase Price Allocation (PPA) accounting impacts related to acquisitions, for the coupons of perpetual hybrid bonds, classified as equity under IFRS but treated as debt in the underlying statements, and for other elements that would distort the analysis of the Group’s underlying performance.
FY consolidated income statement
In € million |
FY 2019 |
FY 2018 PF |
||||
IFRS |
Adjustments |
Underlying |
IFRS |
Adjustments |
Underlying |
|
Sales |
11,227 |
– |
11,227 |
11,299 |
– |
11,299 |
of which revenues from non-core activities |
983 |
– |
983 |
1,042 |
– |
1,042 |
of which net sales |
10,244 |
– |
10,244 |
10,257 |
– |
10,257 |
Cost of goods sold |
(8,244) |
2 |
(8,242) |
(8,258) |
2 |
(8,256) |
Gross margin |
2,983 |
2 |
2,985 |
3,042 |
2 |
3,043 |
Commercial costs |
(381) |
– |
(381) |
(373) |
– |
(373) |
Administrative costs |
(950) |
28 |
(922) |
(1,005) |
35 |
(970) |
Research & development costs |
(323) |
3 |
(321) |
(297) |
3 |
(294) |
Other operating gains & losses |
(131) |
182 |
51 |
(123) |
197 |
74 |
Earnings from associates & joint ventures |
95 |
(3) |
92 |
44 |
30 |
74 |
Result from portfolio management & reassessments |
(914) |
914 |
– |
(208) |
208 |
– |
Result from legacy remediation & major litigations |
(61) |
61 |
– |
(86) |
86 |
– |
EBITDA |
2,222 |
99 |
2,322 |
2,030 |
301 |
2,330 |
Depreciation, amortization & impairments |
(1,906) |
1,087 |
(818) |
(1,036) |
260 |
(777) |
EBIT |
316 |
1,187 |
1,503 |
994 |
560 |
1,554 |
Net cost of borrowings |
(141) |
13 |
(128) |
(134) |
– |
(134) |
Coupons on perpetual hybrid bonds |
– |
(105) |
(105) |
– |
(112) |
(112) |
Interests and realized foreign exchange gains (losses) on the RusVinyl joint venture |
– |
(18) |
(18) |
– |
(21) |
(21) |
Cost of discounting provisions |
(105) |
20 |
(85) |
(77) |
3 |
(74) |
Result from equity instruments measured at fair value through other comprehensive income |
4 |
– |
4 |
– |
– |
– |
Profit/(loss) for the period before taxes |
74 |
1,097 |
1,171 |
783 |
429 |
1,212 |
Income taxes |
(153) |
(151) |
(305) |
(73) |
(230) |
(303) |
Profit/(loss) for the period from continuing operations |
(79) |
946 |
866 |
710 |
199 |
909 |
Profit/(loss) for the period from discontinued operations |
236 |
11 |
247 |
201 |
15 |
216 |
Profit/(loss) for the period |
157 |
957 |
1,113 |
910 |
215 |
1,125 |
attributable to Solvay shareholders |
118 |
956 |
1,075 |
871 |
214 |
1,085 |
attributable to non-controlling interests |
38 |
1 |
39 |
39 |
– |
40 |
Basic earnings per share (in €) |
1.15 |
9.27 |
10.41 |
8.43 |
2.08 |
10.51 |
of which from continuing operations |
(1.14) |
9.16 |
8.02 |
6.49 |
1.93 |
8.42 |
Diluted earnings per share (in €) |
1.15 |
9.25 |
10.39 |
8.40 |
2.07 |
10.46 |
of which from continuing operations |
(1.14) |
9.14 |
8.01 |
6.46 |
1.92 |
8.38 |