2019 Annual Integrated Report

EBITDA on an IFRS basis totaled €2,222 million, versus €2,322 million on an underlying basis. The difference of €99 million is explained by the following adjustments to IFRS results, which are done to improve the comparability of underlying results:

  • €(3) million in “Earnings from associates & joint ventures” for Solvay’s share in the financial charges of the Rusvinyl joint venture and the foreign exchange gains on the €-denominated debt of the joint venture, following the 12% revaluation of the Russian ruble over the period. These elements are reclassified in “Net financial charges”.
  • €41 million to adjust for the “Result from portfolio management and reassessments”, excluding depreciation, amortization and impairment elements. This result comprises €23 million of restructuring costs, mainly related to the cost booked for the Group simplification plan and results related to past M&A transactions for €13m.
  • €61 million to adjust for the “Result from legacy remediation and major litigations”, primarily environmental expenses.