2019 Annual Integrated Report

Accounting policy

Events after the reporting period which provide evidence of conditions that existed at the end of the reporting period (adjusting events) are recognized in the consolidated financial statements. Events indicative of conditions that arose after the reporting period are non-adjusting events and are disclosed in the notes if material.

On January 31, 2020, Solvay announced it had formally completed the divestment of its Performance Polyamides activities to BASF and Domo Chemicals. The transaction is based on an enterprise value of € 1.6 billion and the expected selling proceeds net of costs of disposals on the combined transaction are estimated to be around € 1.2 billion (selling proceeds of € 1.5 billion received on January 31, 2020). The expected capital gain after taxes, subject to customary post-closing purchase price adjustments, is around € 70 million.  

Solvay has used a portion of the polyamides sale proceeds to prefund a part of the pension liabilities in France. This additional voluntary contribution amounts to approximately € 380 million.