GRI Disclosures
In € million |
2019 |
2018 |
ASSETS |
|
|
Fixed assets |
13,286 |
13,883 |
Start-up expenses and intangible assets |
164 |
172 |
Tangible assets |
64 |
55 |
Financial assets |
13,058 |
13,656 |
Current assets |
5,080 |
5,457 |
Inventories |
|
|
Trade receivables |
862 |
886 |
Other receivables |
3,861 |
4,061 |
Short-term investments and cash equivalents |
338 |
492 |
Accrued income and deferred charges |
19 |
18 |
Total assets |
18,366 |
19,340 |
SHAREHOLDERS' EQUITY AND LIABILITIES |
|
|
Shareholders' equity |
11,337 |
11,207 |
Capital |
1,588 |
1,588 |
Issue premiums |
1,200 |
1,200 |
Reserves |
1,982 |
1,982 |
Net income carried forward |
6,566 |
6,436 |
Provisions and deferred taxes |
309 |
323 |
Financial debt |
3,353 |
3,015 |
due in more than one year |
2,652 |
2,050 |
due within one year |
701 |
965 |
Trade liabilities |
84 |
80 |
Other liabilities |
3,256 |
4,670 |
Accrued charges and deferred income |
27 |
45 |
Total shareholders' equity and liabilities |
18,366 |
19,340 |
The decrease of the total assets (€ (974) million) is the combination of:
- a decrease of financial assets by € (598) million, resulting mainly from the net impact of:
- equity reductions in Solvay Finance Luxembourg (€ (1,720) million), in Belgian subsidiaries (€ (376) million) and in Solvay GmbH (€ (41) million);
- the increase of the investment held in Solvay Holding Inc through capital contributions of € 1,616 million;
- a decrease of current assets by € (377) million, resulting mainly from:
- the decrease of other receivables (€ (200) million) following the reimbursement of loans by the affiliates and movements of current accounts towards affiliates; and
- the decrease of the cash at bank (€ (154) million).
The financial debt totals € 3,353 million (compared to € 3,015 million at the end of 2018). The increase of € 338 million is due to:
- the repayment of intercompany debt for € (700) million;
- the issuance of Senior bonds (€ 600 million); and
- the increase of commercial paper (€ 454 million).
After taking into the account the “Short term investments and cash equivalents” as well as the intercompany loans in “Other receivables”, net financial debt amounts to € 1,944 million (against € 2,561 million at the end of 2018). The decrease in net financial debt results mainly from intercompany flows (dividends, capital increases and decreases).
Other liabilities include current accounts towards affiliates, as well as the dividends to be paid in 2020 (€ 397 million).
Shareholders equity increases by € 130 million due to the excess of the profit for the year over the dividend.