Brussels, November 8, 2016
Q3 2016 results(1)
9M 2016 results(1)
Quote of the CEO, Jean-Pierre Clamadieu
Solvay had a solid third quarter, with 6% growth in EBITDA, a record margin and continued strong cash generation. The strength of our broad portfolio and the continued focus of our business teams resulted yet again in strong pricing power. Operational excellence programs led to lower variable costs and, combined with accelerated Cytec synergy delivery, to reduced fixed costs. These efforts allowed us to overcome softer demand in some of our markets compared to last year. Solvay's performance illustrates the transformation of the Group towards a more resilient multi-specialty chemical company.
2016 Outlook
Based on the year-to-date performance and current market conditions, Solvay expects double-digit underlying EBITDA growth in the fourth quarter. In line with previous guidance, full year underlying EBITDA is thereby anticipated to increase by approximately 7% to 8%, and free cash flow to exceed €700 m.
Forenote
The results of former Cytec are consolidated in the Group's income and cash flow statements since January 1, 2016. Comparative information for the third quarter and 1st nine months of 2015 is presented on an unaudited pro forma basis as if the acquisition of Cytec had taken place on January 1, 2015.
Besides IFRS accounts, Solvay also presents underlying Income Statement performance indicators to provide a more consistent and comparable indication of the Group's financial performance. 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.
(1) The underlying and IFRS data presented in the highlights compare to unaudited pro forma figures of the same period in 2015, as if the Cytec acquisition had taken place on January 1, 2015.
(2) Underlying net debt includes the perpetual hybrid bonds, accounted for as equity under IFRS.
An international chemical and advanced materials company, Solvay assists its customers in innovating, developing and delivering high-value, sustainable products and solutions which consume less energy and reduce CO2 emissions, optimize the use of resources and improve the quality of life. Solvay serves diversified global end markets, including automotive and aerospace, consumer goods and healthcare, energy and environment, electricity and electronics, building and construction as well as industrial applications. Solvay is headquartered in Brussels with about 30,900 employees spread across 53 countries. It generated pro forma net sales of € 12.4 bn in 2015, with 90% made from activities where it ranks among the world's top 3 players. Solvay SA (SOLB.BE) is listed on Euronext in Brussels and Paris (Bloomberg: SOLB.BB - Reuters: SOLB.BR).
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