SOLVAY GROUP
3(RD) QUARTER BUSINESS REVIEW(1)
Improved operating result in the 3rd quarter
REBITDA (EUR 264 million) improved by 13% compared to the 3rd quarter of 2010
* Favorable pricing power: higher sales prices overall compensated for the
increase in energy costs
* Operating margin - REBITDA on sales - rose to 16%
* Overall level of activity sustained despite a gradual slowdown in demand for
Vinyls and Special Chemicals
* Net result of EUR 73 million
* Closing of Rhodia acquisition in September(1), of which result will be
consolidated as from October 2011
* Structured implementation program for the integration of Rhodia and the
synergies led by the Integration Committee
* Interim dividend of 0.90 EUR net per share (1.20 EUR gross per share)
1(.)It was decided to integrate the financial data from the former Rhodia Group
in the consolidated accounts of the Solvay Group using the following schedule:
(a) Balance sheet: at the end of September 2011 (more information is provided in
this regard on pages 22 to 23 of this press release) (b) Results and cash flows:
starting October 1, 2011.
Outlook
The Solvay Group is attentive to the macro-economic deterioration and to the
need for tight management of its operations.
Despite the current softening in some of its markets, Solvay expects as foreseen
to improve its operating result both in Chemicals and in Plastics in 2011. The
previously announced outlook for Rhodia is confirmed (before the accounting
impact of purchase price allocation).
Quote of the CEO
Solvay and Rhodia(1) realised good results in the 3rd quarter. Thanks to its
balanced activity portfolio, its industrial excellence, its permanent focus on
competitiveness and its continued conservative financial policy, the new Group
is well positioned to leverage the opportunities that will arise.
1. Rhodia's 3rd quarter results not consolidated in Solvay's consolidated
financial statements.
Please find enclosed the press release announcing the Solvay's third quarter
results.
Press release and slides are available on
www.solvay.com
Solvay Group - Third quarter 2011 results:
http://hugin.info/133981/R/1558346/481400.pdf
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Source: Solvay S.A. via Thomson Reuters ONE
[HUG#1558346]