05-8-2013 — /EuropaWire/ — Second quarter and first half year 2013 Financial Report
Forenote
All references to 2012 P&L data are to be deemed restated for the new business organization effective as from January 1st 2013, the reporting of Solvay Indupa as discontinued operations and for the application of IAS 19 revised. All P&L indicators referred to this document are to be deemed adjusted, unless otherwise stated as IFRS accounts. Adjusted indicators exclude non-cash PPA accounting impacts related to the Rhodia acquisition.
Highlights 2013
Quote of the CEO
Solvay continued to face challenging trading conditions during the second quarter. Moreover, temporary destocking in the derivatized guar business and decisions by some of our customers to delay investments, have weighed on several of our “growth engines” businesses. In this context, the Group has forged ahead with its efficiency programs to improve its competitive position, particularly in its soda ash and polyamide activities. We are making good progress in the planned creation of our chlorovinyls joint venture with Ineos and, pending anti-trust clearance, we aim at closing the deal by the end of this year. These developments will significantly contribute to the reshaping of our portfolio and represent a major step towards our 2016 goals.
Outlook
While we see some weak signs of improvement, this has yet to be confirmed in our order book. In a more challenging economic context, Solvay is confident in its ability to generate a REBITDA in 2013 comparable to last year’s, excluding the impacts of the exceptional pricing of guar and the sale of carbon credits (combined totaling € 190 m in 2012). Our relentless execution of the operational excellence programs and accelerated transformation of the company will put us on a strong footing for when demand recovers.
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