Solvay: 2010 Results
Annual sales of Solvay amounted to EUR 7,109 million. At constant scope, they improved by 22% both on an annual basis and in the 4th quarter. Annual sales in the Chemicals Sector (EUR 3,012 million) improved by 11%; sales volumes, significantly up (+14%), compensated for the lower sales prices (-6%). Annual sales in the Plastics Sector (EUR 3,784 million) clearly improved (+33% at constant scope), especially thanks to a significant increase in sales volumes in Specialty Polymers (+36% compared to last year). From a geographic standpoint, Asia’s contribution to the Group’s total sales strongly improved, going from 10% in 2009 to 14% in 2010.
The recurring Group operating result (Rebit) amounted to EUR 633 million in 2010. Rebit for continuing activities posted very significant improvement compared to last year, both on a cumulative basis (EUR 602 million, or +94%) and on a quarterly basis (EUR 155 million in the 4th quarter of 2010, or +75%). In addition to the strong increase in sales volumes, it benefited, overall, from significant cost cutting efforts and energy costs that were under control.
The Group’s operating margin (Rebit on sales), excluding the pharmaceuticals activities, was 8.9% in 2010 compared to 5.4% in 2009; it amounted to 9.4% in the 4th quarter of 2010.
The annual net income of the Group reaches EUR 1,823 million. It benefited from the capital gain realized on the sale of the pharmaceutical activities (EUR 1.7 billion) and was negatively impacted by non recurring items for an amount of EUR 328 million.
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