Solvay: First Quarter Results
Sales of Solvay S.A., Brussels, Belgium, amounted to EUR 1,670 million, up by 23% compared to the sales of the 1st quarter 2010. This improvement was reflected in both Chemicals and Plastics. It is explained by an increase in volumes (+10%) and sales prices (+12%) across all activities. Sales in Asia and South America represent 25% of the total Group sales for the first quarter of 2011. The Group’s recurring operating result (Rebit) amounted to EUR 197 million (+79%). There was a clear improvement in operating margin (Rebit on sales): 11.8% in the first quarter of 2011 compared to 8.1% in the first quarter of 2010 and 9.5% in the fourth quarter of 2010. The Group’s Rebitda amounted to EUR 285 million (+46%). At the end of March 2011, the Solvay Group was in a net cash surplus situation of EUR 2,689 million.
Plastics Sector sales (EUR 870 million) were up by 24%; this increase was seen both in Specialty Polymers (+23%) and in Vinyls (+24%).
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