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SOLVAC NOM(RETAIL) : IMPROVED 2011 CASH RESULT AND HIGHER DIVIDEND COMPARED TO 2010

03/01/2012 | 12:00pm US/Eastern
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The full press release is available on http://www.solvac.be/HPBis/0,,35841-1-0,00.html:
http://www.solvac.be/HPBis/0,,35841-1-0,00.html

Embargo, 1 March 2012, 5.50 p.m.

REGULATED INFORMATION

SOLVAC:  IMPROVED 2011 CASH RESULT AND HIGHER DIVIDEND COMPARED TO 2010

1.             The Board of Directors has closed the consolidated financial statements of Solvac on December 31, 2011. These statements have been submitted to the Statutory Auditor and are presented in accordance with IFRS standards. 

CONSOLIDATED INCOME STATEMENT
EUR million 2010 2011
Income from investments accounted for under the equity method 559 78
Operating costs -1 -1
Capital gain from sale of Solvay shares 0 0
Cost of borrowings -5 -5
Net income 553 72
Net earnings per share (EUR) (1) 36.2 4.7

  On 31 December 2011 Solvac recorded a consolidated net income of EUR 72 million (EUR 4.7 per share) against EUR 553 million (EUR 36.2 per share) over the same period in 2010. The 2010 net income included the gain on the sale of Solvay's pharmaceutical activities.

2.             The cash income, fed by dividends from the stake in Solvay, amounts to EUR 78.2 million (against EUR 74.8 million in 2010): 

EUR million 2010 2011  
Cash income 74.8 78.2 + 5%
of which:  - Final dividend Solvay

(year 2009/2010)
44.2 47.6  
- Interim dividend Solvay

(year 2010/2011)
30.6 30.6
Business expenses (including cost of borrowings) 5.7 5.6  
Cash result 69.1 72.6 + 5%

Following the acquisition of 23 000 Solvay shares on the stock market, at the end of December 2011, Solvac holds 30.15 % of the Solvay shares compared to 30.12 % at the end of December 2010.

The dividend from Solvay is higher compared to last year following the dividend increase in fiscal year 2010.

To the extent that the statutory accounts allow it (see below under 3), the proposed amount of dividends to be distributed by Solvac is determined by the Board of Directors on the basis of this cash income and after coverage of the costs (mainly cost of borrowings).

3.   The Board of Directors of Solvac SA has issued the following figures for 2011:

EUR thousand 2010 2011
Recurrent financial result 69 916 73 406
Other recurrent result -793  -683
Recurrent result 69 123 72 723
Capital gains -- --
Profit before taxes 69 123 72 723
Profit after taxes 69 123 72 723
Gross payment to shareholders 66 062 69 269

There being no exceptional items in both 2010 and 2011, the recurrent result is identical to the profit before taxes. The profit after taxes amounts to EUR 72.7 million in 2011 compared to EUR 69.1 million in 2010.

4.             Two interim dividends were paid, respectively on 27 October 2011 and 29 December 2011, the latter in fact being the final dividend, to be confirmed by the General Assembly.  In total, for each share the following amount was paid: 

EUR   2010 2011
Gross dividend per share 4.32 4.53
Net dividend per share 3.67 3.849

Remarks

1.             Financial statements 

Deloitte will issue an unqualified audit report on the annual accounts as of December 31, 2011 and confirmed that the accounting information in this press release requires no comments on its part and is in agreement with these annual accounts. The complete audit report related to the audit of the annual financial information will be part of the annual report 2011 to be published on internet (www.solvac.be) in March 2012.

2.             Content 

This press release contains regulated information and is established in compliance with IAS 34. A risk analysis is included in the annual report, which is available on internet (www.solvac.be).

3.             Solvac shares 

  2010 2011
Number of shares issued at the end of the period 15 300 527 15 281 741
Average number of shares for calculating IFRS earnings per share 15 300 527 15 281 741
Average number of shares for calculating IFRS diluted earnings per share 15 300 527 15 297 338

4.             Statement by responsible persons 

Mr. JP. Delwart, Chairman of the Board and Mr. B. de Laguiche, Managing Director of Solvac, confirm that to the best of their knowledge:

a) the summary financial information, prepared in conformity with applicable accounting standards, reflects a true and fair view of the net worth, the financial situation and results of the Solvac Group and of Solvac S.A.;

b) the intermediate report contains a faithful presentation of significant events occurring in 2011, and their impact on the summary financial information;

             c) there are no transactions with related parties.

Key dates for financial communications

·                     March 2012 : Publication of 2011 annual report on www.solvac.be:
http://www.solvac.be/    

·                     May 8, 2012: General Shareholders Meeting (3:30 pm) 

·                     August 31, 2012: Results from first half 2012 and announcement of first interim dividend for 2012 

·                     October 25, 2012: payment of first interim dividend for 2012  

·                     December 17, 2012: Announcement of second interim dividend for 2012 

  For additional information, please contact:

  SOLVAC S.A.
  Investor Relations
  (Solvay Campus)
Rue de Ransbeek 310
1120 Brussels
Tel: +32 2 264 21 11
Fax: +32 2 264 16 09

(1)   The net earnings per share and the diluted net earnings per share are identical. The number of shares used for per share calculation is 15 300 527 in 2010 and 15 297 338 in 2011.

 

Press Release:
http://hugin.info/137319/R/1590670/499765.pdf



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Solvac SA via Thomson Reuters ONE

HUG#1590670
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