1. Cash income, supplemented by dividends from the investment in Solvay amounted to EUR 47.8 million compared to EUR 51.1 million in 2013

EUR million 1st  half of 2013  1st  half of 2014
Cash income 51.1 47.8
Cash results 48.4 45.1

This decline reflects the expected reduction of the balance of the Solvay dividend per share. As a reminder, Solvac had benefited, in 2013, from a double increase of the Solvay dividend (on the 2012 balance and the 2013 interim dividend), for a flow of EUR 3.33 per Solvay share. Starting in 2014, and at a constant dividend, it was expected that this flow would go back down to EUR 3.2. The cash results from the first half of 2014 are therefore down by EUR 3.3 million compared to the peak observed over the same period in 2013. This drop has no effect on the distribution level of Solvac.

Solvac holds 30.20% in Solvay as of the end of June 2014, a slight increase compared to the end of 2013. Since the end of the 2013 financial year, Solvac has completed the acquisition of 19,010 Solvay shares.

Provided that the financial statements (see 3 below) permit it, it is based on the cash result (EUR 45.1 million) after covering costs (mainly interest expense), that the Board of Directors determines the amount of dividends proposed to be distributed by Solvac.

2. The Board of Directors approved the consolidated financial statements of Solvac on 30 June 2014. These financial statements were subject to a limited review by the Auditor. They are presented according to IFRS standards.

EUR million  1st  half of 2013  1st  half of 2014
Investment result according to the equity method 53 -69
Operational expenses -1 -1
Gains on realization of securities
Net debt expenses -2 -2
Net income 50 -72
Net income per share (EUR)  (1) 3.3 -4.7

(1) Net income per share and diluted net income per share are identical. The number of shares used for the per-share calculations was 15,267,881 in 2013 and 2014.

On 30 June 2014 Solvac recorded a consolidated net loss of EUR -72 million (EUR -4.7 per share) compared to EUR 50 million (EUR 3.3 per share) for the same period in 2013, as a result of the change of Solvay's result according to the equity method. This result has no impact on the distribution level of Solvac.

3. The Board of Directors announces the figures of the financial statements for Solvac SA for the first half of 2014:

EUR thousand  1st  half of 2013  1st  half of 2014
Recurring financial income 48,819 45,806
Other recurring income -454 -686
Net recurring income 48,365 45,120
Capital income 0 0
Income before taxes 48,365 45,120
Income after taxes 48,365 45,120

Profit after taxes was EUR 45.1 million, down 6.7% compared to the previous year (EUR 48.4 million), following Solvay's reduction of its gross dividend balance (down from EUR 2.00 to 1.87).

4. The Board of Directors resolved to increase the first interim dividend to EUR 2.83 gross, an amount corresponding to 60% of the rounded total dividend of the previous year, in accordance with policy. The net amount is EUR 2.1225.


This first interim dividend will be paid on 25 September 2014.

This will lead to a gross distribution of EUR 43.2 million.

The Solvac shares will trade ex-dividend on Euronext Brussels, starting on 8 September 2014.

The second interim dividend, which will be decided by the Board, will be released on 12 December 2014 and paid on 29 December 2014.

In accordance with its policy of distributing virtually all the Solvay dividends and given the latter's decision to leave its dividend from the 2013 financial year unchanged, the Board should resolve in December to keep the total dividend from the 2014 financial year at EUR 4.72 gross. The second interim dividend should therefore amount to EUR 1.89 per share.

NOTES

1. Financial statements

Deloitte conducted a limited review of the situation at six months ending on 30 June 2014. This review consisted principally of analysis, comparison and discussion of the financial information and therefore was less extensive than a full audit of the annual accounts would have been. This review did not reveal any information that would have required significant corrections of the interim position.

2. Content
This press release contains regulated information and is prepared in accordance with the IAS 34 standard.
The analysis of risk management is presented in the annual report, available on the Internet (www.solvac.be)

3. Solvac shares

December 2013 June 2014
Number of shares outstanding at end of period 15,267,881 15,267,881
Average number of shares for calculating results per share according to IFRS 15,267,881 15,267,881
Average number of shares for calculating diluted results per share according to IFRS 15,267,881 15,267,881

4. Statement of the persons accountable

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

a) the condensed financial statements, prepared in accordance with applicable accounting standards, give a true and fair view of the assets, the financial position and the results in the financial statements and consolidated financial statements of Solvac;

b) the interim report includes a fair review of the important events during the first six months of the 2014 financial year and their impact on the condensed financial statements.

c) the main risks and uncertainties for the remaining months of the 2014 financial year are consistent with the assessment presented in the "Risk Management and Internal Control" section of Solvac's annual report and reflect the current economic and financial environment.

Key financial reporting dates

  • 25 September 2014: Payment of the first interim dividend for the 2014 financial year
  • 12 December 2014: 5:40 p.m. "Second interim dividend" press release
  • 29 December 2014: Payment of the second interim dividend for the 2014 financial year

For more information, please contact:

SOLVAC S.A.
Investor Relations
Postal address:
Rue des Champs Elysées, 43 - 1050 Brussels
Tel.: 32/2/639 66 30
Fax: 32/2/639 66 31
Email: Investor.relations@solvac.be:
mailto:Investor.relations@solvac.be

Dit persbericht is ook in het Nederlands beschikbaar - This press release is also available in English

Read the full version of Solvac press release:
http://hugin.info/137319/R/1845091/643105.pdf



This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Solvac SA via Globenewswire

HUG#1845091