SOLVAC S.A. 
By The full press release is available on http://www.solvac.be/:
http://www.solvac.be/
Embargo, 1 March 2013, 5.50 p.m. (GMT +1)
REGULATED INFORMATION
SOLVAC: STABLE CASH RESULT AND DIVIDEND IN 2012 COMPARED TO 2011
The Board of Directors has closed the consolidated financial statements of Solvac on December 31, 2012. These statements have been submitted to the Statutory Auditor and are presented in accordance with IFRS standards.
| CONSOLIDATED INCOME STATEMENT | ||
| EUR million | 2011 | 2012 |
| Income from investments accounted for under the equity method | 78 | 180 |
| Operating costs | -1 | -1 |
| Capital gain from sale of Solvay shares | 0 | 0 |
| Cost of borrowings | -5 | -5 |
| Net income | 72 | 174 |
Net earnings per share (EUR)[1]: #ftn1 | 4.7 | 11.4 |
On December 31, 2012 Solvac recorded a consolidated net income of EUR 174 million (EUR 11.4 per share) against EUR 72 million (EUR 4.7 per share) over the same period in 2011. For the first time, Solvay's income in 2012 included the results from 12 months of Rhodia activities.
The cash income, fed by dividends from the investment in Solvay amounts to EUR 78.4 million close to the 2011 level:
| EUR million | 2011 | 2012 |
| Cash income of which : | 78.2 | 78.4 |
| - final dividend Solvay (year 2010/2011) | 47.6 | 47.8 |
| - interim dividend Solvay (year 2011/2012) | 30.6 | 30.6 |
| Business expenses (including cost of borrowings | 5.5 | 5.7 |
| Cash result | 72.7 | 72.7 |
Following the acquisition of 23 500 Solvay shares on the stock market, Solvac holds 30.18 % of the Solvay shares at the end of December 2012, as compared to 30.15 % at the end of December 2011.
The amount of the final dividend paid by Solvay is higher than last year, due to the increased number of Solvay shares held by Solvac.
To the extent that the statutory accounts will 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 result and after coverage of the costs (mainly cost of borrowings).
The Board of Directors of Solvac SA has issued the following figures for 2012:
| EUR thousand | 2011 | 2012 |
| Recurrent financial result | 73 406 | 73 465 |
| Other recurrent result | -683 | -761 |
| Recurrent result | 72 723 | 72 704 |
| Capital gains | -- | -- |
| Profit before taxes | 72 723 | 72 704 |
| Profit after taxes | 72 723 | 72 703 |
| Gross payment to shareholders | 69 269 | 69 164 |
In the absence of extraordinary items both in 2011 and in 2012, the recurrent result is identical to the profit before taxes. The profit after taxes amounts to EUR 72.7 million in 2012, just as in 2011.
Two interim dividends were paid, respectively on October 25, 2012 and on December 27, 2012, 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 | 2011 | 2012 |
| Gross dividend per share | 4,53 | 4,53 |
Concerning 2013 the Board of Directors took the decision that the first interim dividend will be paid on 26 September 2013 and that the second interim dividend will be paid on 27 December 2013.
NOTES TO THE FINANCIAL STATEMENTS
1. Financial statements
Deloitte will issue an unqualified audit report on the annual accounts as of December 31, 2012 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 2010 which will be published on internet (www.solvac.be) on 29 March 2013.
2. Content
This press release contains regulated information and is established in compliance with IAS 34. The risk analysis included in the annual report is available on internet (www.solvac.be).
3. Solvac shares
| 2011 | 2012 | |
| Number of shares issued at the end of the period | 15 281 741 | 15 267 881* |
| Average number of shares for calculating IFRS earnings per share | 15 297 338 | 15 273 681 |
| Average number of shares for calculating IFRS diluted earnings per share | 15 297 338 | 15 273 681 |
*purchase with subsequent annulment of 13 860 own shares
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 2010 and their impact on the summary financial information;
c) There are no transactions with related parties.
Key dates for financial communications
March 29, 2013: publication of 2012 annual report on www.solvac.be
May 14, 2013: General Shareholders Meeting (3.30 pm)
August 30, 2013: results from first half 2013 and announcement of first interim dividend for 2013
September 26, 2013: payment of first interim dividend for 2013
December 13, 2013: announcement of second interim dividend for 2013
December 27, 2013: payment of second interim dividend for 2013
For additional information, please contact
SOLVAC S.A.
Investor Relations
(Solvay Campus)
Rue de Ransbeek 310
1120 Brussels
Phone : 32/2/264.21.11
Fax 32/2/264.16.09
[1]:
#body_ftn1 The net earnings per share and the diluted net earnings per share are identical. The number of shares used for per share calculation is 15 297 338 in 2011 and 15 273 681 in 2012.
Ce communiqué est également disponible en français - Dit persbericht is ook in het Nederlands beschikbaar
http://hugin.info/137319/R/1682519/550392.pdf
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Source: Solvac SA via Thomson Reuters ONE
