The net sales and EBITDA restatements in the Performance Chemicals and Functional Polymers segments reflect respectively the discontinuation of the Acetow and Vinythai businesses. The EBITDA restatements in the Corporate & Business Services segment result from residual costs that were previously allocated to these discontinued business activities. Cost reduction measures to absorb these residual costs will continue to feature prominently in Solvay's excellence programs.

The 2016 fourth quarter and full year results will be published on February 24 on this restated basis. The balance sheet will reflect Acetow and Vinythai assets and liabilities moved into assets held for sale and associated liabilities. The 2016 outlook for underlying EBITDA growth and free cash flow are unaffected by the restatements.

More detailed figures are provided in the following pages and comprise:

  • Restated income statement, capex and free cash flow from continuing operations, as well as cash flow from discontinued operations per quarter, both on an IFRS basis and on an underlying pro forma basis;
  • Restated net sales, EBITDA and EBIT per quarter, as well as capex for the full year 2015, on an underlying pro forma basis per segment;
  • Reconciliation per quarter of 'as published' figures with restated figures on an IFRS basis, on an IFRS pro forma basis and on an underlying pro forma basis. For reconciliation purposes the 2015 tables also includes the previously published impact from the Cytec acquisition, which is not affected by the restatements.

The restated IFRS full year 2015 figures have been audited. Other figures are provided on an unaudited basis, i.e. quarterly IFRS 2015 and 2016 figures, as well as 2015 pro-forma figures.

Besides IFRS accounts, Solvay presents underlying income statement performance indicators to provide a more consistent and comparable indication of the Group's financial performance. These adjust IFRS figures for the non-cash Purchase Price Allocation (PPA) accounting impacts related to acquisitions, for the coupons of perpetual hybrid bonds, which are classified as dividends under IFRS but treated as financial charges in the underlying statements, and for other elements to produce a measure that would otherwise distort the analysis of the Group's underlying performance.

Solvay presents pro forma financial information on an unaudited basis for 2015, as if the acquisition of Cytec had taken place on January 1, 2015. It combines Solvay's and Cytec's income and cash flow statements on a stand-alone basis, after alignment of accounting policies and purchase price allocation impacts (i.e. amortization of intangible fair value step-ups and recognition in cost of goods sold of the inventory fair value step-up). The pro forma information also takes into account the estimated additional financing costs related to the acquisition as well as the acquisition related costs. However, expected synergies have not been reflected.

Solvay SA published this content on 17 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 17 January 2017 06:36:09 UTC.

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