Solvay reports underlying net income from continuing operations of 588 million euros for 2023, compared with 740 million previously, but free cash flow (FCF) growth of 17.3% to 561 million, representing a record FCF conversion rate of 45.4%.

The Belgian chemicals group's underlying EBITDA was stable (+0.2%) in organic terms at nearly 1.25 billion euros, with positive net pricing and lower fixed costs offsetting lower volumes.

The underlying EBITDA margin thus improved by one point to 25.5% on net sales of 4.88 billion, down 12.6% organically, mainly due to the contraction in volumes.

A total gross dividend of 2.43 euros per share will be proposed to the AGM on May 28. For 2024, Solvay forecasts an organic decline in underlying EBITDA of -10% to -20%, as well as free cash flow of at least €260 million.

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