Microsoft powerpoint - 20080513_results_presentation.ppt

May 13, 2008
„ NET SALES (EUR 2.4bn) : stable
+3% at constant exchange rates
„ REBIT (EUR 300m) : - 8% vs Q1/07
+12% vs Q4/07
„ GROUP NET PROFIT (EUR 220m) : +1% vs Q1/07
2Solvay Q1/08 results presentation – May 13, 2008 READY FOR TOMORROW
9 Higher non recurring items : EUR +17m on balance (capital gain of EUR 29m on the sale of Solvay 9 Higher net debt expenses : EUR 10m one-off charge 9 Lower taxes : EUR 8m tax credit in Italy „ STRONG FINANCIAL POSITION
9 Net debt to equity ratio of 33% (stable versus Q1/07) 3Solvay Q1/08 results presentation – May 13, 2008 P H A R M A C E U T I C A LS
Net sales +4%, REBIT +9% (EUR 136m) Net sales : +4% (+10% at constant exchange rate)
Sustained growth
„ in all major products
„ USA (+20% in USD; +5% in EUR)
„ Emerging markets developing well
„ Currency fluctuations (sales impact: 6%, EUR 36m)
„ Price pressure in Europe particularly in France (sales impact: 1.5%; EUR 9m)
„ EUR 117m, 17.9% of revenues (Q1/07 : EUR 91m or 14.6% of revenues)
REBIT + 9%
„ « Inspire » project on track
„ Miscellaneous items (sale of Flammazine® & Luvox®CR milestone) :
„ Pre-launch expenses for the co-promotion of Simcor® with Abbott (commercialization started in April 2008) 4Solvay Q1/08 results presentation – May 13, 2008 P H A R M A C E U T I C A LS
TriCor sales booked by Abbott in the US in Q1/08 : USD 245m (+10%) 5Solvay Q1/08 results presentation – May 13, 2008 P H A R M A C E U T I C A LS
„ Cardiometabolic:
9 treatment of dyslipidemia:
Š fenofibrate franchise expansion:
TriLipix™ (SLV348) (*): US regulatory submission in Q4/07 Fixed dose combinations (TriLipix™ /Crestor, Synordia®, zolip) Š US co-promotion on Simcor®(**) with Abbott since April 2008
9 SLV319 (obesity, developed with BMS) : Phase II ongoing
„ Neuroscience:
9 bifeprunox:
- Europe with Lundbeck : development ongoing 9 pardoprunox (SLV308): phase III ongoing
9 Duodopa® in the US: 1st Phase III clinical study started in Q1/08
„ Pancreatic enzymes: Creon®:
FDA « approvable » letter; Phase III studies ongoing in Japan with Eisai „ Influenza vaccines:
9 validation of cell based production throughout 2008;
commercialization from season 09 onwards; 9 1st clinical study in the US completed in Q4/07
** Abbott's fixed-dose combination lipid therapy (Niaspan®/simvastatin) approved by US FDA 6Solvay Q1/08 results presentation – May 13, 2008 P H A R M A C E U T I C A LS
„ Total enterprise value of EUR 206 million (100% of the
outstanding shares + indebtedness on Dec. 31, 2007) „ Acquisition financed by available resource of the Solvay group
„ Closing expected by Q2/08, subject to specific conditions
„ An opportunity for Solvay Pharmaceuticals :
9 Accelerate the development of Solvay’s therapeutic pipeline
Î Expand biomarker technologies and enter progressively 9 Expand the diagnostic activities
Î Reinforce existing commercial operations Î Continue the development of Innogenetics’ diagnostics 7Solvay Q1/08 results presentation – May 13, 2008 P H A R M A C E U T I C A LS
8Solvay Q1/08 results presentation – May 13, 2008 C H E M I C A L S
Technological innovation and geographic expansion : 9 H2O2 mega-plants: in Belgium (230kt/y, by 2008), (planned) in Thailand
(330kt/y), to supply hydrogen peroxide for propylene oxide production 9 Epichlorohydrin : decision to build a plant in Thailand (100kt/y)
9 Soda ash : ongoing expansion in Bulgaria (+300kt/y to 1.5 Mt) and
modernization of its steam supply; preferred candidate for the acquisition of 80% of Alexandria Sodium Carbonate Co. (ASCC) 9 Sodium bicarbonate : new applications (e.g. decision to invest in SOLVAir ®
Select 300 in the US), capacity expansions (Spain, Portugal in 2007), construction Portfolio management and targeted restructuring : 9 Sale of Caprolactones in 2007 (capital gain of EUR 151 M)
9 Restructuring in fluorinated commodities (5 European sites)
9 Refocusing of the organic chemistry competences in the Molecular
Solutions SBU and restructuring measures at Girindus 9 Initiatives to mitigate the effects e. g. construction of a Refuse Derived
Fuel power plant in Bernburg, Germany (soda ash) 9 Price increases
9Solvay Q1/08 results presentation – May 13, 2008 C H E M I C A L S
Net sales +1%, REBIT -11% (to EUR 83m) Comments
9 Generally sustained demand
Q1/08 Q1/08 vs Q1/07
9 Increased production and
distribution costs, partially
9 Improved results in « Minerals »
Minerals cluster [2]
9 Electrochemistry : good demand
and Fluor
chemicals cluster
fluor chemical commodities
9 Lower results in « Oxygen » :
Oxygen cluster [3]
[1] including SBU Molecular Solutions [2] including SBUs Soda ash and related specialties and Advanced Functional Minerals. [3] including SBUs Hydrogen peroxide, Detergent and Caprolactones (until December 31, 2007 for this latter; 2007 sales : EUR 79m) 10Solvay Q1/08 results presentation – May 13, 2008 C H E M I C A L S
Net sales +1%, REBIT -11% (to EUR 83m) Minerals : Growth in Soda ash
9 Good demand (Europe and exports)9 Price increases in the context of increasing energy costs9 Growth in bicarbonate Electrochemicals and Fluor chemicals
Electrochemistry (caustic soda / epichlorhydrin)
9 Good demand for caustic soda9 Stable prices at high levels; expected price increase in Q2/089 Increasing energy prices9 Lower chlorinated derivatives : increasing competition & production costs, Fluor commodities
9 First results of the ongoing restructuring program 9 Still difficult market conditions for fluor commodities9 Favorable evolution of fluor specialties Oxygen : hydrogen Peroxide
9 Good demand and prices overall, except in Europe9 Results affected by the increasing energy costs 11Solvay Q1/08 results presentation – May 13, 2008 P L A S T I C S
„ Specialties cluster :
„ Specialty Polymers
(polysulfones USA, fluorinated products in Italy, PVDF/PVDC France) 9 Start-up of a commercial-scale production unit for PEEK in Panoli (India) and PTFE in China to reinforce new applications 9 Sale of Solvay Engineered Polymers (SEP) (capital gain of EUR 29m) „ Inergy Automotive Systems
Geographic expansion (Russia, China, India, …), new platforms using innovative technologies, restructuring measures in Japan and Canada „ Vinyls cluster :
„ Vinyls
9 Strong presence in Europe, Mercosur and Southeast Asia, with numerous measures to reinforce competitiveness 9 Project in Russia with Sibur : 1st integrated plant of PVC (330 kt/y by 2010) „ Pipelife
9 Acquisition of Quality Plastics (April 07) in high-value plumbing markets 9 Startup of a plant in Russia (pipe systems) 12Solvay Q1/08 results presentation – May 13, 2008 P L A S T I C S
Net sales -3%, REBIT -25% (EUR 90m) Comments
Q1/08 vs Q1/07
Compared to high
level in Q1/07
Specialties cluster [1]
Vinyls cluster [2]
[1] Including SBUs Specialty Polymers and Inergy Automotive Systems (fuel systems). Sale of Solvay Engineered Polymers in February 2008 (2007 sales : EUR 168m) [2] Including SBUs Vinyls and Pipelife (pipes & fittings) 13Solvay Q1/08 results presentation – May 13, 2008 P L A S T I C S
Net sales -3%, REBIT -25% (EUR 90m) „ Specialty Polymers
9 Good demand and continued strong growth but slowdown in automotive and 9 Sale of SEP (impact on Q1/08 sales : -2%) 9 Price increases, partly off-setting production costs increase 9 Sustained R&D efforts (5% of sales) „ Inergy : results affected by cost pressures and slowdown in NAFTA
„ Vinyls
9 Europe : affected by higher costs & increasing US competition (weak USD) 9 Mercosur : strong growth and good margins 9 Asia : improving market conditions and results „ Pipelife : increasing volumes in Europe and resilient results
14Solvay Q1/08 results presentation – May 13, 2008 READY FOR TOMORROW
leadership, vertical integration and energy 15Solvay Q1/08 results presentation – May 13, 2008 READY FOR TOMORROW
“The measures taken to improve competitiveness as well as our diversified portfolio, in terms of activities and geographic presence, enable our Group to resist to a less favorable macro-economic environment. In 2008, the operating result of the Pharmaceuticals sector should exceed the record level of 2007; the industrial activities should not reiterate the performances of the preceding year. On the whole for the year 2008 and taking into account the current level of the USD, the Solvay group is unlikely to reach the record results of the year 2007.” 16Solvay Q1/08 results presentation – May 13, 2008 “To the extent that any statements made in this presentation contain information that is not historical, these statements are essentially forward-looking. The achievement of forward-looking statements contained in this presentation is subject to risks and uncertainties because of a number of factors, including general economic factors, interest rate and foreign currency exchange rate fluctuations; changing market conditions, product competition, the nature of product development, impact of acquisitions and divestitures, restructurings, products withdrawals; regulatory approval processes, all-in scenario of R&D projects and other unusual items. Consequently, actual results may differ materiallyfrom those expressed or implied by such forward-looking statements. Forward-looking statements can be identified by the use of words such as "expects," "plans," "will," "believes," "may," "could" "estimates," "intends", "goals", "targets", "objectives", "potential", and other words of similar meaning. Should known or unknown risks or uncertainties materialize, or should our assumptions prove inaccurate, actual results could vary materially from those anticipated. The Companyundertakes no obligation to publicly update any forward-looking statements"


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