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2015 net sales climb 4% at Solvay
29
Feb '16
Courtesy: Solvay
Courtesy: Solvay
For 2015, net sales at specialty chemicals manufacturer Solvay reached €10.6 billion, up 4 per cent year on year, with foreign exchange rate effects contributing 6 per cent.

“Reported EBITDA totaled €1,955 million in 2015, up 10 per cent over the previous year buoyed by strong pricing power of 11 per cent across all operating segments,” Solvay said in a press release.

“This was offset from impact of negative volumes of 8 per cent and an increased fixed cost base effect of 3 per cent, related to new capacity from 8 sites commissioned in the year,” it added.

Excellence initiatives delivered more than €300 million in the year, supporting the REBITDA margin increase, which widened by 1.0 bps to 19 per cent of net sales.

Free cash flow amounted to €387 million in the reporting year versus €656 million in 2014, chiefly reflecting higher capital investments for growth in the year.

“On the other hand, 2014 reported high seasonal working capital swings and significant cash inflows from discontinued operations,” the company explained.

Net sales for the fourth quarter ended December 31, 2015 were down 1 per cent year on year with impact on conversion of foreign exchange rate fluctuations contributed 3 per cent and scope effects 1 per cent.

“These were offset 4 per cent by lower volumes, mainly from the downturn in the oil and gas industry, and 1 per cent by slightly lower prices,” it observed.

Reported EBITDA for the period under review totaled €429 million, up 4 per cent year over year.

Solvay's excellence programs continued to support strong pricing power which contributed 9 per cent, mitigating the 14 per cent impact of lower volumes.

According to Solvay, reported EBITDA margin widened to 17 per cent of net sales, up 0.8 bps, representing the 8th consecutive quarter of year-on-year margin increase.

The Solvay board of directors has recommended a dividend of €3.30 gross per share, a rise of 3.3 per cent over the prior year. (AR)

Fibre2fashion News Desk - India

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