SOLVAC: IMPROVED 2011 CASH RESULT AND HIGHER DIVIDEND COMPARED TO 2010
The full press release is available onhttp://www.solvac.be/HPBis/0,,35841-
1-0,00.html
Embargo, 1 March 2012, 5.50 p.m.
REGULATED INFORMATION
SOLVAC: Â IMPROVED 2011 CASH RESULT AND HIGHER DIVIDEND COMPARED TO 2010
1.            The Board of Directors has closed the consolidated financial
statements of Solvac on December 31, 2011. These statements have been submitted
to the Statutory Auditor and are presented in accordance with IFRS standards.
+-----------------------------------------------------------------------------+
| CONSOLIDATED INCOME STATEMENT |
+---------------------------------------------------------------+------+------+
| EUR million | 2010 | 2011 |
+---------------------------------------------------------------+------+------+
| Income from investments accounted for under the equity method | 559 | 78 |
+---------------------------------------------------------------+------+------+
| Operating costs | -1 | -1 |
+---------------------------------------------------------------+------+------+
| Capital gain from sale of Solvay shares | 0 | 0 |
+---------------------------------------------------------------+------+------+
| Cost of borrowings | -5 | -5 |
+---------------------------------------------------------------+------+------+
| Net income | 553 | 72 |
+---------------------------------------------------------------+------+------+
| Net earnings per share (EUR) (()(1)()) | 36.2 | 4.7 |
+---------------------------------------------------------------+------+------+
 On 31 December 2011 Solvac recorded a consolidated net income of EUR 72
million (EUR 4.7 per share) against EUR 553 million (EUR 36.2 per share) over
the same period in 2010. The 2010 net income included the gain on the sale of
Solvay's pharmaceutical activities.
2.            The cash income, fed by dividends from the stake in Solvay,
amounts to EUR 78.2 million (against EUR 74.8 million in 2010):
+--------------------------------------------------+------+------+------+
| EUR million | 2010 | 2011 | Â |
+--------------------------------------------------+------+------+------+
| Cash income | 74.8 | 78.2 | + 5% |
+--------------------------------------------------+------+------+------+
| of which: Â - Final dividend Solvay | | | |
| | 44.2 | 47.6 | |
| (year 2009/2010) | | | |
+--------------------------------------------------+------+------+ Â |
| - Interim dividend Solvay | | | |
| | 30.6 | 30.6 | |
| (year 2010/2011) | | | |
+--------------------------------------------------+------+------+------+
| Business expenses (including cost of borrowings) | 5.7 | 5.6 | Â |
+--------------------------------------------------+------+------+------+
| Cash result | 69.1 | 72.6 | + 5% |
+--------------------------------------------------+------+------+------+
Following the acquisition of 23 000 Solvay shares on the stock market, at the
end of December 2011, Solvac holds 30.15 % of the Solvay shares compared to
30.12 % at the end of December 2010.
The dividend from Solvay is higher compared to last year following the dividend
increase in fiscal year 2010.
To the extent that the statutory accounts 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 income and after coverage of the
costs (mainly cost of borrowings).
3. Â The Board of Directors of Solvac SA has issued the following figures for
2011:
+-------------------------------+--------+--------+
| EUR thousand | 2010 | 2011 |
+-------------------------------+--------+--------+
| Recurrent financial result | 69 916 | 73 406 |
+-------------------------------+--------+--------+
| Other recurrent result | -793 | Â -683 |
+-------------------------------+--------+--------+
| Recurrent result | 69 123 | 72 723 |
+-------------------------------+--------+--------+
| Capital gains | -- | -- |
+-------------------------------+--------+--------+
| Profit before taxes | 69 123 | 72 723 |
+-------------------------------+--------+--------+
| Profit after taxes | 69 123 | 72 723 |
+-------------------------------+--------+--------+
| Gross payment to shareholders | 66 062 | 69 269 |
+-------------------------------+--------+--------+
There being no exceptional items in both 2010 and 2011, the recurrent result is
identical to the profit before taxes. The profit after taxes amounts to EUR
72.7 million in 2011 compared to EUR 69.1 million in 2010.
4.            Two interim dividends were paid, respectively on 27 October 2011
and 29 December 2011, the latter in fact being the final dividend, to be
confirmed by the General Assembly. Â In total, for each share the following
amount was paid:
+--------------------------+------+-------+
| EURÂ Â | 2010 | 2011 |
+--------------------------+------+-------+
| Gross dividend per share | 4.32 | 4.53 |
+--------------------------+------+-------+
| Net dividend per share | 3.67 | 3.849 |
+--------------------------+------+-------+
Remarks
1.            Financial statements
Deloitte will issue an unqualified audit report on the annual accounts as of
December 31, 2011 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 2011 to be published on internet
(www.solvac.be) in March 2012.
2.            Content
This press release contains regulated information and is established in
compliance with IAS 34. A risk analysis is included in the annual report, which
is available on internet (www.solvac.be).
3.            Solvac shares
+--------------------------------------------------------+----------+----------+
|Â |2010 |2011 |
+--------------------------------------------------------+----------+----------+
|Number of shares issued at the end of the period |15 300 527|15 281 741|
+--------------------------------------------------------+----------+----------+
|Average number of shares for calculating IFRS earnings |15 300 527|15 281 741|
|per share | | |
+--------------------------------------------------------+----------+----------+
|Average number of shares for calculating IFRS diluted |15 300 527|15 297 338|
|earnings per share | | |
+--------------------------------------------------------+----------+----------+
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 2011, and their impact on the summary financial information;
       c) there are no transactions with related parties.
Key dates for financial communications
·                    March 2012 : Publication of 2011 annual report on
www.solvac.be
·                    May 8, 2012: General Shareholders Meeting (3:30 pm)
·                    August 31, 2012: Results from first half 2012 and
announcement of first interim dividend for 2012
·                    October 25, 2012: payment of first interim dividend for
2012
·                    December 17, 2012: Announcement of second interim dividend
for 2012
 For additional information, please contact:
 SOLVAC S.A.
 Investor Relations
 (Solvay Campus)
Rue de Ransbeek 310
1120 Brussels
Tel: +32 2 264 21 11
Fax: +32 2 264 16 09
((1)Â Â )The net earnings per share and the diluted net earnings per share are
identical. The number of shares used for per share calculation is 15 300 527 in
2010 and 15 297 338 in 2011.
Press Release:
http://hugin.info/137319/R/1590670/499765.pdf
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Source: Solvac SA via Thomson Reuters ONE
[HUG#1590670]
