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Solvac SA : Solvac SA : STABLE CASH RESULT AND DIVIDEND IN 2012 COMPARED TO 2011



 Solvac SA : Solvac SA : STABLE CASH RESULT AND DIVIDEND IN 2012 COMPARED TO
                                     2011

The full press release is available on  http://www.solvac.be/

                                     Embargo, 1 March 2013, 5.50 p.m. (GMT +1)
                                                         REGULATED INFORMATION

       SOLVAC: STABLE CASH RESULT AND DIVIDEND IN 2012 COMPARED TO 2011

 1. The Board of Directors has closed the consolidated financial statements of
    Solvac on December 31, 2012. These  statements have been submitted to  the 
    Statutory Auditor and are presented in accordance with IFRS standards.  

CONSOLIDATED INCOME STATEMENT
EUR million                                                 2011          2012
Income from investments accounted for under the equity       78       180
method
Operating costs                                              -1       -1
Capital gain from sale of Solvay shares                      0         0
Cost of borrowings                                           -5       -5
Net income                                                   72       174
Net earnings per share (EUR)^[1]                            4.7      11.4

On December 31,  2012 Solvac  recorded a consolidated  net income  of EUR  174 
million (EUR 11.4 per share) against EUR  72 million (EUR 4.7 per share)  over 
the same period in 2011. For the first time, Solvay's income in 2012  included 
the results from 12 months of Rhodia activities.  

 2. The cash income, fed by dividends from the investment in Solvay amounts to
    EUR 78.4 million close to the 2011 level:  

 

EUR million                                     2011 2012
Cash income of which :                          78.2 78.4
- final dividend Solvay (year 2010/2011)        47.6 47.8
- interim dividend Solvay (year 2011/2012)      30.6 30.6
Business expenses (including cost of borrowings 5.5  5.7
Cash result                                     72.7 72.7

 
 

Following the acquisition of 23 500 Solvay shares on the stock market,  Solvac 
holds 30.18 % of the Solvay shares at the end of December 2012, as compared to
30.15 % at the end of December 2011.

The amount of the final dividend paid by Solvay is higher than last year,  due 
to the increased number of Solvay shares held by Solvac.

To the extent that the statutory accounts  will 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 result and after coverage  of 
the costs (mainly cost of borrowings).

 3. The Board of Directors of Solvac SA has issued the following figures for
    2012:  

        EUR thousand            2011     2012
Recurrent financial result     73 406   73 465
Other recurrent result            -683     -761
Recurrent result               72 723   72 704
Capital gains                    --       --
Profit before taxes            72 723   72 704
Profit after taxes             72 723   72 703
Gross payment to shareholders  69 269   69 164

In the absence of extraordinary items both in 2011 and in 2012, the  recurrent 
result is identical to the profit before taxes. The profit after taxes amounts
to EUR 72.7 million in 2012, just as in 2011.  

 4. Two interim dividends were paid, respectively  on October 25, 2012 and  on 
    December 27, 2012,  the latter  in fact being  the final  dividend, to  be 
    confirmed by the General Assembly. In total, for each share the  following 
    amount was paid :  

EUR                       2011 2012
Gross dividend per share 4,53  4,53

Concerning 2013  the Board  of  Directors took  the  decision that  the  first 
interim dividend will be paid on 26 September 2013 and that the second interim
dividend will be paid on 27 December 2013.

                      NOTES TO THE FINANCIAL STATEMENTS

1. Financial statements

Deloitte will issue an unqualified audit report on the annual accounts as of
December 31, 2012 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 2010 which will be
published on internet (www.solvac.be) on 29 March 2013.

2. Content

This press release contains regulated information and is established in
compliance with IAS 34. The risk analysis included in the annual report  is
available on internet (www.solvac.be).

3. Solvac shares

                                                                     2012
                                         2011
Number of shares issued at the end of the       15 281 741         15 267 881*
period
Average number of shares for calculating        15 297 338       15 273 681  
IFRS
earnings per share
Average number of shares for calculating                 15 297  15 273 681
IFRS                                       338
diluted earnings per share

*purchase with subsequent annulment of 13 860 own shares

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  2010  and   their  impact  on  the  summary   financial 
information;
c) There are no transactions with related parties.

Key dates for financial communications

  * March 29,  2013: publication of 2012 annual report on www.solvac.be  

  * May 14, 2013: General Shareholders Meeting (3.30 pm)  

  * August 30, 2013: results from first half 2013 and announcement of first
    interim dividend for 2013  

  * September 26, 2013: payment of first interim dividend for 2013  

  * December 13, 2013: announcement of second interim dividend for 2013  

  * December 27, 2013: payment of second  interim dividend for 2013 

For additional information, please contact

SOLVAC S.A.
Investor Relations
(Solvay Campus)
Rue de Ransbeek 310
1120 Brussels
Phone : 32/2/264.21.11
Fax 32/2/264.16.09
[1] The net earnings per share and the diluted net earnings per share are
identical. The number of shares used for per share calculation is 15 297 338
in 2011 and 15 273 681 in 2012.

Ce communiqué est également disponible en français - Dit persbericht is ook in
het Nederlands beschikbaar

 

20130301 Solvac EN

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This announcement is distributed by Thomson Reuters on behalf of Thomson
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The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
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(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: Solvac SA via Thomson Reuters ONE
HUG#1682519
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