Solvay releases 2021 annual integrated report and solidarity fund report
April 04 2022 - 2:30AM
Solvay releases 2021 annual integrated report and solidarity fund
report
Solvay releases 2021 annual integrated report and solidarity
fund report
In 2021, Solvay overcame headwinds to deliver
outstanding financial results and significant progress on
sustainability goals, while supporting employees and communities in
need.
Brussels, April 4, 2022
Solvay today released its annual integrated report and
solidarity fund report. The annual integrated report reflects the
Group’s progress in its integrated management journey and provides
a comprehensive and integrated view of Solvay’s economic,
environmental, and societal performance for 2021. It also details
the Group’s 2021 performance review, governance and risk management
practices.
Solvay delivered on and exceeded its commitments in a
challenging environment marked by inflation, logistics issues, and
the global urgency to tackle climate change.
The Group improved its organic growth and continued to
deliver a strong financial performance
by:
- Achieving strong growth in volume and price with continued cost
discipline
- Delivering record EBITDA of €2.4 billion and class-leading
EBITDA margins of 23.3%
- Delivering record net profit of €1 billion and record ROCE at
11.4%
- Investing €736 million for future growth, while maintaining
capital discipline and coherence with strategic imperatives
- Sustaining its strong cash generation, with an 11th consecutive
quarter of positive cash flow generation
- Further improving its balance sheet, by reducing debt and
pension obligations by €884 million
- Simplifying its portfolio
With the G.R.O.W. strategy
and Solvay One Planet roadmap as a
compass, Solvay took bold actions in 2021 to strengthen leadership
positions, reallocating resources to growth and sustainable
businesses. This included:
- Accelerating the development of innovative solutions for now
and the future, by further investing in the growth platforms
dedicated to battery materials, thermoplastic composites and green
hydrogen
- Expanding its capacities, by establishing a new manufacturing
facility for thermoplastic composites in the US and announcing an
investment to increase its PVDF production in Europe, among other
initiatives
- Reinforcing its bio-based seed care portfolio through an
acquisition and launching a joint venture in South-East Asia to
serve booming demand in semiconductors, among others
- Developing new biosourced solutions
for home and personal care
Solvay raised the bar
on sustainability, taking actions to move
toward becoming a low-carbon and more inclusive
company:
- Creating an ESG Committee in Solvay’s Board of Directors, to
help guide strategic priorities and ensure that the Group executes
on its commitments
- Announcing a plan to achieve carbon neutrality before 2040 for
all businesses except soda ash, and before 2050 for its soda ash
business, supported by a value-creating investment program of
around €2 billion
- Accelerating the energy transition in its plants, with 36
projects underway across the globe
- Engaging with its suppliers, calling on 400 of them to sign up
to the Science Based Targets initiative, to help reduce emissions
along the value chain
- Partnering with customers and key players to create circular
businesses, including developing sustainable tire technology with
Bridgestone and Arlanxeo and working on recycling solutions for
advanced materials with Mitsubishi
- Developing new non-fluorosurfactant technologies, which have
enabled the Group to explore technological innovations that advance
its sustainability ambitions while meeting customer needs
- Launching Solvay One Dignity, committing to nine objectives and
related action plans to drive more diversity, equity and inclusion
at Solvay
- Announcing the launch of Solvay’s
first employee stock ownership plan
Furthermore, the Solvay Solidarity Fund continued to support
employees significantly impacted by the pandemic and natural
disasters in 2021. To date, €2.4 million has been provided to
individuals and €4 million to collective support. Over 850
individual applications for support have been processed since its
launch and the Fund has supported local communities through 30
distinct projects, including initiatives relating to urgent
healthcare needs, mental health support for caregivers and
assistance for schools affected by flooding. In early 2022, it
donated €1 million to relief efforts in Ukraine and Solvay also
committed to double future employee donations. An overview of the
Fund’s donations is detailed in the 2021 solidarity fund impact
progress report.
“Over the past three years, we have accelerated our journey to
transform and simplify Solvay. We ascertained our culture,
instilling a performance mindset throughout our Group. We set up
ambitious sustainability objectives through our Solvay One Planet
roadmap, raising the bar every year to meet our customers’ needs
and contribute to building a better world. We got fit, we built
efficiencies and we executed on our G.R.O.W. strategy,” said Ilham
Kadri, Solvay CEO. “Coupled with our solid and improving portfolio,
this has produced strong results and cash generation, allowing us
to deleverage our balance sheet and invest for future growth. We
are now ready to change the game by creating two fabulous new
companies1, which builds on what Solvay has always been throughout
history: Essential AND Special.”
Related media
Download the 2021 annual integrated report |
Download the 2021 solidarity fund report |
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The 2021 report is available on Solvay.com where a downloadable
version in the ESEF format as specified by the European Commission
in the Regulatory Technical Standard on ESEF (Regulation (EU)
2019/815) is also available. Solvay today also publishes its 2021
report on payment to governments. This document is available in the
Financials section of Solvay's website.
1 As part of its efforts to unleash its full potential, the
Group announced in early 2022 a bold new step in its ongoing
journey: exploring a separation into two independent, publicly
listed companies.
- EN Annual report 2021 payments to governments
- Solvay 2021 Annual Integrated Report
- Solvay releases 2021 annual integrated report and solidarity
fund report
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