-
The corporate Solvac S.A. 2017 net
income is up 8.3% compared to 2016 (see 3 page 2).
The cash revenue 1, including
the inflow of dividends from its participation in Solvay, came to
EUR 112.1 million versus EUR 107.3 million in 2016, namely, an
increase of 4.5% mainly attributable to the increase of Solvay
dividend as shown in the table below:
EUR
million |
2016 |
2017 |
Solvay dividend per share - January (in
EUR) |
1.3600 |
1.3200 |
Number of Solvay shares held by Solvac (in
million) |
32.5 |
32.5 |
Solvay
dividend received in January (in million EUR) (a) |
44.2
2 |
42.9 |
Solvay dividend per share - May (in EUR) |
1.9400 |
2.1300 |
Number of Solvay shares held by Solvac (in
million) |
32.5 |
32.5 |
Solvay
dividend received in May (in million EUR) (b) |
63.1 |
69.2 |
Cash revenue (a) + (b) 1 |
107.3 |
112.1 |
Operating
expenses |
-1.5 |
-1.2 |
Cost of
borrowings |
-4.1 |
-4.2 |
Cash income 1 |
101.7 |
106.7 |
Insofar as the company accounts so
authorise, it is on the basis of cash income, after covering
expenses (primarily financial charges), that the Board of Directors
determines the amounts proposed for distribution by Solvac.
_______________________________
1 Solvac uses
certain non-IFRS performance indicators that are defined here:
-
Cash revenue refers to income received
during the period. It is defined as the cash flow obtained by
the payment of dividends received from Solvay.
-
Cash income means the cash revenue
reduced by the interest charges and other income and expenses
(financial/operational). It is on the basis of this indicator
that the Board of Directors determines the amounts proposed for
distribution by Solvac. See detail of calculation in note 14,
page 15 of current press release.
2 In accordance
with accounting principles, the dividend on the 6.932.858 shares
acquired in December 2015 and January 2016 was recorded as a
deduction of the purchase price and not as financial revenue, due
to the fact that it was implicitly included in the acquisition
value. This represents an amount of EUR 9.4 million that is
not included in financial income, but in the 2016 cash revenue.
-
The Board of Directors has prepared the
Solvac consolidated financial statements at December 31, 2017.
These accounts have been submitted to the Statutory Auditor. They
are presented according to IFRS standards.
Consolidated income
statement
EUR million |
2016 |
2017 |
Income from investments accounted for
under the equity method |
195.6 |
333.8 |
Operating expenses |
-1.5 |
-1.2 |
Cost of borrowings |
-4.1 |
-4.2 |
Net income |
190.0 |
328.4 |
Net earnings and diluted
earnings per share (EUR)1 |
8.9 |
15.4 |
1 The net
income per share and the net diluted income per share are
identical. The average weighted number of shares used for the
calculation per share was 21,375,033 in 2016 and in 2017.
Solvac recorded for the year ended December
31, 2017 net consolidated income of EUR 328.4 million (namely, EUR
15.4 per share) versus EUR 190.0 million (namely, EUR 8.9 per
share) in 2016, as a result of the change in income from applying
the equity method to Solvay.
-
The Board of Directors reports the figures of
the corporate accounts relating to Solvac SA in 2017 :
EUR thousand |
|
2016 |
2017 |
|
Financial result |
|
101,850 |
109,905 |
|
Operating result |
|
-1,499 |
-1,236 |
|
Profit before tax |
|
100,351 |
108,669 |
|
Profit after tax |
|
100,351 |
108,669 |
|
Gross payment to shareholders |
|
102,600 |
107,303 |
|
Retained earnings |
|
-2,249 |
1,366 |
|
The 2017 profit after tax is EUR 108.7 million (versus 100.4
million in 2016) attributable to the increase in dividends per
share paid or decided by Solvay.
-
Two interim dividend payments were made,
respectively on August 25, 2017 and on December 28, 2017, the
second representing in principle the balance due, which the General
Shareholders Meeting will be asked to approve. In total, each share
received in 2017 a gross compensation 4.6 % greater than in 2016
:
EUR |
2016 |
2017 |
|
Gross dividend per share |
4.80 |
5.02 |
|
-
The Board of Directors of Solvay decided on February 27,
2018 to pay on May 23, 2018 the balance due on the dividend for the
financial year 2017, which comes to EUR 2.22 gross per share.
Taking into account the interim
dividend of EUR 1.38 paid in January 2018, the gross dividend of
Solvay reaches EUR 3.60 for the fiscal year 2017, up to 4.3 %
compared to the dividend of EUR 3.45 gross per share in fiscal year
2016.
1. Report of
the statutory auditor
Deloitte confirmed that its audit
work on the consolidated financial statements of Solvac SA, in
accordance with International Financial Reporting Standards as
adopted by the European Union and with the legal and regulatory
requirements applicable in Belgium, are substantially completed.
Deloitte confirms that the financial information contained in this
press release requires no comment on its part and is consistent
with the consolidated financial statements of Solvac SA. The full
audit report of the consolidated financial statements and the full
report of the Commissioner on the audit of the annual financial
information included in the annual report 2017 will be published on
the website (www.solvac.be) on April 6, 2018.
2. Content
This press release contains
regulated information and is drafted in compliance with the
applicable IFRS standards. The risk management analysis is included
in the notes to the consolidated financial statements as well as in
the annual report, which will be available on April 6,2018 on the
website (www.solvac.be).
3. Solvac shares
|
2016 |
2017 |
|
Number of
shares issued at the end of the period |
21,375,033 |
21,375,033 |
|
Average
number of shares for calculating IFRS earnings per share |
21,375,033 |
21,375,033 |
|
Average
number of shares for calculating IFRS diluted earnings per
share |
21,375,033 |
21,375,033 |
|
4. Statement by the responsible
persons
M. JP. Delwart, Chairman of the
Board of Directors, and M. B. de Laguiche, Managing Director of
Solvac, confirm that to the best of their knowledge:
a) the financial information,
prepared in conformity with applicable accounting standards,
reflect a true and fair view of the net worth, the financial
situation and the results of the Solvac Group (consolidated) and of
Solvac S.A.(statutory) ;
b) the report contains a faithful
presentation of the significant events occurred in the 2017
financial year, and their impact on the financial information.
c) there are no transactions with
related parties.
Key dates for financial
communications
· April 6, 2018: Publication of the 2017
annual report on www.solvac.be
· May 8, 2018: Ordinary General Meeting of the
Shareholders (2:30 pm)
· July 31, 2018: Result from the first half
of 2018 and announcement of the first interim dividend for
financial year 2018
· August 24, 2018: Payment of the first
interim dividend for financial year 2018
· December 13, 2018: Announcement of the
second interim dividend for financial year 2018
· December 28, 2018: Payment of the second
interim dividend for financial year 2018
For more information, please contact:
SOLVAC S.A.
Investor Relations
Champs Elyséesstreet, 43 - B - 1050 Brussels
Tel.: 32/2/639 66 30
Fax: 32/2/639 66 31
Email: Investor.relations@solvac.be
Dit persbericht is
ook in het Nederlands beschikbaar - Ce
communiqué de presse est également disponible en français
Press release 1 March
2018
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Solvac SA via Globenewswire
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